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Old 01-06-2018, 03:36 PM
 
2,678 posts, read 1,541,985 times
Reputation: 2587

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Spouse and I decided to finally consolidate our retirement accounts in Vanguard roll-over IRAs. What an interesting and frustrating experience. Fidelity was by far the worst. They wouldn't do a direct transfer - only a check to us for us to send on. Worst was the need for a Medallion Signature Guarantee. You can only get those from financial institutions where you have a relationship. We do our banking online. Fortunately, Fidelity has an office an hour away on a good day. So we went there. Lots of forms to notarize too, but our town clerk does that.

Moral of the story is that roll-overs are sometimes not easy and not quick, and mistakes can have huge tax consequences so plan ahead!
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Old 01-06-2018, 04:10 PM
 
Location: VT; previously MD & NJ
2,202 posts, read 1,346,551 times
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I always thought the company you were rolling the account TO was the one to handle the transfer. So in your case that would have been Vanguard. What did Vanguard require?

Can you be a little more specific about what the process was, to help educate the rest of us.
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Old 01-06-2018, 04:38 PM
 
Location: 5,400 feet
2,623 posts, read 2,578,284 times
Reputation: 3674
Quote:
Originally Posted by ansible90 View Post
I always thought the company you were rolling the account TO was the one to handle the transfer. So in your case that would have been Vanguard. What did Vanguard require?

Can you be a little more specific about what the process was, to help educate the rest of us.
I agree. When I rolled my 401k into a Fidelity IRA, it was very simple. A few phone calls between Fidelity and me, a few docs shuttled back and forth, and it was done.
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Old 01-06-2018, 04:50 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,171,440 times
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OP, sounds like you took the wrong path to accomplish the roll over. Sorry.
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Old 01-06-2018, 06:18 PM
 
Location: Florida
4,365 posts, read 3,700,708 times
Reputation: 4105
Some thing went wrong. It should be rather easy to go between two brokers you have accounts with.
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Old 01-06-2018, 06:25 PM
 
Location: MMU->ABE->ATL->ASH
9,127 posts, read 17,141,418 times
Reputation: 9980
I moved funds from my 401K (who i retired from), to Schwab, Did it from the 401K fiduciary side. When thru the normal security verification stuff with them, They cut a check (Yes, a paper check) and mailed it directly to Schwab. As a fiduciary to fiduciary transfer.
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Old 01-06-2018, 06:28 PM
 
Location: On the road
5,940 posts, read 2,893,129 times
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Quote:
Originally Posted by ansible90 View Post
I always thought the company you were rolling the account TO was the one to handle the transfer. So in your case that would have been Vanguard. What did Vanguard require?
I believe Fidelity brokerage accounts can buy mutual funds from other companies, so maybe they bought Vanguard Funds in a Fidelity account because they had other assets with Fidelity.

If that is the case it's a poor move IMO, because you can't get Admiral Shares indirectly.
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Old 01-06-2018, 06:29 PM
 
Location: Wisconsin
21,539 posts, read 44,010,725 times
Reputation: 15140
Your comment that Fidelity insisted on sending you a check leads me to think you were rolling over cash? Surely, they wouldn't be requiring you liquidate investments to do the rollover?

Otherwise, from what I've gathered, you can move accounts between fiduciaries without disturbing the underlying investment.
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Old 01-06-2018, 06:43 PM
 
Location: Florida -
8,764 posts, read 10,843,052 times
Reputation: 16634
I've done multiple quick and easy roll-overs with no difficulties (as have others here). It sounds like the OP approached this in a manner that would create a taxable event - which is a no-no!
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Old 01-06-2018, 06:59 PM
 
Location: Ypsilanti, MI
2,439 posts, read 3,664,651 times
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I did a 401(k) Roll-Over from Fidelity to Schwab. Schwab has a local office so I went there to have the forms generated, had my wife sign them at our Bank which offers free Notary services, then I hand carried the forms back to Schwab. I can't remember if one of the forms was a Signature Guarantee but I don't think so. I remember those forms being necessary for Mutual Fund Sales over 30 years ago and seeing such a form would have been something to remember.


My former 401(k) is now invested in three Separately Managed Accounts at Schwab under an IRA Umbrella. Our financial Planner, who does not work for Schwab, steered us toward these for greater growth. His firm's relationship with Schwab allows clients to purchase smaller units of these funds than normally available from Schwab or the Asset Management forms.


https://www.schwab.com/public/schwab...naged_accounts
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