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Old 06-11-2015, 07:06 AM   #41
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I'll say that recently I had the same or better service of pleasant straightforwardness transferring my parents accounts to Vanguard that I had when I opened my first Vanguard account eight years ago and my wife's three years ago.

With my parents it was a fair amount of paperwork because of opening the individual IRAs and also a joint investment account (has to be on paper), medallion signatures, and Pershing being somewhat of a pain in the ass, but otherwise it was as smooth a process as I would except for moving large sums of money around. I executed the trades once the assets in kind were at Vanguard in the brokerage accounts. The trades cost me (my parents, really) $25 until the assets were then managed by Vanguard. There are now brokerage accounts with nothing in them, and the accounts with only Vanguard funds.

Was the undiscussed prospectus for a Money Market account? You've got to have one of those for every account to handle your sweep.
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Old 06-11-2015, 07:24 AM   #42
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Originally Posted by swakyaby View Post
[…] Ed never mentioned the word "brokerage" in our entire phone conversation. Is this really the only option for transferring a SEP-IRA to Vanguard? I don't think I'm getting full disclosure from this Vanguard employee.
Folks need to know that at Vanguard historically there have been two completely separate companies or divisions: the Vanguard-only mutual fund side and the other side for everything else such as stocks, CDs, individual bonds, non-Vanguard mutual funds, and ETFs (both Vanguard and non-Vanguard ETFs).

The second side has always been a brokerage. So if one is going to transfer in or use ANY non-Vanguard mutual fund investment, then one will need a brokerage account at Vanguard.

This is different from the way Fidelity, Schwab, and others have set up their businesses with only the brokerage account thing although some other places are in-house funds only like the first Vanguard site.

Vanguard appears to be in the process of changing this so that clients get everything done at the brokerage including Vanguard mutual funds. This is probably a way of simplifying things at a cost of confusion during the transition period. Posts at bogleheads.org have detailed the birthing pains and the loss of some features and the addition of new ones.
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Old 06-11-2015, 07:40 AM   #43
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Thank you for commenting. But I'm still wondering about a brokerage IRA at Vanguard. I have several existing non-brokerage SEP-IRAs at Vanguard, and it entails no transaction fees or commissions whenever I want to move the money around. I'm almost certain there will be transaction fees if I do the same inside a brokerage IRA. Or am I wrong about this?
It might that you requested a "transfer in kind" from Trowe. The exact funds have to be transferred so the trowe funds probably aren't available at vanguard without a brokerage account.

They have the transfer form online, https://personal.vanguard.com/us/Elf...=1434025864181

The form indicates only vanguard funds can be transferred in kind.
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Old 06-11-2015, 07:58 AM   #44
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I too think things have changed recently at Vanguard. I recently requested transferring a SEP-IRA from T.RowePrice to Vanguard, an amount of $200K. The Vanguard rep transferred me to someone named Ed from "concierge services," not sure what that means. After confirming that I wanted to simply transfer in kind to Vanguard, he requested a copy of my most recent statement. He called me back after receiving it and informed me that I needed to do the following:

Fill out Vanguard's application form for a new account with a Medallion signature guarantee from my bank, get on the phone with T.RowePrice and Ed simultaneously, liquidate my old SEP-IRA account, and pay an $8 fee to Vanguard for the transaction and possible other fees from T.RowePrice. Regarding the $8, I said I have not experienced a mutual fund company charging a fee for receiving an IRA. Ed said it was not a fee, it was the cost of the transaction to its shareholders. (Huh?) He said it was also because we were dealing with a SEP-IRA instead of a Traditional IRA. (Never saw anywhere in Vanguard's materials that it made a difference.) So he mailed the account application and I received it yesterday.

