wire transfer

Selling Mutual Funds

So, you have got this mutual fund and it has not been performing like you thought it would and now you need to find all the information you can about selling mutual funds. Just for starters you need to understand some basic tactics.

The first thing you should do is get in touch with your broker, or whomever you bought the mutual fund from in the first place. They should be able to help you sell it. They will ask you if you want to sell for net or gross. Selling for net means you will have to authorize the selling of more of the fund so you get the correct amount of money from the sale and all the fees get paid.

If you sell for gross then the whole thing is sold and you take less money because the fees are taken out after the sale. If you took on a broker after you bought this particular fund then he or she cannot be the seller of this particular fund. You will have to go to the place you originally bought it from to place your order to sell. If you bought the mutual fund online then go there again to sell it.

Don’t worry about using the right lingo when selling mutual funds, every broker or mutual fund manager knows the words buy or sell. When they ask you how much money you need from the sale then that will tell them whether you need to sell for net or for gross. Either way it doesn’t really matter, you get your money either way just one way gets you just a little less cash in your pocket, is all.

Online selling may be a bit more involved because you have no one interceding on your behalf. You will need to do all the work for yourself. You might think that it would be as simple as just pushing a button but you will need to select several options like net or gross or sell by shares or dollars. There may not be a selection for you to sell all so therefore you will have to manually enter the number of shares your mutual fund has in it to sell the whole thing.

Whether you are selling online or having your broker do it, you will have to choose how you would like to receive your money. You can choose to have the money placed in your brokerage account, if you have one, or direct deposited into your bank account if you have that option already set in place or you can just opt to receive a check in the mail. Wire transfers used to be fairly popular but they are “spendy” and are not used so much anymore but if you need the money, like, yesterday then a wire transfer may be another option for you if the company agrees. The fee for the wire transfer may come out of the amount of money you are getting.

This is the most basic information you need when selling mutual funds. There may be some more finer points that you need to know but you will find those out on your own when you are in the process of getting you mutual fund sold.

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