Stock holding companies - ComputerShare or EQ Shareholder

[Wallflower]

Hi folks - Does anyone have any experience with ComputerShare or EQ Shareholder Services? I think they're just generic, "we hold the stock for you" as compared to a true investment company, like Fidelity or Vanguard.

I've been taking on more management for my mother's finances and she has some stocks that are held by these two companies. She's never been very proactive about managing things and I think this is just where they landed after years of corporate changes.

I'm not necessarily intending to move these stocks - I'm trying to be very careful about what things I push my mother on and what I just leave alone. I just want to make sure there aren't any pitfalls with these companies.

Thanks for any input!

[icedcoffee]

My H has 1 share of stock through one of these. It was originally a custodial account. To remove my FIL from the account and replace with me took SOOOO much paperwork and verification for something valued at like $45 with annual dividends of 43 cents. LOL

Anyway--someone here posted that you can pretty easily move the shares to Fidelity or Vanguard. I tried and submitted some stuff on Fidelity's website but then nothing ever came of it and I dropped it.

[ohgillian]

I've dealt with them. You're right that it's not an investment company per se. Probably she holds stock directly with the company, and whatever company it is chose to use Computershare as its Direct Registration system. They're very old school and archaic technology wise.

There's nothing really *wrong* with having the stuff there if she just wants to hold it forever. I just personally like having better access to my investments. It will be tedious to get it transferred out, but not difficult I guess.

I was able to transfer mine to Vanguard; Vanguard has people who help you do that stuff. icedcoffee, you can probably still get Fidelity to help you do it if you care. I will say it wasn't much paperwork on my end; Vanguard took care of most of it.

If these stocks are low priority and she's touchy about what changes she makes, I would probably just leave these alone for now. (But to be clear, if she wasn't like that, I'd absolutely move them somewhere that's easier to work with.)

[Wallflower]

Thanks, icedcoffee. If it were up to me, I'd move them. It would make things easier for me in the long run, but I have to weigh and measure what stuff a push my Mom on. And I'm one of 3 kids, so I try to be extra careful about doing things and being very transparent that I'm not taking advantage of her. Not that my siblings would worry, but I just feel like my job is to just keep an eye on everything and pay her bills. Not to insert my own choices into the mix.

1 share of stock, huh? LOL. Man, you gotta love it. Mom's stock started as 17 shares of AT&T back in the 60s. Go through the breakup and baby bells and merges, and she's got a significant sum ($80k), but she wasn't even aware how much it all totaled.

[Wallflower]

icedcoffee, and as I typed that, I finished my morning iced coffee. LOL

[Cappy]

I have some old stuff with Computershare and it's on my to-do list to transfer it out. Their systems are archaic and service is awful.

[Wallflower]

Thanks, ohgillian! I'm hoping I can get them moved.

Honestly, it's partly me that's the problem. I feel very responsible about ensuring that every step I take is clear and logical. Nothing anyone could ever look at and think I was taking advantage. So, some of my hesitation is probably me over thinking things.

It'd be great if I had a dime for every time I did that!!

[Wallflower]

Just an update - I got everything moved!!

It was so easy - Mom has a large investment with one company and then had these four investments with three other companies. The main investment company id all the work. I sent them the info, then sent some forms for Mom to sign (that I could have signed online, pretending to be my mother, but I try to avoid fraud), and now it's done.

Such a relief!

Thanks for the info, folks!