Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
I've never held a brokerage account. The $6.95 online cost looks good. Who else has a TDA acct? Are you happy? Regret your choice? I'd use it sparingly. I'm not a trader.
Thanks, but TD is local. I mean to say, more convenient. And I just checked. The closest Schwab is several more miles away, compared to TD--- and "open by appt. only." I suppose I could start an account online. But there are always issues, mistakes, screw-ups. So, I'd want an in-person pow-wow not to be something that would take arranging.
I had a TDA account but closed it due to customer service issues. TDA has a six-month holding period for mutual funds which is the longest of any of the brokerages I dealt with, and they charge $49.95 for transaction-fee mutual funds. They also were recently charging a load on Pimco A shares. IIRC Fidelity and Schwab charge $4.95 for online trades.
Thanks! You just made up my mind for me. I'll not go with TD Amer, then. (Although, what I had in mind was to rarely use the account. At present, I'm wanting to get me some CM (Can. Imp. Bank Commerce.) https://www.nasdaq.com/symbol/cm/analyst-research
I had TDA for an HSA account (I've since changed HSAs). Seemed pretty decent as far as service goes, though I'll still rank Schwab and Fidelity above them. Was disappointed with their overhaul of their ETF program (dropping Vanguard and several iShare ETFs from their NTF list in favor of esoteric and/or more expensive ETFs), and it's costly to buy TF mutual funds there (as carew388 noted). They charge for new issue treasuries, some other brokerages don't.
In short, I found it an okay brokerage if one has to use it for some reason (for me, because it was the brokerage attached to the HSA provider). But I felt constrained by the pricing structure, so I kept primarily to NTF ETFs, which were later dropped from the NTF program.
Nearest Fido is too far away in West Hartford. I'm very near the Conn. line, but that's too far. ML is downtown, way up in a big box, amid downtown traffic, construction of a stupid new casino. Just what the world needs. Another casino. They're getting to be like Starbucks, Jay-zuz. Not to mention ongoing freeway fixes. YUK. But thanks for asking. I suppose I COULD just go with some local guy. Some kinda white-bread ordinary local office without the worldwide connections. Fees would be higher. But if I'm hardly ever using his services?
Doing lotsa homework on CM. Undervalued, great dividend. I'm slowly re-positioning from growth to income. When Medicare kicks in, in about a year and a half, I wanna be OUT of this stink hole of a city. My hometown's become a haven for gangs and drugs and crime and shit. https://www.nasdaq.com/symbol/cm/analyst-research Dunno about any mom and pop shops. Gotta look. Gonna step away from the computer for the night, now. Appreciate the responses.
I've used Fidelity for decades and have only been in a physical office one time (when I was on vacation, just to actually to see what it was like). Fidelity is so professional, knowledgeable and helpful and offers many services (many of which I never envisioned when I started doing business with them).
I also have had an account with TD Ameritrade, as did my father. They were pretty good but settling his affairs there was more complicated than I thought it should be.
Also, my account at TDA had a major mistake for awhile that I finally caught -- on my list of holdings, it showed the current value and basis for each position. One basis was wrong and that lead me into an action that I should not have taken. Live and learn.
If your political preferences are a factor in such decisions, note that J Joe Rickets, the founder of TDA, was one of the first billionaire supporters of Donald Trump (after funneling millions into an anti-Trump PAC and being warned off by a Trump tweet). The Rickets family members are substantial shareholders of TDA (and own the Chicago Cubs). Son Todd Rickets (who sits on the Board of Directors) was nominated by Trump to serve as Deputy to Secretary of Commerce Wilbur Ross, but withdrew because of business divestiture issues. He now serves as Finance Chairman of the Republican National Committee.
I've had a Schwab account for 20 years and there isn't an office within 150 miles of me. Everything, including setting up, funding, investing, and finally now starting to make small withdrawals has been done online without a hitch. My wife has a tiny IRA with TDA and their web site seems less convenient, although maybe because we use it less. We also have a retirement account with Vanguard, but use it only for Vanguard funds and ETFs.
I asked about local branches only because the need was uttered. I never ever at BoA branch do anything having to do w ML except manual $$ transfers to children, impossible to do online. I have been to near Fido branches several times just for kicks, or back when to deposit a certficiate or something. I do it all online and USPS as needed.
@Crash, Fidelity has had very good customer service by phone during the several years I've been with them. I just don't see any need to visit an office. You won't have the problems like you've probably had with the too-often uninformed and unhelpful 'back offices' you're stuck with when you invest directly w/ mutual fund families.
