Liquidation [to change brokerages]

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B-rad
Posts: 26
Joined: Tue Sep 28, 2021 3:57 am

Liquidation [to change brokerages]

Post by B-rad »

In a former post of mine a gentlemen stated that " i need to liquidate everything at Merrill Lynch before moving brokerages "

My question is since I'm going to have to call my financial advisor to break the relationship , is this something he does or do I need to speak with the someone else to do this once my advisor has been notified that were moving?
fabdog
Posts: 1789
Joined: Wed Jan 16, 2013 1:59 pm
Location: Williamsburg VA

Re: Liquidation

Post by fabdog »

you only need to liquidate proprietary investments that can only be held at Merrill. Most mutual funds and any stock can be transferred.

If you already know where you plan to move, you can ask them if there are any of your current holdings they won't accept.

If there are, you put in a sell order and turn those to cash. Then the new brokerage can handle everything for you if you'd like

Mike
Topic Author
B-rad
Posts: 26
Joined: Tue Sep 28, 2021 3:57 am

Re: Liquidation

Post by B-rad »

fabdog wrote: Wed Oct 13, 2021 8:46 am you only need to liquidate proprietary investments that can only be held at Merrill. Most mutual funds and any stock can be transferred.

If you already know where you plan to move, you can ask them if there are any of your current holdings they won't accept.

If there are, you put in a sell order and turn those to cash. Then the new brokerage can handle everything for you if you'd like

Mike
Thank you Mike,
I think all will transfer, but if not. How would I put in a sell order?
Meaning, I can't do it on the computer because its managed. So just call the main ml number and get to the right person to do this?
exodusNH
Posts: 1009
Joined: Wed Jan 06, 2021 8:21 pm

Re: Liquidation

Post by exodusNH »

B-rad wrote: Wed Oct 13, 2021 8:28 am In a former post of mine a gentlemen stated that " i need to liquidate everything at Merrill Lynch before moving brokerages "

My question is since I'm going to have to call my financial advisor to break the relationship , is this something he does or do I need to speak with the someone else to do this once my advisor has been notified that were moving?
You shouldn't have to call the current advisor to move. Your new brokerage can initiate the transfer.

How you sell anything that won't transfer over depends on the brokerage. If you don't have a web portal that you can use to put in sells/buys, you might have to ask them.
fabdog
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Location: Williamsburg VA

Re: Liquidation

Post by fabdog »

How would I put in a sell order
You can ask your broker to sell the position if you don't have online access. If you have online access each position should have a button for buy/sell/transact (not familiar with the ML interface but that's what every place I've used has)

Using the broker to place the sell order will incur a commission

Mike
Blanco 5.0
Posts: 12
Joined: Sat Oct 09, 2021 6:52 am

Re: Liquidation

Post by Blanco 5.0 »

We recently left our advisor and moved our portfolio to Vanguard. I called Vanguard before I spoke to our old advisor and they told me exactly which investments could transfer and which could not. Also, they advised if other share classes of the same mutual fund would transfer in kind. I then called the old advisor and had him get those share classes reclassified to share classes that would transfer in kind. Reclassifying the mutual fund share classes prior to transfer meant no tax consequences. Thus, call your new firm first. If Vanguard, they have a staff dedicated to advising re transfers.

You may not have as happy a result depending on your current holdings, but check and see.

As to your exact question the receiving firm can handle the process. After all, they are getting the business.
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ResearchMed
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Re: Liquidation

Post by ResearchMed »

Blanco 5.0 wrote: Wed Oct 13, 2021 9:31 am We recently left our advisor and moved our portfolio to Vanguard. I called Vanguard before I spoke to our old advisor and they told me exactly which investments could transfer and which could not. Also, they advised if other share classes of the same mutual fund would transfer in kind. I then called the old advisor and had him get those share classes reclassified to share classes that would transfer in kind. Reclassifying the mutual fund share classes prior to transfer meant no tax consequences. Thus, call your new firm first. If Vanguard, they have a staff dedicated to advising re transfers.

You may not have as happy a result depending on your current holdings, but check and see.

As to your exact question the receiving firm can handle the process. After all, they are getting the business.
Try to use the above as a model for your own move.

Assuming you have at least some of the holdings in a taxable account, try to minimize how much is sold, to avoid taxes that wouldn't need to be paid at this time.

But either way, try to minimize selling anything. Chances are good that the more "transactions" the current brokerage gets you to do or to agree to, the more they make in some way. That's not in *your* interest, but in theirs.

Vanguard will know which of your holdings can't transfer.

Will YOU want to sell anythng, e.g., to simplify your portfolio?
IF so, then ask Vanguard what holdings would incur a cost at Vanguard to "sell". There may be some holdings that would be less expensive to sell at the current broker. If there are, then you could sell those first, but plan what you want to do.

One thing, IF you speak with your current advisor, emphasize, and say this specifically because all of those calls ARE recorded and kept, that you are stating that NOTHING SHOULD BE SOLD OR BOUGHT - NO TRANSACTIONS AT ALL - from this point on, unless you *specifically* tell them to do so.

Ask here if you have any questions based upon what your current advisor is "recommending for your benefit"...

RM
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Topic Author
B-rad
Posts: 26
Joined: Tue Sep 28, 2021 3:57 am

Irritated

Post by B-rad »

[merged into original thread - admin Alex]

From a former post, some may recall I was moving away from my financial advisor at Merril Lynch. Well after all my research and advice I got here I finally chose Fidelity . I spent two hours on the phone with the guy going over my accounts, what I wanted in the future , etc. I was told " here is my direct extension and call me with any questions so we can get this started" . Well after 3 phone calls and a week later. I'm pissed and now I'm going elsewhere . We did confirm the guy is not on vacation and is in the office . Just had to vent .
UpperNwGuy
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Joined: Sun Oct 08, 2017 7:16 pm

Re: Irritated

Post by UpperNwGuy »

Sounds like you picked a good consultant whose services are very much in demand, and that keeps him busy.
Topic Author
B-rad
Posts: 26
Joined: Tue Sep 28, 2021 3:57 am

Re: Irritated

Post by B-rad »

UpperNwGuy wrote: Thu Oct 21, 2021 8:07 am Sounds like you picked a good consultant whose services are very much in demand, and that keeps him busy.

This is just the guy who answered the phone , he does have my info though. I haven't even made it to the accounts " consultant"
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