Hilliard Lyons: legal theft

I had a similar experience: 2x$175 to close two accounts plus a $50 IRA fee. $400 just to get back my own money. It's a legal form of theft. Hillard-Lyons fees are among the highest. There are many better choices. Many brokerages will reimburse you (at least partially) for such fees. This can ease the pain. Good riddance! For future reference, I located info online to possibly reduce such fees. (Search for "Beware broker transfer out fees.") Some brokerages charge separately for transfers, versus closing. (HL combines these two fees together.) If they charge only for a transfer-in-full, but not a partial transfer, then you can transfer most but not all assets. Then withdraw the small remaining cash, rather than transfer. (For IRAs, the trick is evidently to perform a roll-over rather than a transfer.) I have not tried either; I am just passing along the info. Of course, some brokerages close this loop-hole by charging for partial transfers or requiring a minimum account balance.
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#853708 Review #853708 is a subjective opinion of poster.
Product
Hilliard Lyons Account
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Problems with payment

Hilliard Lyons - Account Review from Coloma, Michigan

I had three accounts with hilliard lyons,decided to change because of fees. When i switched they charged each account 175 dollars to cancel, plus a 50 dollar ira fee.been with the broker ten years so beware of high fees with hilliard lyons, thanks ron,
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#1163949

I got caught also: two account closing fees (2x$175) plus IRA fee ($50): $400 total just to get back my own money. It's a legal form of theft.

Hilliard Lyons fees are among the highest. There are many better choices.

You should be able to find another brokerage that will reimburse (at least partially) these outrageous fees when you transfer and close your HL account. Good riddance!

For future reference, I found the following advice online. (Search for "Beware broker transfer out fees.") Some brokerages charge separate fees for a transfer, versus a closing.

(HL combined them together.) However, the transfer fee *might* apply only for a transfer-in-full. In this case, you could transfer most (but not all) of your assets. Leave a small remainder in cash. Then you could withdraw the remaining cash assets, without actually doing a transfer.

(For IRAs, the trick is evidently to do a roll-over rather than a transfer.) I have not tried either; just sharing the info. Of course, some brokerages now close this loop-hole by requiring a minimum account balance (or charging for partial transfers).

ID
#582019 Review #582019 is a subjective opinion of poster.
Location
Coloma, Michigan
Product
Hilliard Lyons Account
Reason of review
Pricing issue

About

Hilliard Lyons Terms of Service
Lyons, LLC ("Hilliard Lyons") and Hilliard Lyons Trust Company, LLC, at Company's discretion, provides The Client of Hilliard Lyons with services including, but not restricted to, news and information services. The User agree to comply with the conditions imposed on The User's use of the services, as set out in these Terms and Conditions of Access and elsewhere in Hilliard Lyons's' Internet site. These services may be outside Company's control or provided by a third party in which case The Company cannot take responsibility for their content, or for any delays, interruptions or errors in the provisions of these additional services, provided Hilliard Lyons have exercised reasonable care and diligence in the selection of such providers. Certain data accessible on Hilliard Lyons's' Internet site is the intellectual property of the relevant news and information services provider or third parties that provide such data to the relevant service provider, or hilliard.com The data is protected by copyright and other intellectual laws and all ownership rights remain with the information service provider, or the third party, or Hilliard Lyons, as the case may be.
To read more: https://hilliard.com/terms-of-use
Hilliard Lyons Privacy Policy
To serve The User of company services well, hilliard.com need to understand The User's situation and goals. The personal information The Client of Hilliard Lyons give hilliard.com helps Website to meet The Client's financial needs. Hilliard Lyons are committed to maintaining The Customer's financial information's confidentiality, integrity, and security. hilliard.com understand The Customer's desire for discretion in handling The Client's financial matters, and Hilliard Lyons appreciate the trust The User of company services have placed in Website to keep The User's information confidential. These Privacy Principles explain what personal information hilliard.com collect, why The Company collect it, how Website protect it, and in what circumstances Hilliard Lyons may share it. Hilliard Lyons operates as a fully disclosed SEC-registered broker-dealer and investment advisor with accounts carried and transactions cleared and settled through Wells Fargo Clearing Services, LLC. Wells Fargo Clearing Services, LLC, which does business as "First Clearing," is a registered broker-dealer, a non-bank affiliate of Wells Fargo & Company, and a leading provider of clearing and custody services to financial institutions.
To read more: https://hilliard.com/privacy-and-account-protection
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Summary

J.J.B. Hillard, W.L. Lyons, LLC or just Hillard Lyons is a large provider of financial services. The company was founded in 1854. Its headquarters is based in Louisville, Kentucky, United States. Hillard Lyons specializes in the following areas: wealth management, financial planning, personal investing, investment banking, and public finance. The company also offers lending, trust, and insurance services. Clients can use "find a financial consultant" option on the company website. There are more than 70 Hillard Lyons branch offices in North Carolina, South Carolina, West Virginia, Ohio, Missouri, and other US states. The company got Best Place Work awards in 2014 and 2015.

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