MOVING YOUR MONEY MAGICALLY WHEN RELOCATING TO THE CAROLINAS There are many things to consider if you are planning to relocate to the Carolinas from another state –but one thing you won't have to worry about is moving your financial portfolio

1. MOVING YOUR MONEY MAGICALLY WHEN
RELOCATING TO THE CAROLINAS
Center for Carolina Living
There are many things to consider if you are planning to relocate to the Carolinas from another state –
but one thing you won't have to worry about is moving your financial portfolio.
In the Carolinas, local banks and big investment houses can assure you that not only is your money safe
with them, but they will do the work of moving funds for you.
"Logistically, it is very easy to move your money," says Renee W. Edwards, retail market leader for the
Midlands region of South Carolina Bank and Trust in Columbia, S.C. It’s all done electronically.
Whether you need to move checking and savings from one commercial bank to another, or whether you
have investment accounts such as IRAs or 401Ks, local representatives in the Carolinas will protect you
and your funds. With the many changes in banking and investment laws in recent years, banks now offer
investments, commercial lending and mortgage services, while traditional brokers offer checking – type
accounts to go along with long-term investments.
"Although SCB&T is a small, local bank, we have lots of free services, and we pride ourselves on
personalized service," Ms. Edwards says.
Ferris Morrison, spokesperson for Wachovia i Charlotte, N.C., says one advantage of her financial
institution is its very size. "The great thing about Wachovia is that we are located in 15 states up and
down the East Coast," Ms. Morrison says. "Our bankers will make the financial transition as painless as
possible."
There are banking and investment professionals in the Carolinas who can assist newcomers in making
the best decisions for themselves and their portfolios.
Ann K. Pauley, Financial Consultant with the Columbia, S.C. office of AXA Advisors, says people can
choose to keep their securities brokers in the previous home state. "But," she says, "it is usually much
easier to find a broker in your new Carolinas home town – and there are many advantages to working
with a local financial professional. It’s sometimes easier to talk over your concerns face to face in a more
relaxed atmosphere, and provides the opportunity to develop a personal level of trust.” AXA Advisors is

2. an international company with offices worldwide and several offices in the Carolinas. According to Ms.
Pauley, AXA is one of the largest companies in the world.
"First, there is a variety of investment products and services that vary from state to state," Ms. Pauley
notes, explaining that personal meetings give more time to address questions and discuss financial
options that are most suitable to your financial needs. Plus, a local advisor will be more familiar with
available tax and insurance discounts.
Ladd Lumpkin, wealth management advisor and vice president with Merrill Lynch’s Columbia, SC area
office, reiterates the ease with which funds can be transferred – even investment accounts. It’s easier to
transfer account within the same company, but if a newcomer wants to change securities firms, that,
too, poses, no problem. Merrill Lynch is also an international company that offers a large variety of
financial services and has 28 offices across the Carolinas.
“The movement of investment accounts from one state to another is quite simple,” he said. “If you are a
current Merrill Lynch client, simply open an account and sign a transfer authorization. We take care of
contacting the account’s custodian, and physically moving the accounts.” Mr. Lumpkin explained that
the process is the same for taxable accounts, trusts, IRAs, and company retirement accounts.
If a newcomer to the Carolinas wants to change brokerage houses, the transfer is still easy. Mr.
Lumpkin’s 14-member team at the Columbia office will hold a fact-finding meeting with you, and gather
information on your goals and present accounts. Then you, as a new client, authorize Merrill Lynch to
contact your former broker and take custodianship of your investments.
Personal meetings give more time to address questions and discuss financial options that are most
suitable to your financial needs. Plus, a local advisor will be more familiar with available tax and
insurance discounts.
AXA’s Ms. Pauley warns people who want to change investment houses to make sure the new financial
firm has the ability to receive their funds. The new adviser can prepare the proper forms to transfer the
assets. Current statements will be needed for each account. Assets usually clear through a clearinghouse
from one broker to another, and there can be fees associated with termination of accounts, and charges
in establishing a new account.

3. Beyond fees involved in moving accounts, you should also seek advice regarding funds that will not
transfer without liquidation. Each state has its own rules that govern investment accounts and there can
be financial consequences that will affect early liquidation. A local advisor will be more familiar with
options that impact your overall financial position, Ms. Pauley says.
For instance, many states offer a 529 college savings plan. The specifics of those plans are designed by
each state with the actual investments being handled through a mutual fund company or bank.
Although most are available to anyone, an in-state plan may offer tax advantages to residents of that
state. And, one financial institution may offer products that another may not.
When considering a new company or advisor to handle your financial needs, experts recommend that
you discuss which products are offered by individual firms.
“Most people who are relocating to a new area do so because they are retiring, or changing jobs,” Ms.
Pauley said. In those instances, there may be assets invested in company plans such as 401Ks, that are
available for transfer to IRAs or other eligible retirement plans. Companies such as Wachovia, Merrill
Lynch, and AXA Advisors have websites and toll-free numbers to help customers find locations in North
and South Carolina. For example, Wachovia has 478 branches in the Carolinas.
All of the financial experts with whom we spoke emphasized the teamwork approach, high level of
professionalism and breadth of services available from their companies.
Deciding whether to remain with your old investment firm in your former home town is a personal
decision based on many factors. However, all agree that there are benefits to face-to-face investment
assistance. And, there are banking and investment professionals in the Carolinas who can assist
newcomers in making the best decisions for themselves and their portfolios.
Linda Kuntz Sterne has experience in journalism, bank marketing and public relations. A graduate of
Indiana University, she has won awards for her business communications writing and is accredited in
public relations.