Switching To A Discount Brokerage In Retirement

 

Moving your retirement funds from a full service brokerage to a discount brokerage firm is surprisingly easy.  It generally takes about five business days for the stocks to show up at their new location.

Online banking and investing have become much simpler. Our computer skills as seniors can continue to grow.  I was able to do it all online, over the phone.  The woman from my new branch guided me verbally through the steps.  You need to know your account numbers, balances, and have a statement handy.  You can call the hotline for assistance.  Some offer 24 hour service! 

If your funds are in a trust, you will need that at your disposal so that you can upload copies of the title page, signature page, notary stamp, and any amendments.  They also will need a copy of your driver’s license.

You can ask the person helping you if they offer any promotions, and if they will pay for the transfer fees.  It’s a competitive business, and the rewards are excellent.  In my case, I received a $1,500. bonus, and they paid the transfer fees that my old brokerage firm charged.  I initiated the move through the new company.  This avoids any pressure to stay.  My old broker did call and asked me to return.  I thanked him, but explained that I am now ready to make my own trades, online.

Many women are intimidated by the stock market, buying and selling, and putting money into Treasuries or CD’s.  There are excellent opportunities available right now.  This gives you more money for the fun stuff.  If you manage your accounts yourself, that one percent an advisor would make can be spent on travel, day trips to the beach, or special treats from the grocery store.

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