I am in the process of selling off my positions in Loyal3 since I'm not completely comfortable with their beneficiary designation process. Loyal3 doesn't have any beneficiary forms to fill out so you would have to have your executor contact them to make arrangements. This is something I'm not 100% comfortable with, especially since I don't want my children to have to deal with administrative headaches when it's my time to leave this earth. I'm probably way too young to even be considering these things, but I just want to get all my ducks in order so that everything is all set in place for my children in case something were to happen to me or my wife (God forbid). Estate planning is something I'll need to familiarize myself more with as I get older to ensure that my children get as much as possible without any complications.
In any case, I sold 3.0483 shares of WMT at $72.18 per share for a gain of 4.78% on my Loyal3 account. I'm glad I waited since I do not like selling any positions at a loss. Once the remaining positions in my Loyal3 account are at a gain, I will also sell them off too to realize the gains and exit out of Loyal3.
I still think that Loyal3 is a great company since it allows commission free trading and buying partial shares of stocks for as little as $10, but since I'm OCD, I don't want to risk any problems in the future from an estate planning perspective. I prefer to keep things simple; most brokerages usually have a beneficiary designation form which is why I was surprised to find out that Loyal3 did not have one.
Have you sold any stocks recently?
Why not do an ACAT transfer? Do they charge an outgoing ACAT fee?
ReplyDeleteHi Dividends 4 Future,
DeleteI didn't want to do an ACAT transfer since they charged an outgoing ACAT fee and also because my positions in each company weren't very large to start with. Most of them would have ended up being liquidated due to the partial shares.
Thanks for stopping by and commenting.
I haven't sold anything in a while but I can understand your reasoning for moving out of L3. It's still a new company and I'm sure in time they'll start offering the same features as any "mature" brokerage. Thanks for sharing.
ReplyDeleteHi Keith,
DeleteI don't blame you for not selling anything. I wouldn't have sold anything either; the only reason I'm selling is to exit out of Loyal3 and consolidate.
Thanks for stopping by and commenting.