Q: I’m considering transferring out of Merrill Lynch (approximately $75,000) but worried about the transfer fees. Could you advise me if this would be feasible?
A: The transfer out fees are different for every company. I would imagine the fees at Merrill are between $50-$150 per account that you close or transfer. I would suggest you look at moving your money to a discount brokerage account at Vanguard, Schwab, or Fidelity. They do not nickel and dime you with fees like Merrill and the other firms. I hope this helps. If you need any advice on investing the money feel free to contact our office for a free one hour consultation.