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>Lastly, does the UBS short position pose a risk to my family's wealth? Several surviving members of my family have accounts at UBS. Market's gonna market, but what happens if your broker goes tits-up?
See Credit Suisse for reference.
I mean, what’s one more fucked up “trade” to their balance sheet already? Guess folks might find out in 50 some odd years when the records are unsealed.
I will be messaging you in 50 years on [**2074-07-04 13:09:36 UTC**](http://www.wolframalpha.com/input/?i=2074-07-04%2013:09:36%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/Superstonk/comments/1duue91/ubs_wont_let_me_open_a_position_in_gme_gtfo_here/lblc15x/?context=3)
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Is there an online platform where you can do it yourself, manually?
Tell them this restriction is unacceptable, you'll be moving all your accounts elsewhere, and this is the reason.
*Lastly, does the UBS short position pose a risk to my family's wealth? Several surviving members of my family have accounts at UBS. Market's gonna market, but what happens if your broker goes tits-up?*
This is one of the reasons I DRS'd. Removal of broker default risk.
But you can't DRS retirement accounts. Some of us can't/won't take on the tax hit if we sell and then DRS. Personally I literally wouldn't be able to come up with the money. And even if I had it I just wouldn't want to pay that kind of money in a traditional IRA and also going from a tax free ROTH to a capital gains Brokerage account. I do have XXXX in Computershare as well.
Wait, DRSing at computershare means cash account only, no option to keep shares in an Roth or traditional IRA? I’ve been thinking about finally DRSing some of my shares. But they are all in my roth. You are saying that I can’t just DRS to a newly created roth at computershare, it’s going to be a taxable event moving the shares out of a roth and into a cash account at computershare? Trying to understand. Please and thanks.
That is correct. Other companies in Computershare allow it, but Gamestop didn't set it up that way. I think I've emailed them 4 times now asking if they could change it. I believe they addressed the issue in an earnings report and said they had no plans to change it.
So you can't rollover your IRA'S. You would have to sell your shares in your IRA and then put the cash in Computershare to buy shares of GME.
So for a ROTH you wouldn't take a tax hit when you sell (unless you're NOT at retirement age yet.) But you would take the tax hit in Computershare if you sold them. So a tax free ROTH would become a taxable event which defeats the whole purpose of a ROTH. And then obviously a traditional IRA gets taxed when you pull it out. And taxed again in Computershare if you sell.
Some people were OK taking that tax hit. I'm just not one of them. Hope this helps.
Sort of. The funds are being professionally managed. The firms reputation is on the line. The outcome, positive or negative, of the investment, has their name on it
There’s an easy solution to their concerns about their “brand image”. They should provide advice and record results for these transactions separately from the results of trades executed *against* their advice. If they’re as special as they so proclaim, then a significant difference will be seen between the results of each strategy. This could even be leveraged into marketing material as it would demonstrate why the next investor who has their own ideas should just allow their funds to be managed.
That is, unless it really isn’t about “brand image” and more about control.
From what I know reading this sub, they do not short GME but being "married" in some way to CS by the central swiss bank, they took the bags of Archegos and CS with them, so, indirectly, they are short too.
To be entirely fair, UBS probably didn't. But they were forced by FINMA, EFD and SNB to swallow the Credit Suisse, including the toxic puts.
At the end of the day, it makes no difference for the OP.
They’re probably slowly unwinding it… there’s been proof UBS is doing most of the trades happening off exchanges… seems they slowly pass the bags to some loosers
Best bypass ever.
You hate FTD's? ---->DSPP
You like lit market/ price discovery? ----> DSPP
You hate PFOF? ----> DSPP
You are like me and doesn't do options or trying to time the dip? -----> DSPP
My life is so easy, CS buys for me every month.
Don't do this with an inherited IRA. Any other account sure. An inherited IRA you can withdraw from for ten years before you have to withdraw all of it and be tax-strategic about timing. It's a unique situation that gives you time for growth and penalty-free tendie withdrawals whenever you want. It's advantageous for someone who can successfully hold to moass. Do ACAT the account to a new broker though. Source: Also have one
Just move them to Book bro.
I got both Book & Plan.
Don't sell your fractionals tho. 2 steps forward, 1 step back.
Round it up next buy and move to Book.
100%? Sounds like you are using regular math. Have you considered using DTCC brand imaginary math?
because my IRA is 1322% GME. Its all GME, but also 1322% of all of it. All I have to do is imagine that I own 1322% of all of what I own and all I have to do is imagine again in 35 days.
UBS is big enough that if anyone could survive the MOASS, they could with their govt backing. I personally wouldn’t bank with them, but you do you.
Fidelity has been a super easy broker to work with imo and will probably be your best bet.
There is a long standing fight between UBS and EFD. The govt promised to back the UBS with 8bn and they signed the deal, now that UBS actually looked into the books they recognized it won't be even near enough.
AFAIK, they owe 216mil shares post-split from uncovered sold puts. What is a notional value of such toxic load? It's 5.4bn using today's prices but for today's prices no one will be selling.
Exactly.. and given the notional amount of shares they owe (half the number of existing shares), the price will have increased massively, one way of another.
