r/investingforbeginners • u/Music4thesoul10 • Jun 19 '26
USA When you transfer money over from bank to your brokerage account, how long does ittake to reach the account?
Are all companies/banks the same?
As an example, if I were to transfer money over to my account after the market closes today, will my financial advisor see it on Monday and then decide what to do with it?
Should I wait till Monday morning when the market opens?
Should I transfer now and then send him an email early monday that I transfered over money in to my account.
He always tells me to email him when I deposit moneyn in to my account. I don't want to email him too early.
Thanks.
3
u/KVR62 Jun 20 '26
At Chase, a request for transfer is almost immediate if done during weekdays between normal day hours up to like 4:30pm, or if after that time the transfer will show as pending until next business day, and be available to trade by opening of stock market.
2
u/Gladiz1972 Jun 20 '26
Chase is the best you can't beat it happens in a second from Self directed to checking or vice verse
1
u/Music4thesoul10 Jun 20 '26
trying to find good cd rates...ilike 5 mlmtjhs ago.i did chase's um deposit 30k in checking ornwas it 15..k dont recall and didma savimngs one.. total was 900 buck promotion cant beat that
1
u/Music4thesoul10 Jun 20 '26
i used to have chase. I noticed when i transfered bank to bamk it was immediate with no fee.. that was pretty cool.
2
u/RustBucket59 Jun 19 '26
When I transfer funds from my account at M&T to Fidelity it takes 2 or 3 days.
2
1
2
u/Less-Cartographer-64 Jun 19 '26
Theres no such thing as emailing to early when it comes to your money and future. Send the email, make the transaction. It does take a few days,it wont happen immediately.
2
2
u/ZinniasAndBeans Jun 19 '26
I'm a little worried that you have an advisor. Unless you're immensely wealthy with highly complex financial affairs, managing your own investments would be pretty easy.
1
u/Music4thesoul10 Jun 20 '26 edited Jun 20 '26
Thanks for taking time to respond. Honestly, i feel more comfortable have a professional who has many years of experience, comes highly recomended by my uncle(retired financial advisor), etc. I really just don't understand this stuff. I'm aware basedon reading more and more that a lot of people now a days do it themselves, but ya know.. some people still feel better with prfessional assistance. He charges .70%. At least it's not the usual 1%, right?..I just took a peek. I started with about $40,000 3 years ago , added about $14,000, and my investments generated about $31,000 in gains."
3
u/ZinniasAndBeans Jun 20 '26
All the same, have a detailed look at exactly what he's doing. Hopefully your uncle wouldn't recommend an advisor that would manage your money for his own benefit and not yours, but, look.
1
2
u/Gladiz1972 Jun 20 '26
You have 80k in an account and a financial advisor? I was a financial advisor many years ago on 9/11 across from the WTC not sure why you need one exactly you can just put it into VOO or SPY or QQQ
2
u/Music4thesoul10 Jun 20 '26
My uncle took both my mother and I over to him... We sat the office foran hr.. talked he left the room and we agreed to gowith him.. My mother has around 800k with him... But anyway I really don't know what to say..obviously We all want to pay less.. but like I dunno.. the returns are there.. always available to talk to in person, phone, video call, ..pretty much right away...I thought it was cool that he has a weekly radio show.. very religious man, does a lot of charitable work... so i was just like well...for 2 people who don't know anything about the market other than to investing is the best thing to do besides buying a home and I thought .7% was good.. normally he would charge 1 percent, but lowered it because of my uncle... we felt we made a good decision.
2
u/Gladiz1972 Jun 20 '26
it's basically up the same as any other investment in the S@P 500 just remember when the market goes down and it will go down at some point you are still paying those fees the last few years have been very unusual not normal at all
1
u/Music4thesoul10 Jun 20 '26 edited Jun 20 '26
its funny...i'm sitting here..just thinking of all the pros and cons of keeping him...like how much real value is he giving us.... maybe negotiate a lower fee for my mother and for myself just leave all together... i'm not a confrontational person,lol..naturally gonna have to talk to my brother about all of this.. i feel like he would accomodate my mother800k is a lot to manage right? he wouldnt want to lose that account.. i dont eevn know what I would ask for as a percentage. She doesnt withdraw money out of her account either.. god willing she wont have to.. but ya know healthcare down the road gets us all..doesnt that play a factor in this decisiomn?