Everyone's different I suppose. I picked Charles Schwab because they had an office in one of our area suburbs, though Fidelity does also. A brick and mortar presence was my main selection priority (hate talking to who-knows-who on the phone). I prefer the face to face discussions with the same person any time I have questions about available products or what a second opinion on options for investing or options for with withdrawing money in retirement or even a second opinion on if I should retire.
I don't know what this mom and pop or white bread option is though. If you are talking about an independent broker or financial adviser you will pay for their service. That would be much more expensive. Besides, many of them just put your money into these large super-market brokerages anyway. I have a few friends that have fee based financial advisers. Their money sits in a Schwab account and is managed by the adviser. Go figure.
I have sent 7 messages to TD Ameritrade. Not ONE has even been acknowledged, forget being responded to.
Need I say more?
Regardless, think about how much you are expecting to trade. $6.95 vs $9.95 doesn't matter that much unless you are going to have very high trading costs.
Schwab, Fidelity are much better than TD Ameritrade, and this is not an opinion. I provided you a fact above if you can believe it. I'm too busy doing my taxes for me to figure out how the F to get out of TD Ameritrade.
Boa-if you have I think, more than 50k or 75 k in total funds (checking cash trading/brokerage) you can qualify for 400 free trades month and 1.75% cashback rewards for boa-visa card fyi Merrill boa preferred platinum rewards status.. Customers service is also superior imho
OK, guys. Many thanks. I will bypass TD Amer. And perhaps I'll simply hold off using a broker at all until I move away from here. The plan is to do it in a bit more than a year. Then, in my new location, I can look for Schwab or Fido. (We're headed for Oro Valley, above Tucson, or thereabouts. But I don't want to move into the crowded city.) There is a non-blood-related family we love out there, and the snow and potholes will not be a bother. I can't change the politics out there. Have to live with that.
I've been a TD customer for 10 years, having been acquired thru my account at ThinkorSwim.
I've had nothing but excellent experiences with TDA over the years and would recommend them to anyone. Sure when they do a corporate merger (ie Schwab) email responses may be a bit slow or an occasional technical hiccup, but they tend to pass fairly quickly. I know their active trading platform gave me fits after a few upgrades, but it got sorted out - and customer service was quite responsive.
My experience today with BofA/MerrillEdge may be of interest.
A few months ago, I closed out an IRA at another brokerage by transferring it to ME. I submitted the paperwork in person because I wanted assurance that not only would I get Merrill's promotion cash, but that they'd cover the transfer fee from the old brokerage. The agent in the bank checked with her manager to get permission to cover the fee.
The bonus (let alone the fee reimbursement) is now overdue. So I spoke again with the agent in person this afternoon. She did remember me and the agreement to cover the transfer fee. She's sending a note to the back office and will track its progress. All well and good, but speaking in person didn't make things go any more smoothly or quickly.
I also asked about closing out an old BofA credit card, and transferring the credit line to my newer card. She said that she could do this by calling the back office, but that this wouldn't be any different from my calling myself.
I do occasionally wander into a brokerage office for some transaction, but it's rarely something that couldn't be done just as easily if not more so via phone:
Reviewing paperwork. I did this in person when I opened my Individual 401K back when these were still newfangled things. I went through the paperwork in person to change account beneficiaries because of non-nonstandard stuff I was adding. Both could have been done by mail, fax (ugh), and phone.
Delivering securities in person. I have more faith in me than in registered mail, FedEx, etc.
Getting notarized signatures/medallion guarantees. One generally needs an account for the latter. These could likely be handled by a more convenient service provider, such as a local bank.
Depositing checks. Much less need now that one can send a picture electronically. But by going into the brokerage, I can have the money invested directly, instead of having it first go into my transaction (core) account.
Minor benefits to being able to walk in, but little that's truly essential.
While I never did this, it was said of my former Dean that he went to his local brokerage every day at lunch time to watch the stock ticker. Obviously, only investors of my age would even know of what I speak. Nowadays the local branches offer CNBC. I agree with @msf that depositing a big check (i.e., house sale proceeds) calls for a visit. TDA is located about 35 miles away and the only reason I've ever been there was to submit paper work for an IRA roll-over. It was inconvenient. Also have a Schwab account, but the local office here is no longer full-service. Don't find I need them much.
