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How to effectively liquidate a TRAK Fund Solution?

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    How to effectively liquidate a TRAK Fund Solution?

    I have a TRAK Solution Fund setup via my parents through Morgan Stanley at around the time I entered college. Fast forward five years, it doesn't seem that my portfolio has experienced much growth. Not only that, the financial advisor in charge of my TRAK fund has not contacted me once in those five years. The monthly statements are the only indirect communication I receive from the firm. From multiple reviews I've read and questionable business practices the corporation has engaged in over the years, I feel it's time to take my money elsewhere. Currently, my portfolio assets are around $30Kish.

    I would like to liquidate these assets so that I may transfer them to my bank account until I figure out a course of action to proceed with in the future. My question is in regards to how smoothly I should expect this process to happen. What percentage can I expect to lose via fees? What kind of road blocks or intimidatory tactics can I expect my financial advisor to put up in order to make the process difficult? Is there a procedure for liquidating assets effectively that won't make my life a living hell?

    Basically, I want to gain as much information and knowledge as possible before I make the call.

    #2
    Originally posted by Superluminal View Post
    I have a TRAK Solution Fund setup via my parents through Morgan Stanley at around the time I entered college. Fast forward five years, it doesn't seem that my portfolio has experienced much growth. Not only that, the financial advisor in charge of my TRAK fund has not contacted me once in those five years. The monthly statements are the only indirect communication I receive from the firm. From multiple reviews I've read and questionable business practices the corporation has engaged in over the years, I feel it's time to take my money elsewhere. Currently, my portfolio assets are around $30Kish.

    I would like to liquidate these assets so that I may transfer them to my bank account until I figure out a course of action to proceed with in the future. My question is in regards to how smoothly I should expect this process to happen. What percentage can I expect to lose via fees? What kind of road blocks or intimidatory tactics can I expect my financial advisor to put up in order to make the process difficult? Is there a procedure for liquidating assets effectively that won't make my life a living hell?

    Basically, I want to gain as much information and knowledge as possible before I make the call.
    Is this in a retirement account? If so, choose your new custodian, open your new retirement account, and have the new custodian request the transfer. It is much simpler if you do not take possession of the money yourself.

    If it is not a retirement account, there is no reason you shouldn't liquidate, deposit the money into your checking account, and decide what to do next from there.

    I don't know what fees you will pay. There may be an account closing fee. There may be deferred sales charges to pay (if you own B shares). Your advisor may try to talk you out of closing the account. Just be polite but firm.

    I suggest you use this time to educate yourself about investing in general. Here is a good place to start:

    http://www.morningstar.com/cover/classroom.html

    Comment


      #3
      Originally posted by Petunia 100 View Post
      Is this in a retirement account? If so, choose your new custodian, open your new retirement account, and have the new custodian request the transfer. It is much simpler if you do not take possession of the money yourself.

      If it is not a retirement account, there is no reason you shouldn't liquidate, deposit the money into your checking account, and decide what to do next from there.

      I don't know what fees you will pay. There may be an account closing fee. There may be deferred sales charges to pay (if you own B shares). Your advisor may try to talk you out of closing the account. Just be polite but firm.
      Thank you for the response. I'm 26 years old, so I don't consider the portfolio a retirement account.

      To be more specific the portfolio is diversified into these holdings:

      [EVIBX]
      [ACSDX]
      [VADDX]
      [ACGMX]
      [VSMIX]
      [MPSFX]
      [MSUSX]

      I'm assuming the FA would have to sell/close each one and extract the companies fee. After which I plan to use a small portion of this to completely pay off all bills, then do some research into investing the rest under a medium of my choosing.

      Comment

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