Fees (at EDJ and elsewhere)

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Nov 26, 2008 8:48 pm

Would anyone mind telling me what EDJ's outgoing ACAT fee is now?  I have a new prospect/client who is moving from Jones and before I agree to eat the fee, I'd like to know what it is now.  Seems to me that it was $75 last time I did that.  Also, he wants to transfer some stock positions to his TD Ameritrade "play" account.  If we request some securities there and the rest to LPL will he get nailed with two ACAT fees?

 
Thanks in advance. FWIW, LPL's outgoing ACAT fee is $95.
Nov 26, 2008 9:18 pm

2 acats, initiated by 2 firms, sounds like 2 charges to the client. I assume it's a good sized account and you could offer to eat both charges to help him out. 

Nov 26, 2008 9:32 pm

edj termination fee for IRA is $50, not sure about non qual

Nov 26, 2008 9:52 pm

There is no internal termination fee for the non-q transfer. $50 for IRA's.

Nov 26, 2008 11:47 pm

Wrong, B24.  EDJ jacks them $50 for brokerage and trust accounts, too.  If the client has not yet paid their annual IRA fee for the calendar year ($40), they get hit with that too on the way out the door.  December is a great month to transfer IRA accounts from Jones--only cost the client $50.

Nov 27, 2008 7:35 am

Soothsayer reread B24's post.  He did not address acat fees just the termination fee re the prior post.  He is right.  You are wrong.  Just keeping it accurate.

Nov 27, 2008 7:37 pm

Sooth, do most firms not charge IRA fees for the year, even if they close their IRA during the year, since they still have to produce and report 1099's? Just curious. I could care less what anyone's fees are, since at the end of the day, all firms fees work out about the same. They all just have different ways of charging them.

Nov 27, 2008 8:48 pm
B24:

Sooth, do most firms not charge IRA fees for the year, even if they close their IRA during the year, since they still have to produce and report 1099's? Just curious. I could care less what anyone's fees are, since at the end of the day, all firms fees work out about the same. They all just have different ways of charging them.

At Jones you pay your IRA fees now, at other firms you pay AFTER you use them as a custodian for a year. That is actually a little bit of a difference.
Nov 28, 2008 11:02 am

Indy - the simple answer to your question is $50 for all ACATs, plus whatever annual fees are due if it is an IRA. 

Nov 28, 2008 1:46 pm

Thanks, Spiff...that's in line with what I remembered...$75 was actually for my old firm...PrimeVest.

Nov 28, 2008 4:53 pm

Indy,

I don't know what they have in the acts, but if it just MFDs, then they can transfer to the fund cos. without any charge and then you can just switch broker of record.
Nov 28, 2008 10:24 pm

Yeah, I do that for the smaller single fund family accounts, but we're talking a large account with general securities in it.  I told him what to expect with ACAT fees and he gave me the go-ahead.