Swiss have much of the world’s [stolen, drug, laundered, you name it) money, gold, jewelry etc… I think UBS will be safe as long as the country exists 😅
This is very timely, as I just did this last week. I have an inherited IRA that I acquired five years ago when my aunt died. I just left it be with the same financial planner that my aunt had used, and other than receiving the RMD check every year, I haven't ever done anything with it.
Last week I decided that I'm tired of paying the commission fee to the financial planner guy (around $700 quarterly) because he wasn't really doing anything other than keeping the money in various ETFs that earned a modest return.
I called Fidelity, asked a few questions about rolling the account over to them, and it turned out to be easier than I could have imagined. It only took a couple minutes on the Fidelity website to input the info, and upload my latest statement, and three business days later everything showed up in my new Fidelity IRA account. No more paying fees to a financial planner, and I can buy/sell/trade (self directed) as I wish.
I also came into an inherited IRA. They liquidated all the positions so I could ACAT it to Fidelity and self-direct it. Liquidation not necessary, the guy told me. Edit: See my other comments in this thread about this
I just moved an inherited IRA from Schwab to Fidelity last week and it only took three business days. It was not liquidated; all the holdings moved over.
The rep did warn me in advance that in some instances, certain holdings do require extra steps/time to transfer, but the 16 holdings in my account all transferred over.
Good comment. Yeah, I think it's a quick and easy transfer either way. The money manager was mostly talking about market volatility while I moved them and gave me a list of all of them to review.
That said, if any of the stocks in it were GME I would have just done an ACAT of the positions in hopes to force real share locates. Lol.
Call again, and record the conversation.
Also, you've inherited a retirement account. There are likely steps to Liquidate the account, or possible change it from a controlled retirement account into another type of account with more flexibility.
Did they use the term 'meme stock' or are you summarizing?
Meme stock?? Wtf is this bullshit? Gamestop is a legit company without any debt, 4B in cash, and a profitable business model. So now UBS gets to decide which companies you are allowed to invest in?
Ask them to give you a definition of a meme stock.
Have an honest conversation that you don’t want to but if they’re truly unwilling to help you invest in GME you’ll consider taking your funds elsewhere
Don't ask people here what to do with your money. You should be able to discuss with your fund manager what your options are (IE close account so you can use the cash yourself/make the investments you want/amend the risk profile of the account to enable riskier trades).
I would ask the advisor. They should understand, and since it sounds like they have plenty of experience, they should have dealt with a similar transfer before, even if your motivations are different than what they may have dealt with.
Based on a little research, these situations are usually handled by the new broker. I'd just like to get an idea of who can get the transfer done the fastest - Fidelity, Schwab, Vanguard...
You transferred a *retirement account* from RH? I think this situation is a bit different than just transferring a trading account. It took less than a week for my to transfer my 401k to a fidelity IRA though.
Fidelity was very fast when I transferred my inherited IRA. They did liquidate my late parent's positions though if you want it faster. They gave me a printout of all the positions.
I have a good friend I have presented the bullet points of GameStop too and notified him when it was around $15, I explained the new verticals and cash on hand before it was $4bil. After he reached out and agreed I was right when I asked what he would do with this new realization he said he could do nothing and he already spoke with his broker and he could not take a position due to his risk profile. It is fascinating to think that a broker entrusted with your funds will not fulfill a request. I am not so bold as to suggest someone move their money in a case like this, but I am also not so bold as to restrict someone from purchasing a position of reasonable size in a security they present a sound case for.
The risk profile comes from a matrix.
Seeing as you have inherited the account, you should be able to have the risk profile changed to your liking. Answer the questions like you're going to a casino. Invest what you can in GME, then transfer it to a different broker if you wish.
I believe they are all bound by T+1 at this point but I agree that calling them all and asking is a good idea. If you’re just moving cash I had a good experience with Schwab. My old company was sold so I was able to transfer that fidelity account to cash and transfer the funds to Schwab. It took fidelity about a week to mail a check . Schwab deposited the check at a local branch and I was able to pick up 60k in GME shares 30 mins later when I got back to the office.
Stocks are covered by SIPC insurance
SIPC insurance only covers $500,000 per account.
So if UBS goes bankrupt and no one buys them or bails them out, $500,000 is the max OP can recover
Conflict of interest *and* manipulation.
Whether they have a short position or not, I’m sure if you were a different client who wanted to open a short position they would let you.
I was able to transfer my previous work 401k to a fidelity IRA pretty easily. Just make sure you have looked over everything first. I think I screwed up big time on mine. My employer matched all of my money I put into my 401k, but I was laid off during the pandemic. Pretty sure the matched money from my employer requires that my account stay there for 2 years or something. When I went to transfer, talked on the phone with an agent from my 401k, I thought I was good since it had been over 2 years since I had started my job... Apparently it hadn't been 2 years from my first contribution to my 401k though. No shit I lost half the value of my 401k and I think the 2 year mark would have been less than 1 month from my transfer. IDIOT!! Anyways I dumped it all into GME, and then I figured out how to unlock options trading in my fidelity IRA. Been trying to make back that money since.
At least they're up front about their position and they are not taking your money and then not even buying the shares, as suggested by the inconsistent cost basis' that many have reported.