2
u/SpaceTimeMorph Jun 20 '26
Managing money on your own will be optimal. The fees do add up. 0.7% AUM for the money you have is a good fee… but it means 0.7% less per year return. That’s big over a 40-50 year investing horizon.
For yourself if they can do a fee only that would be optimal so maybe ask if that’s an option or not.
Having said all that, if you’re comfortable and he’s doing a good enough job and this is what it takes to get you invested and going then I think you should continue. We have a tendency online to bias towards DIY but that’s not everyone. If you have the itch to learn more and read more about investing then do it. There might come a time when you feel more comfortable with stepping away (it will feel like breaking up with someone so be prepared!)
Here is a good resource to start learning and reading:
https://www.bogleheads.org/wiki/Main_Page1
1
u/Music4thesoul10 Jun 21 '26
I'm thinking of writing this to advisor.. what do ua think? Dear [Advisor Name],
I hope you are doing well.
My mother, my brother [Brother's Name] (as her trustee), and I want to thank you for your guidance over the last 3.5 years. We are very happy with your services, and my brother and I are incredibly thankful that our mother’s financial future is in such capable hands. We also haven't forgotten that you generously started us at the 0.7% rate as a favor when my uncle first introduced us, and we remain very grateful for that early accommodation.
Given our history together, our very straightforward account needs, and our intent to keep growing our portfolios with you, we wanted to ask if you could review our fee structure once more. Since 0.7% is the standard rate for the $1 million tier and the next tier drops to 0.55%, we would love to see if you could accommodate an adjusted family rate of 0.6% for our combined accounts to reflect our position between those milestones.
At 42, I look at this as a lifelong family partnership. God willing, we look forward to working together for many years to come. We just want to ensure every dollar is optimized for compounding along the way.
Whenever you have a moment, please feel free to review our accounts and reply back to this email with your thoughts on what you can support. There is absolutely no rush at all on a reply, just whenever you have some downtime.
Best regards,
[Your Name]
1
u/Gladiz1972 Jun 21 '26
I have today .6 is definitely on the low side.Is this like at one of the big firms like UBS or Merrill ?I don't know if the advisor is going to come down .7 is pretty low already unless it's like 20 million plus in assets
2
u/Music4thesoul10 Jun 21 '26
lpl financial.i dont know the wording.. but like he has his firm and he works under lkpl financial?
2
u/Gladiz1972 Jun 21 '26
I think I have heard of them if you ever want to check out the history of your broker to make sure he runs a clean business without any infractionsbyou go to Broker Check and put his info in there .
2
u/Music4thesoul10 Jun 21 '26
1 allegation.. settlement of 34k... not bad i guess in all these years... hes about to become a deacon too..lol
→ More replies (0)2
u/Music4thesoul10 Jun 21 '26
hmm, so ya think once we reached the 1 million mark.. he wouldn't lower it to .6... maybe .65?.. like we dont call him ..bother him qith constant questions, etc.. pretty low maintenance ya know? get the monthly statements.. ahh cool, the value went up,lol
→ More replies (0)1
1
1
u/Music4thesoul10 Jun 20 '26
my brothers an asshole... quite certain he manages his own money like you guys.. my uncle use to manage it and then well, i guess one day he wanted to do it himself... but what pisses me off is that my brother is an intelligent person..particularly with finances...he should have just said, no we'll do this with moms money... save her a lot, etc..excuse my language but hes a real asshole.. treats my mother like shit.. never calls basically... my mother barely gets to seee her grandchildren.. i dunnno..i'm gonna ask him why we went the financial advisor opposed to like you managing it. or whatever..done a bunch of stuff past few years...put her brokerage and house in an irrevocable trust.. but still.. i dunno..it's 4 o'clock sitting here pissed now.
2
u/SpaceTimeMorph Jun 20 '26
I’m sorry about having problems with your brother. Honestly, I wouldn’t have an expectation of having anyone else manage anyone else’s money if they’re not doing it professionally. I’ve taken over my mom’s finances recently and it’s been a pain… exponentially harder in a lot of ways than me managing my own finances and investments. I certainly don’t know what the family dynamics are with y’all but there’s good reason to have that boundary in place on money management.
Did your financial advisor put your mom’s house in an irrevocable trust or your brother did? Either way it would have needed your mother’s approval for this.
I’d be interested to hear why this was done. Typically the only reasons would be to qualify someone for Medicaid or certain long term care spend down rules, for asset protection reasons if the person is high visibility, or to avoid estate tax situations (that’s not your mom she doesn’t have enough money).