Thank you, @msf. My perhaps odd reaction is to shake my head in disbelief that a person-to-person pow-wow isn't more reliable and efficient. I think it is illustrative of the way things everywhere have been compartmentalized, pigeon-holed, walled-off and insulated from all other things (and PEOPLE.) It's been happening over the course of decades, across the years of my entire lifetime. In short, a "system" has been created, and PEOPLE have put the SYSTEM in charge, and now the "system" dictates to YOU and ME. A "dysfunctional non-system" would be a more accurate way to describe it. Reminds me of dealing with doctors and insurance. Unless you know exactly how to get the precise answer out of them, they offer canned responses, keeping their machines (computers) happy, rather than SERVING THE PATIENT. They give minimal information, and are deliberately never thorough. (Just like yesterday, in which I could not help but to finally tell the receptionist: "Nothing should be THIS HARD!")
Is this a "back-handed" blessing? Because people cannot be trusted to know what they're doing anymore? Because diplomas don't mean anything anymore? Because standards have become so dumbed-down that sub-par results are considered to be acceptable these days? Because that's all we should EXPECT????? ORK!!!!!!!
@Crash , where did you get all that, from what mfs said? he summarized by saying "Minor benefits to being able to walk in, but little that's truly essential." He did not suggest that the "person-to-person pow-wow " was a disaster that you describe. I'm confused by your response.
@MikeM If you can't get essential stuff done by face-to-face meeting, then it seems to me that the entire world is upside down. Everywhere I go, and everything I see shows me that the tail wags the dog, and everyone else seems to just be OK with that.
Congrats on your decision to find warmer climes. People in New England and other Northern locations begin to experience Cabin Fever this time of year.
I did this about five years ago (from CT to FL). Aside from your financials, remember that when moving out of state and becoming a state resident in a new state that there are steps you will want to take so that the transition of residency is documented as early as possible.
This usually requires a number of transition steps: -Driver license, -Voter registration, -Permanent address change on all tax related forms...brokerage accounts, bank accounts, insurance policies, SSI, etc. -Review your Estate plan and make sure that all documents are updated to reflect the state laws you are moving to. -Save you "Bill of Lading" document if you have a moving company move some of your personal items. -Here's Arizona website for establishing residency. https://azdor.gov/About/FAQs/MovingtoAZ.aspx
Also, the new state (county / town clerk) will usually have a form called "declaration of domicile" that you fill out get signed (by AZ officials) and then file in the city clerk's office where you are leaving (in MA). Very Important and often forgotten.
All of this documents that you are no longer a resident of the old state (you are leaving) and that you are a new resident of the state you are moving to.
If anyone else has recently moved from one state to another and you can add to my comments I'd appreciate it.
Comments
https://www.nasdaq.com/symbol/cm/analyst-research
https://research.tdameritrade.com/grid/public/mutualfunds/profile/profile.asp?symbol=PONAX
I had TDA for an HSA account (I've since changed HSAs). Seemed pretty decent as far as service goes, though I'll still rank Schwab and Fidelity above them. Was disappointed with their overhaul of their ETF program (dropping Vanguard and several iShare ETFs from their NTF list in favor of esoteric and/or more expensive ETFs), and it's costly to buy TF mutual funds there (as carew388 noted). They charge for new issue treasuries, some other brokerages don't.
In short, I found it an okay brokerage if one has to use it for some reason (for me, because it was the brokerage attached to the HSA provider). But I felt constrained by the pricing structure, so I kept primarily to NTF ETFs, which were later dropped from the NTF program.
What would be a white-bread brokerage in your area?
https://www.nasdaq.com/symbol/cm/analyst-research
Dunno about any mom and pop shops. Gotta look. Gonna step away from the computer for the night, now. Appreciate the responses.
I also have had an account with TD Ameritrade, as did my father. They were pretty good but settling his affairs there was more complicated than I thought it should be.
Also, my account at TDA had a major mistake for awhile that I finally caught -- on my list of holdings, it showed the current value and basis for each position. One basis was wrong and that lead me into an action that I should not have taken. Live and learn.
If your political preferences are a factor in such decisions, note that J Joe Rickets, the founder of TDA, was one of the first billionaire supporters of Donald Trump (after funneling millions into an anti-Trump PAC and being warned off by a Trump tweet). The Rickets family members are substantial shareholders of TDA (and own the Chicago Cubs). Son Todd Rickets (who sits on the Board of Directors) was nominated by Trump to serve as Deputy to Secretary of Commerce Wilbur Ross, but withdrew because of business divestiture issues. He now serves as Finance Chairman of the Republican National Committee.