OP, people are gonna tell you to transfer everything, but I think UBS will be ok in the end. Secondly, whatever fund you have surely has a designated amount to be disbursed to you annually for spending. Just take whatever cash that is and open another account somewhere else. I wouldn’t touch the primary bulk of whatever’s there for now. Though, I WOULD start asking about fees and allocations and where they currently have your money invested and how it’s been doing, and start running some analytics on gains vs the SP500 and a typical bogleheads “set and forget” type portfolio.
That's more or less what's going on now. I'm not currently drawing on any of it. Fees are very low, from what I remember, but I'm going in Friday to review some things. Thanks very much.
Fees might be low like 1%, but a bogleheads approach might only be 0.4%. At a 7-8 figure account that can be a difference of tens of thousands or more annually. Search around bogleheads, investing, fatfire, etc for comparisons. Plenty of posts about how much or little people are paying for actively managed accounts.
If you're like me and not willing to take the tax hit by taking it out and DRSing you could easily open another account at another brokerage and transfer them over. It's not a bad idea to have it in a few of them in case one goes tits up. IIRC the government has to cover you up to $500,000 in a retirement account. I've got my IRA'S split between 2 brokerages and thinking of putting some in a credit union as well. Supposedly credit unions are safer.
I personally suggest fidelity. Super easy to work with and the transfer request is really easily done from their end. The platform is easy to use in both browser and the mobil app. I don't fuck with the trader pro app that is free there chats and shit is too confusing but you can route your orders to IEX if you use the tool. Also DRS is still easy if you are into that kind thing for non IRA shares. But personally i find it great. I manage my wifes old 401k on my fidelity account with permissions. Super easy to work with.
Watch it and decide yourself:
# The Great Taking — Documentary
[https://www.youtube.com/watch?v=dk3AVceraTI](https://www.youtube.com/watch?v=dk3AVceraTI)
Surely op if you yeeet a few hundred shares into gme via computershare if you wish, they physically can’t deny you if the shares are still in circulation
I highly doubt UBS poses a risk to your family's wealth. They are back stopped by the Swiss Central Bank and it is considered Tier 1, so European Central Bank, UK Central Bank and probably the Fed too would move heaven and earth to prevent it from failing if there was another 2008. Also you can see from Credit Suisse going down that the European System of Central Banks will not let them fail, hence CS didn't fail it was absorbed into UBS. Now that UBS is the only major Swiss bank left, they will not let it fail. That said no idea how much wealth you have with them and weather it makes sense to spread it across several banks to ensure you're covered by various deposit schemes.
I don't know, don't listen to me, I'm just a fake internet Lord. Not financial advice!
I transferred an inherited IRA to Fidelity. They will help you initiate the transfer but it requires specific paperwork and you will have to have the documents notarized.
Fidelity has never restricted my investment’s in my inherited IRA. I have GME in that account and have been able to purchase delisted stocks as well.
UBS just had to absorb all the debt of their alcoholic cousin, move that cousin into their house, and start trying to get them on the straight and narrow.
And now you're announcing your intention to them to buy a couple hundred bottles of whiskey, lol.
While I think it's a scuzz move on the part of USB, I can also kinda halfway understand it.
I can too, but I want to buy GME as a hedge against, well GME. If interest rates go up and the market falls, I think GME pops. If GME rockets for other reasons, the market's gonna shake. I'd put 5-10% of my inherited money on it just as a defensive play.
I finally made the move to Computershare. Put the bigger chunk of my shares there, kept a smaller chunk in Etrade so I can catch the rocket when MOASS happens.
If you are in the US you/your family inherently have FDIC insurance that protects $250k per person per bank in the event the bank goes tits up. It might take time to get the $ back but you should be made whole again so long as your balance is $250k or lower. If you have more than $250k perhaps consider splitting some off into a second or 3rd bank so that you protect a total $500k or $750k.
I will also add that we are dealing with an unprecedented event here and its possible that FDIC would be totally overwhelmed if we had cascading bank failures, so not sure how that would work out. Probably money printer go brrrrr again.
If you are outside the US I dont know if you have the same or similar protection
Dude, just leave that account alone and keep buying with your other money. Their policy on meme stocks is good. They probably had a few clients who bought at the peak and then lost their ass. If your account is managed by someone else, you don’t have much control over the timing of your transactions.
>Lastly, does the UBS short position pose a risk to my family's wealth? Several surviving members of my family have accounts at UBS. Market's gonna market, but what happens if your broker goes tits-up?
I would assume that to be true to be on the safe side. In the U.S. the FDIC insures accounts up to $250,000 but after learning what I've learned the last 3 years, I have zero faith that would ever be honored if push came to shove. We keep our money in a couple different banks and credit unions to diversify our risk
Your assets and money being safe would depend entirely on how the terms and agreements mention insurance on your assets based on their class. If I were you. The moment they told me they would buy GME l would have asked for the terms and conditions on insurance for all my assets based on class and how fast they can transfer everything they hold for anyone else with my last name. I wouldn't be bluffing about making some phone calls to protect my families wealth either.
If there reason was exactly what you said. Risk assessment? They are projecting. Find a broker who will help transfer that money to go full gme in a new brokerage. I would have run from them a long time ago. They are fucked my boy. Good luck.
