Individual Mutual funds to broker account

[arch57]

I am hoping someone can help me with this question. I have assumed financial duties of my 92 year old father's accounts and I am trying to simplify things. He was a true FIRE proponent way before the Internet, retiring early in 1991.

He has 7 accounts direct with mutual fund companies like Janus, Gabelli, etc. with 4-5 digit values. Can I transfer those funds to his Vanguard brokerage account, without selling shares and paying capital gains?

 

[VanWinkle]

I am hoping someone can help me with this question. I have assumed financial duties of my 92 year old father's accounts and I am trying to simplify things. He was a true FIRE proponent way before the Internet, retiring early in 1991.

He has 7 accounts direct with mutual fund companies like Janus, Gabelli, etc. with 4-5 digit values. Can I transfer those funds to his Vanguard brokerage account, without selling shares and paying capital gains?

As long as it is a transferable fund, there would be no capital gains involved.
You will need to contact Vanguard to make sure they will accept all of the funds in a transfer. If they have to be sold and moved as cash, capital gains will be involved.

 

[jollystomper]

I am hoping someone can help me with this question. I have assumed financial duties of my 92 year old father's accounts and I am trying to simplify things. He was a true FIRE proponent way before the Internet, retiring early in 1991.

He has 7 accounts direct with mutual fund companies like Janus, Gabelli, etc. with 4-5 digit values. Can I transfer those funds to his Vanguard brokerage account, without selling shares and paying capital gains?

If they are "proprietary" funds - usually funds created by the mutual fund companies themselves - you will not be able to, you will have to sell them first. I have encountered this when consolidating my mutual fund accounts to Fidelity or Vanguard. You should check with Vanguard, as VanWinkle indicated.

 

[OldShooter]

Maybe for others working with advisors, your Investment Policy Statement (you should have one, developed in cooperation with the advisor) can fence off the kinds of investments that can be problematic to move between custodians. DW and I are on a nonprofit's investment committee and our IPS includes the following as "Prohibited Investments:"

• Unregistered or restricted stock
• Private Placements
• Limited Partnerships except publically-traded MLPs
• Venture Capital
• Annuities
• Illiquid Investments
• investments that cannot be readily valued
• Investments that cannot be readily transferred between custodians

Hopefully the OP is not holding anything on this type of list.

 

[arch57]

If they are "proprietary" funds - usually funds created by the mutual fund companies themselves - you will not be able to, you will have to sell them first. I have encountered this when consolidating my mutual fund accounts to Fidelity or Vanguard. You should check with Vanguard, as VanWinkle indicated.

Yes I went into the Vanguard website and entered the "symbol" for the mutual fund and not-recognized by Vanguard so I will HOLD them as-is for now.

Thanks for your help!

 

[pb4uski]

You might also try Fidelity or Schwab... there is a lot of merit to having things centralized.

Alternatively, depending on his tax circumstances he may have headroom in the 0% LTCG tax bracket for those that can't be moved to sell at 0% capital gains, transfer the proceeds to the new brokerage and buy the same or similar ticker.