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Old 02-21-2011, 10:20 PM
 
1 posts, read 1,934 times
Reputation: 10
Default how do i sell mutual fund without going through the advisor?

i want to sell my mutual fund. i'm not a risk taker! i don't like mutual funds, and i didn't want to be in one, in the first place.

even though they might give me a slightly better % rate than the banks, mutual funds are not fdic insured, and that bugs me.

also, it's funny that no one ever says to me "Sure! sell your mutual funds"! in fact, i've NEVER heard those words. so i want out! now!

do i have to go back to the same guy who sold me the mutual fund?? or can i just go somewhere else to get my money back?

i just want my money in the bank, where i can see it. ... ..

is that such a HORRIBLE thing???
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Old 02-22-2011, 01:44 PM
 
Location: Pawleys Island, SC
1,802 posts, read 2,392,251 times
Reputation: 3687
Quote:
Originally Posted by bradpittcruise View Post
...is that such a HORRIBLE thing???
Of course not, particularly if your financial situation does not require your nest egg to appreciate. FDIC insured banks are usually a safe place to store your money; they are just not good choices for growing your money. Unfortunately, I need my savings to last as long as I do, and that requires some reasonable appreciation in value, which requires that I invest my money, and that always carry some risk, and is almost never "guaranteed". In fact, it's the "guaranteed" investments you need to worry the most about.

You didn't say what company your mutual funds are with, but in almost every case, you'll need to go back to an advisor, although it may not require going back to the same advisor. I think every mutual fund company has a website. You may be able to contact the company thru their website, but I think it's rare for mutual fund companies who sell thru advisors to also buy/sell shares of the fund thru their website. Still, talking with them may get you started in the right direction.

You said you wanted to "get your money back". That will obviously depend upon the current value of your mutual fund shares. Usually, advisor-sold funds have either an up-front "load" (commission) deducted from your investment, or a straight commission when you buy or sell. In some funds, those commissions are waived if you've held the funds for a number of years.
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Old 02-24-2011, 03:01 AM
 
8 posts, read 9,834 times
Reputation: 16
Hi there! Deciding to sell a mutual fund investment involves selling your partial ownership of the mutual fund's portfolio. You sell shares, or fractional shares, in whatever companies the mutual fund portfolio manager holds. Your decision to sell, or liquidate, holdings results in a gain or loss. A gain derived from a mutual fund investment held for at least one year and a day results in a long-term capital gain. Taxes on long-term capital gains are lower than short-term gains on your investments. Internal Revenue Service provides laws for determining your profit or loss when selling mutual fund investments. Contacting a different advisor will be a good help
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Old 02-24-2011, 08:07 AM
 
1,462 posts, read 520,160 times
Reputation: 790
If you purchased through an advisor, you may or may not have to sell that way. Call the underlying fund and they will tell you whether you can do this. For IRA's, you can contact the bank where you want the money to go and they will arrange to have the money transferred so you don't have to be the middleman. Be aware that every study I have seen shows that if you are using money for an IRA and it needs to last 30 years +/-, you must have between 40% and 50% in stocks for growth. My sister was fund phobic for years, she has finally bitten the bullet and is buying no fee transaction funds through a large fund family.
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Old 02-26-2011, 12:57 AM
 
3,547 posts, read 3,987,221 times
Reputation: 2300
There is no fee to sell a fund unless you have held it a short period of time, usually 3 months or less. Any fees you paid the advisor were upfront when you bought the fund. I don't understand your fear of talking to the advisor, tell him you want to sell and he better sell it for you. Its your money, not his. If he doesn't like your strategy then tell him please sell all my holdings with you and return my money and lets part ways. Unless you are hooked up with some sort of criminal there should be no real issue with this, he has no choice.
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Old 02-26-2011, 02:27 PM
 
Location: The Pacific NW.
733 posts, read 1,043,403 times
Reputation: 361
Quote:
Originally Posted by Willy702 View Post
There is no fee to sell a fund unless you have held it a short period of time, usually 3 months or less. Any fees you paid the advisor were upfront when you bought the fund.
Well, that very much depends on the brokerage, whether it's a load or no-load fund and the share class. You're making the assumption that he bought A shares, which carry a front-end load, and that the brokerage has no transaction fee for selling. He may have bought B-shares, for example, which means he'll likely pay a large commission when selling AND he'll probably pay a decent-sized transaction fee too, if he's using a full-service broker. Even if he bought A-shares, there will probably be a transaction fee for selling.
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Old 02-27-2011, 09:30 AM
 
924 posts, read 1,085,891 times
Reputation: 525
Quote:
Originally Posted by bradpittcruise View Post
i want to sell my mutual fund. i'm not a risk taker! i don't like mutual funds, and i didn't want to be in one, in the first place.

even though they might give me a slightly better % rate than the banks, mutual funds are not fdic insured, and that bugs me.

also, it's funny that no one ever says to me "Sure! sell your mutual funds"! in fact, i've NEVER heard those words. so i want out! now!

do i have to go back to the same guy who sold me the mutual fund?? or can i just go somewhere else to get my money back?

i just want my money in the bank, where i can see it. ... ..

is that such a HORRIBLE thing???
We can't tell you whether it's a good idea or not to sell, based solely on the fact that you are "not a risk taker." Because, we don't know what type of a mutual fund you are in. You could be in a BRIC fund or a money market, your money market is a mutual fund, and you haven't given us that information. However, if you give the adviser and order to sell then that's what they have to do, as long as you have a self-directed account.
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Old 01-24-2012, 05:31 PM
 
1 posts, read 1,289 times
Reputation: 10
hi my dad has a mutual fund he wants to sell. the company hes with is metlife and its been about 15 years. i just wanna know the proccess what i should look out for and ask for best possible deal. my dad was layed off and hes been sleeping on a couch for 4 years and i cant take seeing him like this. ive talked to him about selling and hes in as long as everything seems right(ofcourse). so i want to draw out more information on how i can go about this in the best way possible. my emails [email]migueldcordon@gmail.com[/email] plz get back to me asap. i also have a anuity that i want to sell threw the same company. thanks
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