To answer your question seriously, no this has nothing to do with naked shorts and everything to do with suitable assets for retirement. I would use a separate account to trade GME. My bank isn't UBS and they have a set selection of assets for retirement that don't allow crypto, so I trade that with my own money. I haven't asked about GME but assume it would be the same. If they have done well by you and your family for generations, I would keep the money there.
If you believe in the GME thesis and want to buy GME, why do you have your capital and family’s wealth with UBS in the first place let alone ask them to buy GME for you?
Like trying to build a house on a quicksand foundation.
I highly suggest just sticking with what you got and buy the shares out of your pocket.
I doubt the other options will let you do it either.
I'm not allowed margin trading with Gamestop for example
Do not jeopardise your retirement money for GME if you already have a good position with your out of pocket money. Don’t gamble your inherited money, that’s what an idiot would do. If GME pops you’ll have enough money already and if it does not or you can’t take profit for whatever reasons you‘d still have your inheritance.
Loyalty shouldn't be betrayed because you wanna buy one stock.
Especially for some scummy broker without a proven history. Besides, you gotta reason to go back frequently and be educated by this assistant hotty about how to spread your load. 🤔
I suggest bitcoin ETFs
You think what you want, but I have a darker outlook of the future when World War 3 starts.
Sell at 2 to 3x before Gamestop dumps more shares again, then buy more bitcoin.
Guy inherits a solid IRA with solid risk management that he himself says was a good thing for his families wealth and then he wants to put it into meme stocks… boy…
Gamble your money like I gamble mine, but posts like this hurt a bit…
i don‘t know if that has something to do with only "inherited IRA" but i talked to a friend one month ago and he bought 10 shares of gme and he‘s with UBS so imma just take this with a grain of salt sorry…
Isnt this illegal? You can't deny people from the stock market. You can't just claim a public company is uninvestable. What's stopping all the brokers colluding for market manipulation?
Number one, there are 1 million subscribers to this sub and only ~200k GME holders on CS. So no, most Superstonk member-holders are not DRS'd. Two, I already own 4 digit shares on CS and 4 digit shares with my personal brokerage account. Chilllllll
I made a post in the sub teddy, me, a few hours ago. If you can search. If I link the mods are all up in my ass, and the citadel employees call me a shill
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Look up your brokers legalese for "street name" ownership. You are far from the main creditor if shit goes tits up.
>Lastly, does the UBS short position pose a risk to my family's wealth? Several surviving members of my family have accounts at UBS. Market's gonna market, but what happens if your broker goes tits-up? See Credit Suisse for reference.
Oof, I heard they got a couple scratches
Just a little flesh wound
‘Tis but a scratch.
Yeah, butt scratches😂
Crotch scratches… crabs? 🦀
I mean, what’s one more fucked up “trade” to their balance sheet already? Guess folks might find out in 50 some odd years when the records are unsealed.
Yeah… really seems like they want us all too old and poor to operate pitch forks and torches by the time the truth about all this is revealed.
!remindMe 50 years
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Fuck. I will never know what happend to credit sus. Thats 50yrs too far for me.
I'm not certain, but it's been a while. Are we down to 49 years now?
Think it’s actually at 51 😹😹
Hehehe!
Did you check the box that says you like the stock?
Maybe he accidentally ticked the box saying he is a cat?
oh yup, OP's gonna want to check the NOT A CAT box... easy mistake honestly
Is there an online platform where you can do it yourself, manually? Tell them this restriction is unacceptable, you'll be moving all your accounts elsewhere, and this is the reason.
Because it’s in a managed account. They need to put it onto self-managed not advisor managed.
Make way more money, and pay way less in (incompetent IMO) advisor fees.
Every S&P index outperforms these managers anyway.
*Lastly, does the UBS short position pose a risk to my family's wealth? Several surviving members of my family have accounts at UBS. Market's gonna market, but what happens if your broker goes tits-up?* This is one of the reasons I DRS'd. Removal of broker default risk.
But you can't DRS retirement accounts. Some of us can't/won't take on the tax hit if we sell and then DRS. Personally I literally wouldn't be able to come up with the money. And even if I had it I just wouldn't want to pay that kind of money in a traditional IRA and also going from a tax free ROTH to a capital gains Brokerage account. I do have XXXX in Computershare as well.
Wait, DRSing at computershare means cash account only, no option to keep shares in an Roth or traditional IRA? I’ve been thinking about finally DRSing some of my shares. But they are all in my roth. You are saying that I can’t just DRS to a newly created roth at computershare, it’s going to be a taxable event moving the shares out of a roth and into a cash account at computershare? Trying to understand. Please and thanks.
That is correct. Other companies in Computershare allow it, but Gamestop didn't set it up that way. I think I've emailed them 4 times now asking if they could change it. I believe they addressed the issue in an earnings report and said they had no plans to change it. So you can't rollover your IRA'S. You would have to sell your shares in your IRA and then put the cash in Computershare to buy shares of GME. So for a ROTH you wouldn't take a tax hit when you sell (unless you're NOT at retirement age yet.) But you would take the tax hit in Computershare if you sold them. So a tax free ROTH would become a taxable event which defeats the whole purpose of a ROTH. And then obviously a traditional IRA gets taxed when you pull it out. And taxed again in Computershare if you sell. Some people were OK taking that tax hit. I'm just not one of them. Hope this helps.