The package said "Here are the materials you have requested." It contained a BROKERAGE application for a brokerage IRA, a description of fees and commissions, and a prospectus for a fund we had not discussed. Ed never mentioned the word "brokerage" in our entire phone conversation. Is this really the only option for transferring a SEP-IRA to Vanguard? I don't think I'm getting full disclosure from this Vanguard employee.
Did you have an existing account with Vanguard? The instructions you are referring to seem like you are setting up a new account. Typically once you have an account, I've always just called up Vanguard, they immediately called my other account companies, handled the transfer while I was on the phone and sent a follow up email of where to send the check once I received it in the mail...Vanguard took care of almost everything.. even when I was transferring just $10k from an old ROTH IRA. It only became a problem if I didn't have an account already set up in Vanguard, then extra steps were needed.
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Old 06-11-2015, 09:49 AM   #45
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I too think things have changed recently at Vanguard. I recently requested transferring a SEP-IRA from T.RowePrice to Vanguard, an amount of $200K. The Vanguard rep transferred me to someone named Ed from "concierge services," not sure what that means. After confirming that I wanted to simply transfer in kind to Vanguard, he requested a copy of my most recent statement. He called me back after receiving it and informed me that I needed to do the following:

Fill out Vanguard's application form for a new account with a Medallion signature guarantee from my bank, get on the phone with T.RowePrice and Ed simultaneously, liquidate my old SEP-IRA account, and pay an $8 fee to Vanguard for the transaction and possible other fees from T.RowePrice. Regarding the $8, I said I have not experienced a mutual fund company charging a fee for receiving an IRA. Ed said it was not a fee, it was the cost of the transaction to its shareholders. (Huh?) He said it was also because we were dealing with a SEP-IRA instead of a Traditional IRA. (Never saw anywhere in Vanguard's materials that it made a difference.) So he mailed the account application and I received it yesterday.

The package said "Here are the materials you have requested." It contained a BROKERAGE application for a brokerage IRA, a description of fees and commissions, and a prospectus for a fund we had not discussed. Ed never mentioned the word "brokerage" in our entire phone conversation. Is this really the only option for transferring a SEP-IRA to Vanguard? I don't think I'm getting full disclosure from this Vanguard employee.
Interesting!! I too recently transferred a SEP-IRA brokerage account to Vanguard from TRowePrice. No funds involved, just in-kind securities. Did the whole thing through the website, no paperwork or phone call involved to initiate. Had an existing Roth IRA at Vanguard for many years. Only glitch was the transfer of the money market sweep didn't transfer but got that resolved in a 5 minute phone call. No Vanguard fee but got hit with $50 fee by TRowe.
A week earlier I transferred a Roth from TRP to Vanguard, again all through website. Not in-kind, liquidated the TRP fund, moved cash and invested in my existing Roth IRA at Vanguard.
Trying to cut down the number of accounts to track. After having been an executor of two estates in recent years, trying to simplify and reduce the number of accounts I have.
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Old 06-11-2015, 12:17 PM   #46
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Interesting!! I too recently transferred a SEP-IRA brokerage account to Vanguard from TRowePrice. No funds involved, just in-kind securities. Did the whole thing through the website, no paperwork or phone call involved to initiate. Had an existing Roth IRA at Vanguard for many years. Only glitch was the transfer of the money market sweep didn't transfer but got that resolved in a 5 minute phone call. No Vanguard fee but got hit with $50 fee by TRowe.
A week earlier I transferred a Roth from TRP to Vanguard, again all through website. Not in-kind, liquidated the TRP fund, moved cash and invested in my existing Roth IRA at Vanguard.
Trying to cut down the number of accounts to track. After having been an executor of two estates in recent years, trying to simplify and reduce the number of accounts I have.
Wow, look at all these responses! You guys (and gals) are terrific! Perhaps I misspoke when I requested an in-kind transfer, that is what I really wanted was to transfer a SEP-IRA at T.RowePrice to a SEP-IRA at Vanguard. Like RE2Boys, I wanted to hold all my retirement accounts in fewer mutual fund companies for easier management.

@Karen1972 Yes, I have existing accounts with Vanguard, both SEP-IRAs and regular non-retirement mutual funds, all Vanguard funds only.

@Churchill Yes, you guessed it right, the prospectus Ed sent was for Vanguard's Prime Money Market, although I was requesting the funds be transferred into Vanguard's Inflation-Protected Securities fund as a SEP-IRA.

Thank you, thank you for all these thoughts!
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