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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

751.0. "Buying/Selling No-load funds???" by 58205::DUNNIGAN (Pat Dunnigan, MLO4-1/B91) Mon Aug 01 1994 20:02

    Could someone please explain the purchase and sale of no-load
    funds "over the counter".
    
    How does someone do this?  Do you still need a broker?  Do you call a
    specific number?  I would like to know the nitty gritty details.
    
    Thanks for your help.
    Pat
                                                   
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751.1nitty & grittyCAPNET::ROSCHMon Aug 01 1994 20:126
    
    Drive to the Fidelity office on Rte. 3A in Burlington. They will
    provide a prospectus on any fund you choose.  They have a manual which
    will help you identify your investment goals and which fund is
    suitable. Sign agreeement and give them money.  That's it. [Substitute
    Vanguard, Berger etc. for Fidelity and 800#'s for a real address...]
751.2Some Brokerages Buy and Sell No-LoadsUSCTR1::JHUSTONJeff HustonTue Aug 02 1994 16:208
    Fidelity, Schwab and other brokers will also buy and sell no-load funds
    for investors.  The funds pay the fees associated with the
    transactions.  The number of funds available is fairly large, depending
    on your needs.  The thought is that is simplifies life to deal with one
    set of processes rather than the independent record keeping, phone
    capabilities, etc. of several different companies.
    
    Jeff
751.3Jack White offered the most fund companiesUCROW::PEARSONTue Aug 02 1994 19:3317
    Jack White Brokerage was selected as the choice of the litter in the
    July issue of "Smart Money."  They were compared with several other
    brokerage firms including Fidelity and Charles Schwab.  At the time
    they offered a larger selection of mutual fund companies than any
    other.  They also offer a way of trading load funds without the load.
    They match up buyers and sellers.  There is some small cost associated
    with the load fund trades, but it is much less than the load.  I
    vaguely remember something about the seller paying the fee or the bulk
    of it.

    The only personal dealing that I had with Jack White Brokerage was to
    call and request information about opening an account.  They sent it
    promptly.  I was looking for a deep discount brokerage firm.  They
    were less expensive than Fidelity and Schwab, but higher than others I
    was considering.

    If you can find a July issue of "Smart Money", it is worth reading.