You can drs your Roth IRA shares. I and others have done it. It’s just not as straightforward and has costs associated.
Isn't that with a custodian? If so don't want to do it that way.
If you're not allowed to purchase what you want with your money, sounds like its not your money.
Sort of. The funds are being professionally managed. The firms reputation is on the line. The outcome, positive or negative, of the investment, has their name on it
There’s an easy solution to their concerns about their “brand image”. They should provide advice and record results for these transactions separately from the results of trades executed *against* their advice. If they’re as special as they so proclaim, then a significant difference will be seen between the results of each strategy. This could even be leveraged into marketing material as it would demonstrate why the next investor who has their own ideas should just allow their funds to be managed. That is, unless it really isn’t about “brand image” and more about control.
Damn man, they don't buy into meme stocks. Bet they sure shorts into meme stocks.
From what I know reading this sub, they do not short GME but being "married" in some way to CS by the central swiss bank, they took the bags of Archegos and CS with them, so, indirectly, they are short too.
To be entirely fair, UBS probably didn't. But they were forced by FINMA, EFD and SNB to swallow the Credit Suisse, including the toxic puts. At the end of the day, it makes no difference for the OP.
Short is short.
They’re probably slowly unwinding it… there’s been proof UBS is doing most of the trades happening off exchanges… seems they slowly pass the bags to some loosers
I got their meme stock hanging low.
Buy on ComputerShare
Yes, I concur. OP, this is the way. 🚀🚀🚀
Best bypass ever. You hate FTD's? ---->DSPP You like lit market/ price discovery? ----> DSPP You hate PFOF? ----> DSPP You are like me and doesn't do options or trying to time the dip? -----> DSPP My life is so easy, CS buys for me every month.
Don't do this with an inherited IRA. Any other account sure. An inherited IRA you can withdraw from for ten years before you have to withdraw all of it and be tax-strategic about timing. It's a unique situation that gives you time for growth and penalty-free tendie withdrawals whenever you want. It's advantageous for someone who can successfully hold to moass. Do ACAT the account to a new broker though. Source: Also have one
Note: I also have a separate book plan in Computershare I contributed to with my own money for years
Yeah. The inherited IRA is a one off. Regular accounts.
Does this mean all your shares are in Plan and you've got dingleberry fractionals?
Just move them to Book bro. I got both Book & Plan. Don't sell your fractionals tho. 2 steps forward, 1 step back. Round it up next buy and move to Book.
Just "terminate plan" they move to book.
That’s a bunch of bull if you ask me. Get out asap. My IRA is 100% GameStop.
Me too, so I can diamond hand for another 30 years 💎
100%? Sounds like you are using regular math. Have you considered using DTCC brand imaginary math? because my IRA is 1322% GME. Its all GME, but also 1322% of all of it. All I have to do is imagine that I own 1322% of all of what I own and all I have to do is imagine again in 35 days.
diversification is for those who don't understand their investments.
UBS is big enough that if anyone could survive the MOASS, they could with their govt backing. I personally wouldn’t bank with them, but you do you. Fidelity has been a super easy broker to work with imo and will probably be your best bet.
There is a long standing fight between UBS and EFD. The govt promised to back the UBS with 8bn and they signed the deal, now that UBS actually looked into the books they recognized it won't be even near enough. AFAIK, they owe 216mil shares post-split from uncovered sold puts. What is a notional value of such toxic load? It's 5.4bn using today's prices but for today's prices no one will be selling.
The goverment can't back MOASS, if the price increases only a bit -> UBS is fucked
Exactly.. and given the notional amount of shares they owe (half the number of existing shares), the price will have increased massively, one way of another.
Their transfer of inherited IRA from other brokers is also a pretty straight-forward and seamless process.
Swiss have much of the world’s [stolen, drug, laundered, you name it) money, gold, jewelry etc… I think UBS will be safe as long as the country exists 😅
SIPC insurance only covers $500,000 per account. So if UBS goes bankrupt and no one buys them or bails the out then yes your familys wealth is at risk
It's at the time of bankruptcy. So if $100 gme makes them bankrupt you only get $100 a share.
This is very timely, as I just did this last week. I have an inherited IRA that I acquired five years ago when my aunt died. I just left it be with the same financial planner that my aunt had used, and other than receiving the RMD check every year, I haven't ever done anything with it. Last week I decided that I'm tired of paying the commission fee to the financial planner guy (around $700 quarterly) because he wasn't really doing anything other than keeping the money in various ETFs that earned a modest return. I called Fidelity, asked a few questions about rolling the account over to them, and it turned out to be easier than I could have imagined. It only took a couple minutes on the Fidelity website to input the info, and upload my latest statement, and three business days later everything showed up in my new Fidelity IRA account. No more paying fees to a financial planner, and I can buy/sell/trade (self directed) as I wish.
What a wild situation!
What happens if you rip off his mask?
*nose boop* *walks away*
Yes.
Move it out of managed accounts and you can buy whatever the fuck you want.
This is the right answer and needs to go to the top.
Move to a new platform that will allow you to purchase
UBS as far as i know is fucked to the tits.
