Silly Q - Can I NOT sell my own stuff in a managed brokerage account (chase)?

[rolez]

I'm trying to create a taxable event before year end. I would also like to transfer my entire investment to Vangaurd. I contacted my wealth management advisor to do this before Christmas, he has not gotten back to me.

I logged on to Chase, went into my brokerage and selected trade/sell, but it only allows me to do this with my money market funds. Everything else is 'managed' and I can't select it for trade/sell.

Am I trapped until my wealth manager gets back to me?

 

[mortan1982]

@rolez What market are you wanting to create a taxable event in that will be open again before next year?

 

[rolez]

@mortan1982 I do not need to reinvest before next year, just sell. My money is held in a trust I am attempting to close out (I am the excutor) and not have to file taxes again for 2024. Its not the end of the world, but I would prefer to sell everything now, distribute to myself and others, and open up an account under my SSN in Vangaurd January 2.

I probably should have done this at the beggining of the month, hindsight is 20/20. I did not know my wealth manager could basically ignore my request to sell. I also didn't know I did not have the abiity to sell it on my own.

 

[mortan1982]

@rolez The market, or markets if your investments are in different markets, has to be open for you to buy or sell.

 

[rolez]

@mortan1982 Ah I see, so I'm SOL for the year 2023. Okay thanks so much!

 

[robinah]

@rolez Correct.

 

[faithnlove]

@rolez Your FA should have had some sort of OOO coverage for while he was out. Either a registered client service associate or another FA that takes care of those types of orders while he is not able to be contacted. Did you not get an OOO email reply with instructions on who to contact?

Chase is large enough there is no way you should be able to get trapped without being able to contact someone. But it’s too late now unfortunately

 

[rolez]

@faithnlove In the VM, I was given a second contact # if he was out. I was lazy, did not write down the number and instead just waited for an email response. Oh well, this just further shows it’s better to transfer everything to a self-managed account in the future.

 

[visualword]

@rolez Normally you open a new self managed account and fund it by telling the new company to transfer all your cash and securities ie everything from your old account into the new account. Your current company doesn't even have to know until they get the request for transfer from your new account. There are all kinds of other ways to do it tho.

 

[rolez]

@visualword Dang, I should have tried this yesterday. Unfortunately Vangaurd won't let me open a new account today, probably because they are closed until 1/2/24.