Planning to move some $$ from TRP after dealing with poor service the past 4-6 months. My thinking is to start small - probably at Fido. Get a mm fund with check writing up and running. If happy with their service, website, etc. expand that out to some IRA transfers in. I’d like to think TRP will get their front office back in order soon. But it’s been a most frustrating 4-5 months dating back to January - if not earlier.
In January I put through a change of address. Got confirmation promptly online. Double-checked with a phone call same day. Yet 3 weeks later they sent a fresh pack of blank checks to the old address. After that, out of security concerns, I switched to all-electronic delivery of statements. Worked fine for 3 months (at least I assume) until last week when a complete monthly account statement displaying Roth, Traditional and TOD account info arrived U.S. mail. Called TRP again. Was told having the existing check writing feature active on the TOD money fund would require being sent monthly paper statements on all accounts from now on. Geez - I didn’t even know they had monthly statements. So, during that call I axed the check writing feature.
Now, a few days later, another paper statement shows up in the mail - this one’s confirming a small exchange I made a week ago. Called again. Inquired as to the date the mailing of paper statements had resumed so I’d know they were all correctly delivered. They say they cannot look back in time as to whether a statement was delivered by mail or electronically. Asked to speak to tech support and was denied. And I haven’t even mentioned the lengthy phone delays often encountered.
What’s Important to me
- Decent number and variety of managed funds: Growth, value, income, allocation funds, sector funds
- Ability to move funds from old custodian to new one electronically.
- Ability to move money between funds fairly regularly without trading fees. 30 day “blocks” are OK.
- Load free with reasonable ERs
- Option to defer taxes when taking IRA distributions (probably pretty common)
- e delivery of documents
- free checkwriting
- $2500 or lower initial fund purchase