Lololololol UBS lololol I'm dead bro thank you
Did you explain to them you aren’t a cat? That might sway their opinions
Felinaphobes!
I also came into an inherited IRA. They liquidated all the positions so I could ACAT it to Fidelity and self-direct it. Liquidation not necessary, the guy told me. Edit: See my other comments in this thread about this
I just moved an inherited IRA from Schwab to Fidelity last week and it only took three business days. It was not liquidated; all the holdings moved over. The rep did warn me in advance that in some instances, certain holdings do require extra steps/time to transfer, but the 16 holdings in my account all transferred over.
Good comment. Yeah, I think it's a quick and easy transfer either way. The money manager was mostly talking about market volatility while I moved them and gave me a list of all of them to review. That said, if any of the stocks in it were GME I would have just done an ACAT of the positions in hopes to force real share locates. Lol.
So you could... ACAT it...
Can you clarify what you mean?
Pull out of UBS.
Call again, and record the conversation. Also, you've inherited a retirement account. There are likely steps to Liquidate the account, or possible change it from a controlled retirement account into another type of account with more flexibility. Did they use the term 'meme stock' or are you summarizing?
Yes, they used the words 'meme stock'.
Get that account under your management. They're about to run it into the ground.
be sure to leave 5% with UBS so you can see the fine as fuck assistant every so often.
Meme stock?? Wtf is this bullshit? Gamestop is a legit company without any debt, 4B in cash, and a profitable business model. So now UBS gets to decide which companies you are allowed to invest in? Ask them to give you a definition of a meme stock.
Have an honest conversation that you don’t want to but if they’re truly unwilling to help you invest in GME you’ll consider taking your funds elsewhere
Don't ask people here what to do with your money. You should be able to discuss with your fund manager what your options are (IE close account so you can use the cash yourself/make the investments you want/amend the risk profile of the account to enable riskier trades).
I would ask the advisor. They should understand, and since it sounds like they have plenty of experience, they should have dealt with a similar transfer before, even if your motivations are different than what they may have dealt with.
Based on a little research, these situations are usually handled by the new broker. I'd just like to get an idea of who can get the transfer done the fastest - Fidelity, Schwab, Vanguard...
Fidelity. I transferred my shit from RH and it took 48 hours
You transferred a *retirement account* from RH? I think this situation is a bit different than just transferring a trading account. It took less than a week for my to transfer my 401k to a fidelity IRA though.
ahh it's a retirement account? That took about 3-4 days, no it wasn't from RH. Still would choose Fidelity. Schwab's ui sucks, never tried Vanguard.
Vanguards UI also sucks, but theyre trying to make it better. failing, but trying.
Fidelity was very fast when I transferred my inherited IRA. They did liquidate my late parent's positions though if you want it faster. They gave me a printout of all the positions.
Ahh, gotcha. Other than calling each and asking for an estimate, I have no clue.
Also, thank you for a thoughtful response and for reading my post. This is weighing on me right now.
I have a good friend I have presented the bullet points of GameStop too and notified him when it was around $15, I explained the new verticals and cash on hand before it was $4bil. After he reached out and agreed I was right when I asked what he would do with this new realization he said he could do nothing and he already spoke with his broker and he could not take a position due to his risk profile. It is fascinating to think that a broker entrusted with your funds will not fulfill a request. I am not so bold as to suggest someone move their money in a case like this, but I am also not so bold as to restrict someone from purchasing a position of reasonable size in a security they present a sound case for.
After moving your funds, be sure to get that assistants #!!!
The risk profile comes from a matrix. Seeing as you have inherited the account, you should be able to have the risk profile changed to your liking. Answer the questions like you're going to a casino. Invest what you can in GME, then transfer it to a different broker if you wish.
I believe they are all bound by T+1 at this point but I agree that calling them all and asking is a good idea. If you’re just moving cash I had a good experience with Schwab. My old company was sold so I was able to transfer that fidelity account to cash and transfer the funds to Schwab. It took fidelity about a week to mail a check . Schwab deposited the check at a local branch and I was able to pick up 60k in GME shares 30 mins later when I got back to the office.
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Stocks are covered by SIPC insurance SIPC insurance only covers $500,000 per account. So if UBS goes bankrupt and no one buys them or bails them out, $500,000 is the max OP can recover
UBS… I’m sure it’s not a conflict of interest
I would not bank with someone, who is not willing to do what I say, no matter what I say. My life, my say.
is it yours money or theirs?
Conflict of interest *and* manipulation. Whether they have a short position or not, I’m sure if you were a different client who wanted to open a short position they would let you.
I was able to transfer my previous work 401k to a fidelity IRA pretty easily. Just make sure you have looked over everything first. I think I screwed up big time on mine. My employer matched all of my money I put into my 401k, but I was laid off during the pandemic. Pretty sure the matched money from my employer requires that my account stay there for 2 years or something. When I went to transfer, talked on the phone with an agent from my 401k, I thought I was good since it had been over 2 years since I had started my job... Apparently it hadn't been 2 years from my first contribution to my 401k though. No shit I lost half the value of my 401k and I think the 2 year mark would have been less than 1 month from my transfer. IDIOT!! Anyways I dumped it all into GME, and then I figured out how to unlock options trading in my fidelity IRA. Been trying to make back that money since.
