JohnRich 4 #1 May 12, 2008 I have two Coverdell education IRA's as college funds for my two granddaughters, with Morgan Stanley. Deposits in these accounts go into a cash fund. I then have to pester the heck out of the financial adviser to use the cash funds to purchase shares of the investment mutual fund. This is a pain in the ass, as it makes it a two-step process, with associated delays in each step. There is supposedly some way to set up the account so that when deposits are made, it is automatically used to purchase the investment mutual fund. I already switched from one adviser to another because he kept dragging his feet too much. Now the new adviser doesn't seem to know what the heck I'm talking about either. Where do they get these idiots? They've already suggested "systematic investment", or something like that. But that's not it. That's for regular deposits, like payroll deductions, where the money comes in predictably and regularly. But with Coverdell savings accounts, the government limits how much you can put into it, so the deposits are irregular, maybe only once per year, and often in varying amounts. There is some fancy name for this automatic investment process, which I've heard before, but can't recall. Can anyone tell me what this is called? I'd like to be able to use that magic phrase to clue-in my new adviser what I want out of him. Help me to help the so-called "experts"... Quote Share this post Link to post Share on other sites
chriswelker 0 #2 May 12, 2008 daveramsey.com or 1-888-825-5225(1 pm cdt to 4pm cdt) He can assist you. Chris Quote Share this post Link to post Share on other sites
galvar2439 0 #3 May 12, 2008 QuoteI have two Coverdell education IRA's as college funds for my two granddaughters, with Morgan Stanley. Deposits in these accounts go into a cash fund. I then have to pester the heck out of the financial adviser to use the cash funds to purchase shares of the investment mutual fund. This is a pain in the ass, as it makes it a two-step process, with associated delays in each step. There is supposedly some way to set up the account so that when deposits are made, it is automatically used to purchase the investment mutual fund. I already switched from one adviser to another because he kept dragging his feet too much. Now the new adviser doesn't seem to know what the heck I'm talking about either. Where do they get these idiots? They've already suggested "systematic investment", or something like that. But that's not it. That's for regular deposits, like payroll deductions, where the money comes in predictably and regularly. But with Coverdell savings accounts, the government limits how much you can put into it, so the deposits are irregular, maybe only once per year, and often in varying amounts. There is some fancy name for this automatic investment process, which I've heard before, but can't recall. Can anyone tell me what this is called? I'd like to be able to use that magic phrase to clue-in my new adviser what I want out of him. Help me to help the so-called "experts"... i dont know what that is but i can tell you that if all these investment people actually had a freakin clue, they would already be millionaires, instead they were flipping burgers last week and now think they can control the beef industry. I get a t least two calls a week from these idiotsSo i just broke up with this woman who wasn't even my girlfriend! Hellfish #782, POPS #10664 Quote Share this post Link to post Share on other sites
skydvr808 0 #4 May 13, 2008 Since you mentioned that this is for your children's education, I assume you are speaking about a Sec 159., tax-deferred education plan. There are many on-line options to have your funds go directly into any number of investments including stocks, bonds, mutual funds, exchange-traded funds (ETFs), or (if you are so inclined) derivative investments. The online brokers vary by level of service, ease of use, and fees. Some of the popular online brokers include: Vanguard Ameritrade Charlesschwab etrade If you select this as an option, you can skip the immediate transfer into your cash account to put the funds directly into one of your selected assets. Quote Share this post Link to post Share on other sites
Remster 30 #5 May 13, 2008 Quotethey would already be millionaires Maybe you should pick better council then.Remster Quote Share this post Link to post Share on other sites
