Saturday, June 12, 2010

Brokerage Fees

We all know that our brokerage firms are going to charge us fees. The most savvy of consumers tries to get a clear understanding of what those are before they sign over a single penny to a new brokerage firm. While Protect My Retirement Funds is not in the business of recommending stocks, funds, or brokerage firms, we thought it would be good to give you a heads up about one fee that is becoming more and more common - transfer fees.

More and more often, firms such as Wells Fargo and Schwab, are charging any where from $50 - $200 just to transfer your money to another firm. Benjamin Poor, of Cerulli Associates, a researcher in the financial services market likens it to "having a bad meal at a restaurant, then being charged to leave the building."

A potential way to avoid the fee is to ask for it to be waived before you even create an account. The new firm might be willing to do this to earn your business. Also, clients transferring six figures may have the leverage to ask the new firm if they will reimburse the client the fee charged by the old firm.

Are there any fees that have given you a financial headache? What do you do about them?
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58 comments:

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    I have one doubt. how much charges for this one. can you clarify for this one.

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  6. Cash RenegadeJune 2, 2011 at 1:04 PM

    Nowadays transaction/charges fees are everywhere like for example money remittance, for just sending a few dollars abroad you are being charge on a hundred bucks which really costs you a lot. I think nothing is free at these days. Every action that related to business does require money at all.

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