David
I asked about local branches only because the need was uttered. I never ever at BoA branch do anything having to do w ML except manual $$ transfers to children, impossible to do online. I have been to near Fido branches several times just for kicks, or back when to deposit a certficiate or something. I do it all online and USPS as needed.
I don't know what this mom and pop or white bread option is though. If you are talking about an independent broker or financial adviser you will pay for their service. That would be much more expensive. Besides, many of them just put your money into these large super-market brokerages anyway. I have a few friends that have fee based financial advisers. Their money sits in a Schwab account and is managed by the adviser. Go figure.
Need I say more?
Regardless, think about how much you are expecting to trade. $6.95 vs $9.95 doesn't matter that much unless you are going to have very high trading costs.
Schwab, Fidelity are much better than TD Ameritrade, and this is not an opinion. I provided you a fact above if you can believe it. I'm too busy doing my taxes for me to figure out how the F to get out of TD Ameritrade.
I've had nothing but excellent experiences with TDA over the years and would recommend them to anyone. Sure when they do a corporate merger (ie Schwab) email responses may be a bit slow or an occasional technical hiccup, but they tend to pass fairly quickly. I know their active trading platform gave me fits after a few upgrades, but it got sorted out - and customer service was quite responsive.
https://upload.wikimedia.org/wikipedia/commons/thumb/1/12/UMBC_Athletics_wordmark.png/200px-UMBC_Athletics_wordmark.png
Indeed.
A few months ago, I closed out an IRA at another brokerage by transferring it to ME. I submitted the paperwork in person because I wanted assurance that not only would I get Merrill's promotion cash, but that they'd cover the transfer fee from the old brokerage. The agent in the bank checked with her manager to get permission to cover the fee.
The bonus (let alone the fee reimbursement) is now overdue. So I spoke again with the agent in person this afternoon. She did remember me and the agreement to cover the transfer fee. She's sending a note to the back office and will track its progress. All well and good, but speaking in person didn't make things go any more smoothly or quickly.
I also asked about closing out an old BofA credit card, and transferring the credit line to my newer card. She said that she could do this by calling the back office, but that this wouldn't be any different from my calling myself.
I do occasionally wander into a brokerage office for some transaction, but it's rarely something that couldn't be done just as easily if not more so via phone:
- Reviewing paperwork. I did this in person when I opened my Individual 401K back when these were still newfangled things. I went through the paperwork in person to change account beneficiaries because of non-nonstandard stuff I was adding. Both could have been done by mail, fax (ugh), and phone.
- Delivering securities in person. I have more faith in me than in registered mail, FedEx, etc.
- Getting notarized signatures/medallion guarantees. One generally needs an account for the latter. These could likely be handled by a more convenient service provider, such as a local bank.
- Depositing checks. Much less need now that one can send a picture electronically. But by going into the brokerage, I can have the money invested directly, instead of having it first go into my transaction (core) account.
Minor benefits to being able to walk in, but little that's truly essential.Is this a "back-handed" blessing? Because people cannot be trusted to know what they're doing anymore? Because diplomas don't mean anything anymore? Because standards have become so dumbed-down that sub-par results are considered to be acceptable these days? Because that's all we should EXPECT????? ORK!!!!!!!
Congrats on your decision to find warmer climes. People in New England and other Northern locations begin to experience Cabin Fever this time of year.
I did this about five years ago (from CT to FL). Aside from your financials, remember that when moving out of state and becoming a state resident in a new state that there are steps you will want to take so that the transition of residency is documented as early as possible.
This usually requires a number of transition steps:
-Driver license,
-Voter registration,
-Permanent address change on all tax related forms...brokerage accounts, bank accounts, insurance policies, SSI, etc.
-Review your Estate plan and make sure that all documents are updated to reflect the state laws you are moving to.
-Save you "Bill of Lading" document if you have a moving company move some of your personal items.
-Here's Arizona website for establishing residency.
https://azdor.gov/About/FAQs/MovingtoAZ.aspx
Also, the new state (county / town clerk) will usually have a form called "declaration of domicile" that you fill out get signed (by AZ officials) and then file in the city clerk's office where you are leaving (in MA). Very Important and often forgotten.
All of this documents that you are no longer a resident of the old state (you are leaving) and that you are a new resident of the state you are moving to.
If anyone else has recently moved from one state to another and you can add to my comments I'd appreciate it.
Good luck in AZ.