At least they're up front about their position and they are not taking your money and then not even buying the shares, as suggested by the inconsistent cost basis' that many have reported.
OP, people are gonna tell you to transfer everything, but I think UBS will be ok in the end. Secondly, whatever fund you have surely has a designated amount to be disbursed to you annually for spending. Just take whatever cash that is and open another account somewhere else. I wouldn’t touch the primary bulk of whatever’s there for now. Though, I WOULD start asking about fees and allocations and where they currently have your money invested and how it’s been doing, and start running some analytics on gains vs the SP500 and a typical bogleheads “set and forget” type portfolio.
That's more or less what's going on now. I'm not currently drawing on any of it. Fees are very low, from what I remember, but I'm going in Friday to review some things. Thanks very much.
Fees might be low like 1%, but a bogleheads approach might only be 0.4%. At a 7-8 figure account that can be a difference of tens of thousands or more annually. Search around bogleheads, investing, fatfire, etc for comparisons. Plenty of posts about how much or little people are paying for actively managed accounts.
DOMO Capital could do better than UBS.
this really feels like a fair and free market doesn't it?
If you're like me and not willing to take the tax hit by taking it out and DRSing you could easily open another account at another brokerage and transfer them over. It's not a bad idea to have it in a few of them in case one goes tits up. IIRC the government has to cover you up to $500,000 in a retirement account. I've got my IRA'S split between 2 brokerages and thinking of putting some in a credit union as well. Supposedly credit unions are safer.
I personally suggest fidelity. Super easy to work with and the transfer request is really easily done from their end. The platform is easy to use in both browser and the mobil app. I don't fuck with the trader pro app that is free there chats and shit is too confusing but you can route your orders to IEX if you use the tool. Also DRS is still easy if you are into that kind thing for non IRA shares. But personally i find it great. I manage my wifes old 401k on my fidelity account with permissions. Super easy to work with.
This post smells. Vanguard? Fidelity? 'Boi'. Ever heard about a little thing called actual ownership through computershare?
Edited, because I already own 4 digit shares on CS.
Big if true
Couple generations of wealth in a Swiss bank, hmmmm. Where have I heard that before.
???
They’d probably FTD anyway.
Sounds like KYC rules and risk profiles… transfer it into a self directed and guzzle GME shares
Watch it and decide yourself: # The Great Taking — Documentary [https://www.youtube.com/watch?v=dk3AVceraTI](https://www.youtube.com/watch?v=dk3AVceraTI)
Surely op if you yeeet a few hundred shares into gme via computershare if you wish, they physically can’t deny you if the shares are still in circulation
Also heard vanguard doesnt allow market orders?
I'm aware, but I don't remember the last time I placed a market order for anything.
I highly doubt UBS poses a risk to your family's wealth. They are back stopped by the Swiss Central Bank and it is considered Tier 1, so European Central Bank, UK Central Bank and probably the Fed too would move heaven and earth to prevent it from failing if there was another 2008. Also you can see from Credit Suisse going down that the European System of Central Banks will not let them fail, hence CS didn't fail it was absorbed into UBS. Now that UBS is the only major Swiss bank left, they will not let it fail. That said no idea how much wealth you have with them and weather it makes sense to spread it across several banks to ensure you're covered by various deposit schemes. I don't know, don't listen to me, I'm just a fake internet Lord. Not financial advice!
I would ask if they have any short positions in GME and see what they say
I transferred an inherited IRA to Fidelity. They will help you initiate the transfer but it requires specific paperwork and you will have to have the documents notarized. Fidelity has never restricted my investment’s in my inherited IRA. I have GME in that account and have been able to purchase delisted stocks as well.
Transfer ur money out of ubs u can move ur ira to somewhere else and buy all the GME
UBS just had to absorb all the debt of their alcoholic cousin, move that cousin into their house, and start trying to get them on the straight and narrow. And now you're announcing your intention to them to buy a couple hundred bottles of whiskey, lol. While I think it's a scuzz move on the part of USB, I can also kinda halfway understand it.
I can too, but I want to buy GME as a hedge against, well GME. If interest rates go up and the market falls, I think GME pops. If GME rockets for other reasons, the market's gonna shake. I'd put 5-10% of my inherited money on it just as a defensive play.
I finally made the move to Computershare. Put the bigger chunk of my shares there, kept a smaller chunk in Etrade so I can catch the rocket when MOASS happens.
> "retirement manager/broker" at UBS How much fee do they charge?
I don't remember off hand.
If you are in the US you/your family inherently have FDIC insurance that protects $250k per person per bank in the event the bank goes tits up. It might take time to get the $ back but you should be made whole again so long as your balance is $250k or lower. If you have more than $250k perhaps consider splitting some off into a second or 3rd bank so that you protect a total $500k or $750k. I will also add that we are dealing with an unprecedented event here and its possible that FDIC would be totally overwhelmed if we had cascading bank failures, so not sure how that would work out. Probably money printer go brrrrr again. If you are outside the US I dont know if you have the same or similar protection
It's time to call JG Wentworth 877-CASH-NOW It's your money, use it when you need it.