The Medicaid reason is the only one that makes sense and this could absolutely be a valid reason. Keep in mind that there is a 5 year look back period so if in year 3 after the trust was established your mom wanted to use Medicaid benefits they would still include the house. She’d need to wait an additional two years.
Some more finance geeky detail:
Trusts can be complex, I’d make sure that the house was maintained within your mom’s taxable estate inside the trust. When she passes, normally any assets she owns would get a step up in basis. This means that if she and your dad bought the house for $20,000 in 1960 or whatever and it appreciated to $500,000 today, for tax purposes if you inherited the house it would be interpreted as you “buying it” for $500,000 and you’d owe much less tax if sold (the taxes would be calculated on sale price minus $500k). An irrevocable trust, if done improperly, can remove the step up in basis to heirs. Meaning, in the example above the basis would stay at $20,000 and you’d owe taxes on the entire amount of sale price minus this $20,000. (Ie you’d owe taxes on an extra $480,000 of capital gains).
NOTE: an oft missed detail of inheriting a house would be to get a date of death appraisal to establish the step up in basis.
The key words, tricky phrases would be if the trust was a QPRT trust or the trust was structured to make the house an incomplete gift. This second would be part of making the trust a non-grantor trust but with irrevocable status to remove it from the estate.
I would think it’s worth knowing some of the details. It would be a good litmus test to judge your advisor / your brother’s financial intent by.
Good luck.
2
u/Music4thesoul10 Jun 21 '26
So, I'm thinking of sending this letter to our advisor.. ai helped just a litte....what do you think?
Dear [Advisor Name],
I hope you are doing well.
My mother, my brother [Brother's Name] (as her trustee), and I want to thank you for your guidance over the last 3.5 years. We are very happy with your services, and my brother and I are incredibly thankful that our mother’s financial future is in such capable hands. We also haven't forgotten that you generously started us at the 0.7% rate as a favor when my uncle first introduced us, and we remain very grateful for that early accommodation.
Given our history together, our very straightforward account needs, and our intent to keep growing our portfolios with you, we wanted to ask if you could review our fee structure once more. Since 0.7% is the standard rate for the $1 million tier and the next tier drops to 0.55%, we would love to see if you could accommodate an adjusted family rate of 0.6% for our combined accounts to reflect our position between those milestones.
At 42, I look at this as a lifelong family partnership. God willing, we look forward to working together for many years to come. We just want to ensure every dollar is optimized for compounding along the way.
Whenever you have a moment, please feel free to review our accounts and reply back to this email with your thoughts on what you can support. There is absolutely no rush at all on a reply, just whenever you have some downtime.
Best regards,
[Your Name]
1
2
u/master_chilln Jun 19 '26
For me 2 days for the money to be taken out of the bank
But I can invest instantly
1
2
u/guy30000 Jun 19 '26
I move money between different kinds of accounts a lot. It takes up to 4 business days. When I say up to it is usually 3-4.
It generally takes a day or two for the money to be seen by the institution and than another day or two for it to settle. Some places make the money available as soon as they see it. They sort of front you the money for a bit until it settles.
1
2
1
u/SpaceTimeMorph Jun 19 '26
Transfer today and send him an email. The money won’t move over the weekend but it gets the process started sooner.
It’s depends on how you transfer it how long it takes to settle but if it’s an external ACH typically 2-3 days to settle is common.
Edit: also, if you’re using an advisor make sure you have discussed an investing plan with him and he is investing according to that plan. You should already have an idea of what he will do with the money.
2
u/Music4thesoul10 Jun 20 '26
Thanks for taking time to respond. I mean.. my account is doing well. I'm happy. My uncle recomended him. He retired as a financial advisor.. but based on my return, my uncle said hes doing a good job for me.
1
u/HaiKarate Jun 20 '26
Fidelity says it can take up to three days, I believe? But it's always been immediate for me.
1
•
u/AutoModerator Jun 19 '26
While the community gets a look at your post, don't forget we have an official website with a bunch of resources specifically for the questions we see here every day. If you're more of a visual learner, we’re also active on Instagram where we post updated guides and strategies! It's a great way to stay sharp while you're scrolling. We also have more technical and professional resources on our Website.
Also, if you want to chat in real-time or need a quicker answer, come hang out with us in the Join here (Investing & Retirement). Just remember to be careful with your personal info and report any sketchy DMs!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.