Hi guys…
About a decade ago, my grandma set me up with an Edward Jones brokerage and Roth IRA account. While I’m grateful for her help, I’m getting really tired of the fees. I’m paying around $400 a year, and I want to switch to a more cost-effective option.
I’m thinking about rolling everything over to Chase, as I’d like to keep all my holdings and maintain the same account structure. Does anyone have experience with this process?
Hi!
Switching from Edward Jones to a more cost-effective option like Chase can definitely help you save on fees.
Here’s a general outline of the process to roll over your accounts:
Open a New Account at Chase: Start by opening the same types of accounts (brokerage and Roth IRA) at Chase. This ensures you can transfer your holdings directly.
Initiate the Transfer: Contact Chase to initiate the transfer. You’ll need to fill out a transfer initiation form, which should be available on Chase’s website or through their customer service.
Provide Information: Chase will need details about your Edward Jones accounts, including account numbers and the types of assets you hold.
Transfer Process: Chase will communicate with Edward Jones to set up the transfer. Edward Jones will confirm, reject, or modify the transfer request within a few business days.
Monitor the Transfer: Keep an eye on both your Edward Jones and Chase accounts to ensure the transfer is completed smoothly. This process can take a few days to a couple of weeks.
Confirm Completion: Once the transfer is complete, verify that all your holdings have been moved correctly and that your account structures are maintained.
If you have any specific questions or run into issues during the process, both Chase and Edward Jones customer service teams should be able to assist you.
Great outline! I’d like to add a couple of tips to make the process even smoother:
Check for Transfer Fees: Sometimes, the institution you’re leaving (in this case, Edward Jones) might charge a fee for transferring your accounts. It’s a good idea to check this beforehand so you’re not caught off guard.
Tax Implications: If you’re transferring a taxable account, be aware of any potential tax implications. It’s always a good idea to consult with a tax advisor to ensure you’re making the best decision for your financial situation.
Review Investment Options: Once your accounts are transferred, take some time to review the investment options available at Chase. They might offer different funds or investment products that could better align with your financial goals.
Customer Support: Don’t hesitate to reach out to customer support at both institutions if you encounter any issues or have questions.
They can provide guidance and help resolve any problems that arise during the transfer process.
Hope this helps! Feel free to ask if you have any more questions or need further assistance.
You ought to research Vanguard, Schwab, or Fidelity. Chase’s fees will also kill you.
edit: as a reward for being self-directed, Chase Private Client waives most fees. Most likely, they aren’t compensating with a cash yield of about 5%.
Hey Alexander!
Great advice on researching Vanguard, Schwab, or Fidelity! Their lower fees can definitely make a big difference in the long run.
Chase’s fees can indeed be a bit steep, but it’s good to know that Chase Private Client waives most of them for self-directed investors.
However, you’re right; the cash yield might not be as competitive as the 5% you mentioned.
Thanks for sharing this insight! It’s always helpful to weigh the pros and cons of different financial institutions.
Cheers!