Need a brokerage here in Charlotte (broker, how much, attorney)
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Can someone please help me? My son's g/f has some money in an account w/ a brokerage here in Charlotte. It was a UGTM account wh/ she received when she turned 21.
I have tried to help her deal with this brokerage and I frankly think that since her account is under $50,000, they just aren't interested in her. They are very rude to her and won't explain things. There is a lot more to the story w/ the way her money has been handled but let's just say . . . she is discouraged and wants to move her money to someone else.
Her investments are in stocks and bonds. Since I have never moved money from one brokerage to another, I have no clue how to go about this and I have no idea what the fees would be to do this.
Can anyone please help me w/ suggestions on a good brokerage here in Charlotte?
And secondly, can anyone advise if it is possible to have all the money in the stocks and bonds put into different funds or put into a money market fund? She is using the money to pay her tuition, so she needs access to it.
I don't have the faintest idea where to start w/ this but I promised her I would seek advice and pass it along to her.
Ani- she should go talk to several financial people and see what they have to say and who she feels the most comfortable with. I like to manage my own money and trade actively and so I prefer Scottrade for that. Then there are loaded funds that you have to pay fees for them to manage your money if you don't know what you're doing.
I have an upper hand since I majored in Finance, but I'm in no way an expert since investment options change all the time. It's very wise to be diversified and most will advise a young investor that she can be go with higher risk investments, but if she needs them to be rather liquid, she really needs to know a lot of different options.
I used to have 3 different 401K's and transferred them all to Fidelity Investments and I chose them for the wide variety of funds that they offerred over T.Rowe Price and the others that I had.
If I were her, I would write a list of my plans and my questions and make some phone calls.
Also, instead of shopping for a brokerage firm, maybe she should be looking for a financial planner that's not associated with a brokerage firm to point her in the right direction... just a thought.
Thank you, MV!!! Yes, she needs liquidity since she is having to disburse the funds for college tuition.
She wanted to know what would happen w/ fees if she liquidated stocks and put the proceeds into a money market account and all I could see would be taxes . . . I just have never done this so have no clue. She needs professional advice from someone who cares about her goals.
Also, instead of shopping for a brokerage firm, maybe she should be looking for a financial planner that's not associated with a brokerage firm to point her in the right direction... just a thought.
Good idea. She really does not want to invest in stocks . . . she just needs to figure out how to handle the stocks she now has so as to minimize tax consequences. Or - let's say - that is the red flag that I saw, w/ my limited background.
She might want to talk to an accountant instead to find out what kind of taxes she may get hit with if she just takes it out. Or even calling the IRS to see what kind of taxes she may get hit with. The IRS is a free phone call so it doesnt hurt to try that!
She might want to talk to an accountant instead to find out what kind of taxes she may get hit with if she just takes it out. Or even calling the IRS to see what kind of taxes she may get hit with. The IRS is a free phone call so it doesnt hurt to try that!
Sheenie, that is exactly what has me worried. TAXES!!! She has already called the IRS but they could not really help her that much . . . she does not even really know what questions to ask. All they said is that she would have to pay taxes on any gains . . . I know just enuff to get myself totally confused . . . we don't know the basis on the stocks and the broker says he doesn't, either, b/c the account has been transferred around so much. He is just lying. The SEC requires documentation. And on top of that, after doing much research, I found out the reason the account has been "transferred around so much" is b/c he took the account w/ him (well, the client) every time he changed brokerages over the last 20 years.
I know that when you transfer investments of a certain kind there are no tax implications, but I don't know if stocks fall into that category, but then again, it might be what you're transferring to and not from that counts. I also don't believe that she has to sell those stocks just to switch brokerage accounts. She could get the stock certificates and go to a different brokerage firm. Holding stock in a company isn't specific to a brokerage firm.
I hope she finds a good financial counselor or advisor.
Is there a manager at the brokerage firm that she can speak to rather than this jerk she's dealing w/? There has to be someone else she can speak to because they are the only ones who can help her figure out how much was invested and what the gains amount to.
Is there information online such as statements and summaries? Also can she just move it into a money market account within the same UGTM account? That way the money is safe and not going to continue to lose money since the stocks are doing so poorly.
If she finds a financial advisor just be careful they dont sell her any products. Even if it's under 50K it's still quite a bit of money.
Is there a manager at the brokerage firm that she can speak to rather than this jerk she's dealing w/? There has to be someone else she can speak to because they are the only ones who can help her figure out how much was invested and what the gains amount to.
Is there information online such as statements and summaries? Also can she just move it into a money market account within the same UGTM account? That way the money is safe and not going to continue to lose money since the stocks are doing so poorly.
If she finds a financial advisor just be careful they dont sell her any products. Even if it's under 50K it's still quite a bit of money.
Oh, Sheenie, wish we were sitting together w/ a cup of coffee. Not only has she talked to the manager, I have helped her write three letters demanding some documentation over the course of about 2 years. There has been so much mismanagement w/ this account, but don't want to get into it on a forum . . . and fiduciary irresponsibility. Let's just say . . . fund started out w/ $100,000 about 20 years ago . . . and momma used the account as a cookie jar, including giving money to a relative to start a business that went bust . . . and broker let her do it . . . You know how much a properly managed account that started out w/ a $100,000 gift from ggrandfather would be today . . . Just a big mess . . . can't say much more . . . malfeasance, plain and simple. But trying to get help to prove it . . . impossible w/o an attorney.
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