I invested directly through t rowe price in one of its funds and was wondering if it would be possible to sell off that mutual fund and invest in a legg mason fund directly through legg mason. The thing is will I be charged fees and penalties for this transfer.
2007-01-22 12:30:52 · 2 answers · asked by Ski_Bum 3 in Business & Finance ➔ Personal Finance
You could invest in more than one fund-I'm guessing they have something similar. Call T Rowe Price and ask what is most comparable. You will always be charged for closing an IRA but not penalized for a transfer. You can have an IRA at each institution, as well.
Keep in mind that even small fees eat away at your investment returns-especially in a smaller IRA. If it's larger, you should diversify more to 3-4 funds of different types. Check their website for more information!
2007-01-22 13:28:59 · answer #1 · answered by Middleclassandnotquiet 6 · 0⤊ 0⤋
I don't think you will be charged anything if you fill out the correct forms. I've done those types of transfers before. If you withdrawl/close your account, you will be charged....but if you contact Legg Mason (whoever it is who would be your advisor), they can get it transferred for you and won't cost you any penalties for early IRA withdrawl (only fees if T Rowe Price charges you for removing it)
2007-01-22 12:37:39 · answer #2 · answered by CG 6 · 0⤊ 0⤋