When I made the change from Morgan Stanley - I didn't even call him. I setup the xfer via Vanguard... and he called me :) "I wish you would have told me, etc.. yadda yadda yadda"...
but some context; I started with MS and my broker left after a few years (not making me any money during that time) ... so I was about to leave, so they sent me an experienced broker... He conviced me to stay for a while longer, it was a good opportunity to start a test... MS started with 100k of my money... I had just started a job with zero in my 401k... I gave him 5 years. After 5 years, my fidelity 401k exceeded my MS account... and actually between the 1% fee and letting the professionals manage my money, they suceeded in losing 16k of the money over 5 years.
bottom line, they just don't have a vested interest in your success... YOU do.. so self direct, use low cost index funds (like Vanguard) and you will crush their performance over time. now today, I'm WAY up, WAY WAY up - happy, boring investing, investing everything I get my hands on; Vanguard, VTSAX.. it goes up, it goes down - but the time horizon is always up...
excuse any typo's or grammar - whipped this one up fast due to the reminder or frustration for trusting my money to the professionals. so, that's the context... one day, after reading many MMM, Mad Fientist, JLCollins and more - I emptied the account in 1 swoop coupled it with some other money I had and put it ALL in VTSAX... and I still continue to buy VTSAX (approx 20-25k/yr) .. if my 401k allowed it, I would do it there as well.. but Fidelity has a VTSAX equivelant (FSTVX). so part of my yearly savings goes there. Even my HSA (health savings account is FSTVX)...
The only thing I wish, was that I followed through the first time I wanted to leave MS - it was 2009, I opened a Vangaurd account, VTSAX was at 16 dollars a share... I didn't because the Morgan Stanley rep sold me on having the professionals manage my account for me... when I finally figured it out it was 2013 and VTSAX was 43 dollars a share... but I bought it... and kept buying it.
4500+ shares and counting... I've come to a conclusion that it's more about number of shares now for me, than the dollar amount... the dollar amount or income created from it is based on shares... so I keep buying...
My vanguard still has that 2009 cancelled transaction to remind me of my biggest mistake every made. (I've attached it for your enjoyment) - but remember, I didn't come back to Vanguard until Sept 2013...
Best Regards,
NWOutlier (Steve)