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Tom and Brendan discuss a frequently asked question in this week’s Mullooly Asset Management podcast. The big question that new clients want to know is, “How do I transfer my accounts to Mullooly Asset Management?”. Many investors think there will be a lot of work involved with changing their investment advisor. This is not true, and Tom explains the processes involved in this week’s podcast.
The first thing new clients learn when they ask, “How do I transfer my accounts to Mullooly Asset Management?”, is that we work with discount brokers here. We place a lot of importance on keeping costs low for our clients. Tom recommends new clients get set up with TD Ameritrade or Charles Schwab. These discount brokers simply act as the firm making the buy or sell on your behalf. Here at Mullooly Asset Management we are free to use any broker. However, we avoid big firms like Morgan Stanley or Merril Lynch because of how expensive they are for clients. If you already have a discount broker that you like working with, you are free to keep your account there. For Tom to manage your account all we need to do is set up online access.
If you already have an account at TD Ameritrade or Charles Schwab, that’s great news! All you need to do is email or fax us back one form, and Mullooly Asset Management will be handling your account that day. If you own any mutual funds from Vanguard, Fidelity, or somewhere else, you also need to sign a transfer form for those. Mutual funds tend to transfer quickly though. Within 48 hours the transfer should be completed.
Tom explains that transferring a brokerage account requires you to sign an ACAT form. ACAT stands for Automated Clearing and Transfer. All brokerage firms are members of the ACAT system. As a new client, you sign the transfer form. It then gets submitted to TD Ameritrade or Charles Schwab. This process normally takes a period of 5-7 busines days. Most investors are relieved to hear that they don’t have to take part in an awkward conversation with their old broker or advisor. The ACAT form takes care of the entire transfer. 
Similar to annuities, 401k accounts do not involve a transfer. Transferring your 401k account at work to Mullooly Asset Management is as easy as allowing us online access. From there Tom will monitor the plan and make changes when they are appropriate. Another thing to keep in mind is that when we say 401k plan, that includes all retirement plans. This includes 403b annuities for school teachers and 457 deferred compensation plans for city or state employees. If you have a retirement account at work, Mullooly Asset Management can manage it.
So you can see, the question, ‘How do I transfer my accounts to Mullooly Asset Management?”, isn’t that complicated really. No matter what type of investments you own or accounts you have, we can be set up within a period of 5-7 business days tops. If you have any other questions regarding transferring your accounts to Mullooly Asset Management, do not hesitate to visit our contact page. You can reach our team through phone or email.