I want to close my accounts with Edward Jones. What is the best way to proceed?
The accounts include a Roth IRA.
Answers | 1
To close an account, the best way is to contact the brokerage directly and file the appropriate paperwork.
Now, what to do with any funds remaining in the account after closing is another matter. In general, liquidation of all holdings is done. Then, a check for the balance is sent as per your instructions. Keep in mind that capital gains, ERISA (for the IRA) and various other rules, regulations, policies, and procedures will apply.
Specifically with the IRA, we generally do a custodial to custodial transfer, meaning that before an IRA account is closed, the liquid funds are transferred to another custodian (the firm that will manage your IRA as per ERISA regulations). This avoids IRS complications.
You may contact us directly to discuss this in greater detail. Some folks find it easier to close an account in the presence of their trusted advisor, so, as a Registered Investment Advisor, we have assisted folks with this also.
It's not what you make; it's what you keep that determines your lifestyle.