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Moving ROTH from Schwab to Fidelity
Old 10-06-2018, 11:12 AM   #1
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Moving ROTH from Schwab to Fidelity

Iím trying to consolidate my investments and I have a ROTH at Schwab. Is there anything I need to consider if I move it to Fidelity? My concern is whether doing so will mess with the five year rule. Will that start over if I transfer it to another brokerage house?
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Old 10-06-2018, 11:18 AM   #2
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Changing custodians shouldn't restart the clock on your contributions as long as you're transferring securities/funds and not making any withdrawals in the process.
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Old 10-06-2018, 11:19 AM   #3
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Transfer it directly. Do the transfer by having Fidelity do the transfer. You may have to sign papers, but don't take a check. Transferring a roth should not restart a 5 year clock. I'm not sure if the brokers keep track of the 5 year clocks, but you should have all that data. It was in your taxes over the years. I have not withdrawn from a roth so I don't have first hand info on the process.

I do keep the info of contributions/conversions to roths for future needs.
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Old 10-06-2018, 11:37 AM   #4
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Tangentially-related: my personal accounts are at Schwab and my work-related accounts (i.e. 401k, deferred comp, 401k Roth, etc.) are at Fidelity. Both have given me outstanding customer service and transfers from one to the other have been efficient and trouble free. Next year, my plan is to transfer most of the assets from Fidelity to Schwab to consolidate those assets which I can move, and let the deferred compensation accounts draw down as they pay out over the next five years. IMHO, either one is a great choice and I’ve received solid advice from each about transfers.
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Old 10-06-2018, 12:17 PM   #5
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Originally Posted by T-Minus View Post
Tangentially-related: my personal accounts are at Schwab and my work-related accounts (i.e. 401k, deferred comp, 401k Roth, etc.) are at Fidelity. Both have given me outstanding customer service and transfers from one to the other have been efficient and trouble free. Next year, my plan is to transfer most of the assets from Fidelity to Schwab to consolidate those assets which I can move, and let the deferred compensation accounts draw down as they pay out over the next five years. IMHO, either one is a great choice and Iíve received solid advice from each about transfers.
I agree. I chose Fidelity because I have their credit card and my spending account is there. Not really interested in changing that end of my finances. Now that me and DW are retired, we want to consolidate. We have three accounts right now Voya, Fidelity, Schwab, plus an HSA, a small annuity through Allianz, a bank account and a credit union account. Too many.
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Old 10-06-2018, 01:29 PM   #6
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I would strongly suggest that you export your trade history before you transfer from one brokerage to the other. Once you leave the one, the trade history will be gone or at least not at easy to retrieve. I lost all my trade info when Scottrade switched over to Ameritrade and I failed to export my trade history before they made the switch. Never again.
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Old 10-06-2018, 01:51 PM   #7
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I would strongly suggest that you export your trade history before you transfer from one brokerage to the other. Once you leave the one, the trade history will be gone or at least not at easy to retrieve. I lost all my trade info when Scottrade switched over to Ameritrade and I failed to export my trade history before they made the switch. Never again.
I wouldn't think that trade information would be all that useful unless a wash sale was created in this account.
I would think the dates and size of contributions and withdraws would be needed. The growth related to each contribution or conversion may also be needed.

Now for taxable accounts you do need all the info.
I've had good luck with Schwab and Fidelity when moving accounts.
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