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Riverpark Strategic Income (brokerage update attached)
Reply to @AndyJ: From David's description, it sounds like with this fund, as they actually did with RPHYX, the managers intend to keep it small enough so they can take advantage of bonds that most bond funds are too big to take advantage of. To me that seems part of how they can possibly achieve a better-than-average return with lower-than-average volatility.
At a brokerage you will always have imposed "early redemption" fees regardless of any the fund company levies. So that's why I made the subtly point of being able to put "only $1000". I plan to buy once a month so I can start withdrawing in 60 days to avoid charges.
However I would reconsider your options. "Parking Place for Money" is really bank or other money market fund. RPHYX and RSIVX are bond funds at the end of the day, and NEVER the same thing.
Reply to @AndyJ: Go to the head of the class. The fund has been trading since 9/30/13, and still no portfolio. Before I'd buy any fund I want to know what kind of gas is in the tank. Regards, Ted
Reply to @Old_Joe: The key word here appears to be "eligible".
Here's what I find from Schwab's website. From their AIP FAQ (don't you love TLAs?) - it's part of the AIP enrollment form:
What funds are eligible for AIP? All funds that are part of Schwab’s Mutual Fund OneSource® service and certain other funds are eligible. You must have an initial position in an eligible fund prior to enrolling in AIP.
While Fidelity uses "FundsNetwork" to mean all funds available through Fidelity, Schwab uses OneSource® to mean only a subset of the funds available; they sell these with NTF. Schwab also sells some other funds with no transaction fee that it does not consider part of OneSource®.
Here's an example of what Schwab means by OneSource® and certain other funds:
Schwab’s short-term redemption fee of $49.95 will be charged on redemption of funds purchased through Schwab’s Mutual Fund OneSource service (and certain other funds with no transaction fee) and held for 90 days or less.
I suspect that these are the AIP-eligible funds, i.e. only the funds that are already NTF.
Nice try, but I'm still doubtful about Schwab providing a back door around its transaction fees. Anyone have success setting up AIP at Schwab with a TF fee fund?
Reply to @VintageFreak: I believe that WellsTrade still does not charge its own short term redemption fee (though funds themselves may charge redemption fees). As I've said before, there are many reasons why I would not recommend WellsTrade, but it seems to work for some people.
Comments
Was it an IRA account? For IRA accounts, the fund minimum is $1000 at Fidelity.
https://fundresearch.fidelity.com/mutual-funds/fees-and-prices/76882K801
Minimums
Initial Investment $2,500.00
IRA $1,000.00
Additional Investment $100.00
However I would reconsider your options. "Parking Place for Money" is really bank or other money market fund. RPHYX and RSIVX are bond funds at the end of the day, and NEVER the same thing.
Regards,
Ted
Here's what I find from Schwab's website. From their AIP FAQ (don't you love TLAs?) - it's part of the AIP enrollment form: While Fidelity uses "FundsNetwork" to mean all funds available through Fidelity, Schwab uses OneSource® to mean only a subset of the funds available; they sell these with NTF. Schwab also sells some other funds with no transaction fee that it does not consider part of OneSource®.
Here's an example of what Schwab means by OneSource® and certain other funds:I suspect that these are the AIP-eligible funds, i.e. only the funds that are already NTF.
Nice try, but I'm still doubtful about Schwab providing a back door around its transaction fees. Anyone have success setting up AIP at Schwab with a TF fee fund?