Hilliard Lyons
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Hilliard Lyons: legal theft
- - Close-out fees total $400 (2×$175 + $50 IRA).
- - Hillard-Lyons fees are high.
- - Some brokers reimburse transfers.
- - Online tips exist to reduce fees.
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.
Grand Rapids, Michigan
Hilliard Lyons - Account Review from Coloma, Michigan
- - Three accounts with Hilliard Lyons; switched due to high fees after ten years.
- - They charged $175 to cancel each account plus a $50 IRA fee.
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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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).