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Thinking today
-- planning for
tomorrow.
The Carolinas
are full of
experts who can
help you make
the transition.
Photo courtesy of
Boone Hall
Plantation. |
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Moving Your
Money Magically |
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here are many things to consider if you are planning to relocate to the Carolinas from another state – but one thing you won't have to worry about is moving your financial portfolio.
In the Carolinas, local banks and big investment houses can assure you that not only is your money safe with them, but they will do the work of moving funds for you.
"Logistically, it is very easy to move your money," says Renee W. Edwards, retail market leader for the Midlands region of South Carolina Bank and Trust in Columbia, S.C. It’s all done electronically."
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hether you need to move checking and savings from one commercial bank to another, or whether you have investment accounts such as IRAs or 401Ks, local representatives in the Carolinas will protect you and your funds. With the many changes in banking and investment laws in recent years, banks now offer investments, commercial lending and mortgage services, while traditional brokers offer checking – type accounts to go along with long-term investments.
"Although SCB&T is a small, local bank, we have lots of free services, and we pride ourselves on personalized service," Ms. Edwards says.
Ferris Morrison, spokesperson for Wachovia in Charlotte, N.C., says one advantage of her financial institution is its very size. "The great thing about Wachovia is that we are located in 15 states up and down the East Coast," Ms. Morrison says. "Our bankers will make the financial transition as painless as possible."
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There are banking and investment professionals in the Carolinas who can assist newcomers in making the best decisions for themselves
and their portfolios. |
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Ann K. Pauley, Financial
Consultant with the Columbia, S.C. office of AXA Advisors, says people can choose to keep their securities brokers in the previous home state. "But," she says, "it is usually much easier to find a broker in your new Carolinas home town – and there are many advantages to working with a local financial professional. It’s sometimes easier to talk over your concerns face to face in a more relaxed atmosphere, and provides the opportunity to develop a personal level of trust.” AXA Advisors is an international company with offices worldwide and several offices in the Carolinas. According to Ms. Pauley, AXA is
one of the largest companies in the world.
"First, there is a variety of investment products and services that vary from state to state," Ms. Pauley notes, explaining that
personal meetings give more time to address questions and discuss financial options that are most suitable to your financial needs.
Plus, a local advisor will be more familiar with available tax and insurance discounts.
Ladd Lumpkin, wealth management advisor and vice president with Merrill Lynch’s Columbia, SC area office, reiterates the ease with which funds can be transferred – even investment accounts. It’s easier to transfer account within the same company, but if a newcomer wants to change securities firms, that, too, poses, no problem. Merrill Lynch is also an international company that offers a large variety of financial services and has 28 offices across the Carolinas.
“The movement of investment accounts from one state to another is quite simple,” he said. “If you are a current Merrill Lynch client, simply open an account and sign a transfer authorization. We take care of contacting the account’s custodian, and physically moving the accounts.” Mr. Lumpkin explained that the process is the same for taxable accounts, trusts, IRAs, and company retirement accounts.
If a newcomer to the Carolinas wants to change brokerage houses, the transfer is still easy. Mr. Lumpkin’s 14-member team at the Columbia office will hold a fact-finding meeting with you, and gather information on your goals and present accounts. Then you, as a new client, authorize Merrill Lynch to contact your former broker and take custodianship of your investments.
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Personal meetings give more time to address questions and discuss financial options that are most suitable to your financial needs.
Plus, a local advisor will be more familiar with available tax and insurance discounts.
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AXA’s Ms. Pauley warns people who want to change investment houses to make sure the new financial firm has the ability to receive their funds. The new adviser can prepare the proper forms to transfer the assets. Current statements will be needed for each account. Assets usually clear through a clearinghouse from one broker to another, and there can be fees associated with termination of accounts, and charges in establishing a new account.
Beyond fees involved in moving accounts, you should also seek advice regarding funds that will not transfer without liquidation. Each state has its own rules that govern investment accounts and there can be financial consequences that will affect early liquidation. A local advisor will be more familiar with options that impact your overall financial position, Ms. Pauley says.
For instance, many states offer a 529 college savings plan. The specifics of those plans are designed by each state with the actual investments being handled through a mutual fund company or bank. Although most are available to anyone, an in-state plan may offer tax advantages to residents of that state. And, one financial institution may offer products that another may not.
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When considering a new company or advisor to handle your financial needs, experts recommend that you discuss which products
are offered by individual firms.
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“Most people who are relocating to a new area do so because they are retiring, or changing jobs,” Ms. Pauley said. In those instances, there may be assets invested in company plans such as 401Ks, that are available for transfer to IRAs or other eligible retirement plans.
Companies such as Wachovia, Merrill Lynch, and AXA Advisors have websites and toll-free numbers to help customers find locations in North and South Carolina. For example, Wachovia has 478 branches in the Carolinas.
All of the financial experts with whom we spoke emphasized the teamwork approach, high level of professionalism and breadth of services available from their companies.
Deciding whether to remain with your old investment firm in your former home town is a personal decision based on many factors. However, all agree that there are benefits to face-to-face investment assistance.
And, there are banking and investment professionals in the Carolinas who can assist newcomers in making the best decisions for themselves
and their portfolios.
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Linda Kuntz Sterne
has experience in
journalism, bank
marketing and public
relations. A graduate of
Indiana University, she
has won awards for her
business communications
writing and is
accredited in public
relations.
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