Can you do an ACAT transfer of a brokered CD?

[loves2read]

Originally Posted by martinjsxx

Do you like Schwab? I don’t like being forced to become their customer. Even though they owned TDA for a few years, nothing had changed until now. It’s easy to open a Fidelity account and move cash via an ACAT transaction that usually clears in a day.

Our FA firm used Fidelity then went with TD Ameritrade before it was bought/merged with Schwab
I really liked Fidelity more and like Fidelity’s choices of investments too
I would really like to move back but that would mean changing advisors

[martinjsxx]

Thanks for the info. The Schwab customer agreement mentions that you get a “financial consultant” at Schwab and they may make recommendations on investments. I had no designated financial consultant at TDA nor did I want anyone suggesting investments. Does Schwab actively contact customers and give recommendations?

[mathjak107]

we are assigned a personal rep at fidelity …we do our own investing …

we chat once a year with them .

they suggest nothing unless we ask

[reed303]

Originally Posted by martinjsxx

Thanks for the info. The Schwab customer agreement mentions that you get a “financial consultant” at Schwab and they may make recommendations on investments. I had no designated financial consultant at TDA nor did I want anyone suggesting investments. Does Schwab actively contact customers and give recommendations?

Not in my 30 year experience with Schwab in 2 different States. Maybe a call once a year to say Hello. My "consultants" have always been most helpful when I ask for help with something, like an estate lawyer recommendation, help with first IRA RMD, etc.

[martinjsxx]

Thanks for the replies on the financial consultants. I never had one at TDA although before the Schwab acquisition a few years ago the manager of a TDA office on Long Island that I never went to started calling and emailing me. I replied I will call if I have any questions. I opened two Fidelity accounts a few months ago and the only personal interaction was when I called with some questions. I don’t have a personal consultant as far as I know at Fidelity.

[mathjak107]

for a personal consultant it takes either a certain amount of money with fidelity or a large amount of trades usually .

we used to have a status called private client …that required 7 figures with them .

you had a personal team and special phone number access .

they then stopped that status and reserved that for only those with 7 figures being managed by fidelity .

we were converted over to VIP access which is like the same thing but different team assigned and we do our own investing