Brokerage experience with T. Rowe Price I saw this post by accident, and I would like to share my recent TRP experience by repeating the comment I sent to them:
" I'm writing this in hope that it will be forwarded to someone with the authority to act upon it.
My wife and I had an AB Living Trust. Upon her death, as permitted in the trust, I chose to disclaim her half of the trust value, and create an Irrevocable Trust. I received an new EIN for Trust A of the Living Trust, as recommended by my attorney.
I contacted T. Rowe Price, and after many discussions with the Life Change Events people, I was able to fill out the forms to retitle two of my accounts, valued at $500,000, to the Irrevocable Trust A. Now the fun began.
Your Ownership Change form requires a Medallion Signature Guarantee. The credit union
where I do my banking could only guarantee up to $100,000. Of the five commercial banks I tried, four turned me away outright because I didn't have an account, the fifth said they could, but their limit was $250,000. I came home unsuccessful after spending the entire afternoon in the rain.
I called T. Rowe Price, and got to speak to a very sympathetic Jenna Johnson. I explained my anger and frustration over the situation. I said I was able to retitle accounts worth $2,000,000 at Vanguard, online and on the phone, in less than an hour, without even a notary. Jenna put me on hold for a short time, then came back to say Price would waive the Medallion Guarantee and accept a notarized signature. She gave me a case number to write on the form.
Why does T. Rowe Price still ask for a Medallion Signature Guarantee in an era when many people bank at CU's, or online entirely, and can't qualify for one? It's an archaic form of identification in the 21st century. If Vanguard can do business without it, why can't Price?"
It's been a week, and I haven't received an acknowledgement, let alone a response.
World Stock Funds-Are they a viable alternative? To followup on my 11/10 comment, I may actually dump MGGIX and go with BST instead, to rotate into some large cap tech+income (ie, adding more 'value' and less 'growth') versus a more growth/tech-oriented 'world stock' fund as the markets continue to tread water and churn going into 2022. Not 100% sure I'll make the move, but that's my current thinking ahead of annual distributions on Friday ... battening down the hatches a bit, so to speak.
Artisan Value Income Fund in registration
Best Biotech Fund? Here and Now broadcast a worthwhile report on Biogen and Aduhelm, the Alzheimer’s drug.
https://www.wbur.org/news/2021/12/10/biogen-aduhelm-reckoning-alzheimers-drugIt’s not surprising that the whole biotech sector is under pressure when one its guiding lights really screws up. The report talks of
1000 layoffs at Biogen and great disruption. There’s a link in the report to an in depth published article on the debacle in STAT.
The Times reported on Sunday that a large chunk of the contemplated increase in Medicare Part B premiums is due to the projected cost of this new drug, which according to many, does not work.
DSEEX Drop?
JPMorgan Hedged Equity -JHQDX (JHQAX) Also JHDAX and JHTAX remain open, but I have no idea how they compare with JHDAX .
carew, I assume you meant to say: "how they compare with JHQAX."
Hopefully, the excerpt below from the M* Fund Analysis report of 9/2/202
1 by Erol Alitovsky will be helpful:
JHDAX and JHTAX "have the same objective of providing smoother returns by tempering downside and upside returns via a systematically implemented options strategy. The newer funds follow the same approach of the original Hedged Equity strategy, however, instead of purchasing options on the last business day of the quarter, Hedged Equity Fund 2 purchases three-month options on the last business day in January, April, July, and October, and Fund 3 trades its options on the last business day of February, May, August, and November.
The team purchases put options 5% below the S&P 500's value. To offset the cost of the put option, the team first sells put options 20% out-of-the-money. This structure should generally protect the fund from thre-month losses in the 5-20% range; if markets fall less than 5%, the fund should fall in line with the market, and if the market falls more than 20%, the fund should incur the same incremental losses beyond negative 5%. The team also sells call options to generate enough option premium income to cover the remaining cost of the hedges. [...]
Over the short term, the return profile of Fund 2 and 3 may vary from the original Hedged Equity fund depending on the price path of the S&P 500, but over the long run all three funds should have very similar risk/reward characteristics. Investors looking to make an allocation to this strategy would be wise to pair both Hedged Equity Fund 2 and 3 as this lowers market price path dependency, or the investment's sensitivity to short periods of market volatility.
Reasonable fees coupled with JPMorgan's transparent process make these funds an interesting option."
Good luck,
Fred
Tech giants Microsoft, Amazon and Others Warn of Widespread Software Flaw
JPMorgan Hedged Equity -JHQDX (JHQAX) +1
When good transactions go bad - T. Rowe Price + Vanguard +1 crash That's why I keep the majority of my investments at Fidelity and Schwab, and use my Vanguard brokerage to mostly hold Vanguard Funds only.
That's a good point. The Vanguard brokerage seems to handle exchanges between Vanguard funds smoothly and quickly. By the way, several people have suggested here that an In Kind transfer might be a guarantee of a smooth exchange. Maybe into TRP, I dunno. But the Vanguard brokerage made a mess of an In Kind transfer I made from another fund company into their brokerage. The money was supposed to be transferred into a Vanguard Fund. The Vanguard brokerage agent on the phone told me to make an In Kind transfer and they would move it into the designated fund. Nope. The money arrived without problems and Vanguard put it in the same fund within their brokerage and left it there and didn't tell me. It took a very long time to get them to even acknowledge the mistake. And it took even longer for them to move it to a Money Market Fund. From there I was supposed to move it via their website to any open Vanguard fund. Did they bother to tell me this? No. That would take effort and a sense of responsibility.
DSEEX Drop? >> I have not and never will touch one
>> I've owned DSEEX since inception
You still have not gone into your reconciliation of these two opposing statements of faith, have you? Since the mfund sorta is / sorta is not half (+/-) composed of the dreaded, could-totally-fail ETN.
I do not and would not own an ETN. If a mutual fund owns an ETN it may or may not be an issue for me, but I am unaware that DSEEX is half ETN as you imply, or if the ETNS are a basket as contrasted with only one. For comparison, while I am willing to buy a HY bond fund, I would not put sizable assets into a single HY bond. Generally speaking, there is little reason to risk issuer failure for an ETN when similar products are available in an ETF or CEF wrapper (if you want leverage) with no such risk.
PRWCX
PRWCX @teapot After listening to only part of that podcast so far, I am reconsidering opening a position in PRFRX. bank loans and some junk. Giroux sang its praises.
EDITED TO ADD: I've never owned a bank loan fund before. Why do I see NO BANKS listed in the portfolio? ( at Morningstar.)
Bank loans are issued by below investment-grade companies and pay a floating rate typically pegged to LIBOR.
From a credit perspective, they are similar to high-yield bonds but have a senior position in the capital structure.
Multiple industries (health care, IT, etc.) make up the bank loan market.
Here's a M*
article with additional bank loan details and specific information regarding PRFRX.
When good transactions go bad - T. Rowe Price + Vanguard +1 crash That's why I keep the majority of my investments at Fidelity and Schwab, and use my Vanguard brokerage to mostly hold Vanguard Funds only.
