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Participant ○○○

Being treated like a child

Well, I just tried to enter a limit order for a variable rate security thru Fidelity, and they won't let do it without a broker reading me a list of warnings. I've been through this before. It's impossible to get through to a broker.

I have a little cash left at Vanguard, entered a smaller order after reading the same warning, but the security is puttable, and I don't trust Vanguard to handle it correctly if I use the put option. I honestly expect I'll have to explain what puttable means.

I know we live in a litigious country and everyone is covering their behind, but I find it so frustrating.

Are there any brokers who will treat me like a competent adult?

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Frequent Contributor

Re: Being treated like a child

 

I do most of my investing on-line.

I have run into problems at Vanguard, and a phone call to them today said "more than a 35 minute wait" (even for a flagship member)...Has happened twice now near end of day.

Today's issue was the selling of some bond funds in dollar amounts, whereby the computer would state "selling this, at the close you the price may not be enough to cover the sale."  This was absurd as surely less than 50% of remaining fund amount was being sold.

Shifting to a share amount, as the computer advised, didn't solve it either.

I couldn't get to rep, so sold a lesser amount, that did execute on-line.

Also had a double entry trade,(two trades) double the amount I thought I inputted, but since it worked out well, I did not pursue it.:-)  Mom didn't raise fools.:-)

I now do not wait to 3:55 pm to make trades!

R48

 

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Frequent Contributor

Re: Being treated like a child

I ran into several problems at Schwab too.

One issue there is that if you try to sell more than 80% of $amount a mutual fund holding, then Schwab doesn't allow that and wants you to switch to #shares mode. That is fine.

Another problem was just my senior moment that took a while to figure out. I had a short-put that blocks some money in the account and prohibits me to withdraw or trade. That I eventually figured out [I wish Schwab offered me a clue] and executed some sales first to take care of that. But that was on me, not on Schwab.

A couple of days ago, Schwab also prohibited me to make simultaneous T+2 buy for a CEF to be covered by T+1 sale of OEF in IRA. This has not been an issue before but may be they implemented tighter controls during these volatile periods. I just made those trades in taxable margin account although that wasn't ideal tax-wise.

YBB
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Frequent Contributor

Re: Being treated like a child

Back in 2000 I was what Schwab called an "active investor."

When the market crashed, I recall a story (maybe apocryphal) about a client calling a broker and his secretary says:

"Just a moment. He's out on the ledge." 😉

Bob

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Explorer ○

Re: Being treated like a child

@DJANG0  same thing here and no chance to get through to a broker. really basic trade, frustrating.

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