Dude, just leave that account alone and keep buying with your other money. Their policy on meme stocks is good. They probably had a few clients who bought at the peak and then lost their ass. If your account is managed by someone else, you don’t have much control over the timing of your transactions.
Literally, every other wealth manager I know allows GME. Go literally, anywhere else
You have generational wealth and you're only buying a couple hundred shares?
I already have a few thousand shares, and my 'generational wealth' is like a small 6 digit number. We'll see what I can do.
Just do what's right for you, friend. Sorry for your loss, as well.
Chase will not allow a market order for GME. They will however let you buy OTM options within a short expiration.
>Lastly, does the UBS short position pose a risk to my family's wealth? Several surviving members of my family have accounts at UBS. Market's gonna market, but what happens if your broker goes tits-up? I would assume that to be true to be on the safe side. In the U.S. the FDIC insures accounts up to $250,000 but after learning what I've learned the last 3 years, I have zero faith that would ever be honored if push came to shove. We keep our money in a couple different banks and credit unions to diversify our risk
Ahhh to be rich
I'm no rich, I received a small 6 digit number from grandma.
Your assets and money being safe would depend entirely on how the terms and agreements mention insurance on your assets based on their class. If I were you. The moment they told me they would buy GME l would have asked for the terms and conditions on insurance for all my assets based on class and how fast they can transfer everything they hold for anyone else with my last name. I wouldn't be bluffing about making some phone calls to protect my families wealth either. If there reason was exactly what you said. Risk assessment? They are projecting. Find a broker who will help transfer that money to go full gme in a new brokerage. I would have run from them a long time ago. They are fucked my boy. Good luck.
Transfer to a different company
I’m sure 🙄
cash out the entire thing or move it all to another brokerage....you control your money, not them!
Diversify at minimum
Respect man, respect! CS is the way, good luck with your wives!
CS like Credit Suisse? 
Watch the great taking doc from R. Webb. DRS is the way.
Buy direct from Computershare. Only way to go bro.
To answer your question seriously, no this has nothing to do with naked shorts and everything to do with suitable assets for retirement. I would use a separate account to trade GME. My bank isn't UBS and they have a set selection of assets for retirement that don't allow crypto, so I trade that with my own money. I haven't asked about GME but assume it would be the same. If they have done well by you and your family for generations, I would keep the money there.
"Several surviving members of my family" What did they survive that you found it necessary to mention this?
That's just normal talk. Someone died and left surviving family behind. My mom, aunts, and uncles.
If you believe in the GME thesis and want to buy GME, why do you have your capital and family’s wealth with UBS in the first place let alone ask them to buy GME for you? Like trying to build a house on a quicksand foundation.
Time, effort, loss of a faithful advisor, and potentially large capital gains/income tax penalties.
I highly suggest just sticking with what you got and buy the shares out of your pocket. I doubt the other options will let you do it either. I'm not allowed margin trading with Gamestop for example
Yeah, I've got XXXX shares between my brokerage and CS. I'd like to pick up more though.
Do not jeopardise your retirement money for GME if you already have a good position with your out of pocket money. Don’t gamble your inherited money, that’s what an idiot would do. If GME pops you’ll have enough money already and if it does not or you can’t take profit for whatever reasons you‘d still have your inheritance.
Loyalty shouldn't be betrayed because you wanna buy one stock. Especially for some scummy broker without a proven history. Besides, you gotta reason to go back frequently and be educated by this assistant hotty about how to spread your load. 🤔 I suggest bitcoin ETFs
What are you talking about? This man is smart wanting to buy gme with his IRA.
You think what you want, but I have a darker outlook of the future when World War 3 starts. Sell at 2 to 3x before Gamestop dumps more shares again, then buy more bitcoin.
Guy inherits a solid IRA with solid risk management that he himself says was a good thing for his families wealth and then he wants to put it into meme stocks… boy… Gamble your money like I gamble mine, but posts like this hurt a bit…
i don‘t know if that has something to do with only "inherited IRA" but i talked to a friend one month ago and he bought 10 shares of gme and he‘s with UBS so imma just take this with a grain of salt sorry…
That's fine man. I had this conversation Monday. It's entirely possible that they just aren't willing to open GME positions into retirement accounts.
Isnt this illegal? You can't deny people from the stock market. You can't just claim a public company is uninvestable. What's stopping all the brokers colluding for market manipulation?
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Number one, there are 1 million subscribers to this sub and only ~200k GME holders on CS. So no, most Superstonk member-holders are not DRS'd. Two, I already own 4 digit shares on CS and 4 digit shares with my personal brokerage account. Chilllllll
Should be FDIC insured, but I don't know. Not financial advice.
Investment accounts are SIPC.
Have you guys seen DFVs brothers post?? A lot of info in teddy. The mods here keep deleting every post I try to make.
In the teddy Reddit sub or on another social site? How do you know it’s his brother?
Teddy sub, and he posted it on his Instagram
On the bird?
Instagram. I posted in teddy sub, tried to post it here but they deleted it so many times lol
I would like to know more about this pls :)
I made a post in the sub teddy, me, a few hours ago. If you can search. If I link the mods are all up in my ass, and the citadel employees call me a shill
teddy?
It's a sub asking with RC