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Our First snafu at Fido with Inherited IRA transfers
Old 12-03-2021, 12:03 PM   #1
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Our First snafu at Fido with Inherited IRA transfers

We have recently run into our first snafu with Fidelity. DW filed a request for moving an inherited IRA to Fido. The form filed with Fido said to move 100% in kind. The original account held elsewhere had 3 funds. Fidelity never asked us for the name of those funds. We assumed that they would take care of everything. Next, only 2 of the funds showed up at Fido. The Transfer Tracker at Fido showed the request was completed. We signed into her account at the other custodian to see that the one fund was still there. Discussion with our assigned Fido rep and she would look into it. A couple days later….crickets…..

Phone to customer service and the person we talked to asked for the name of the stranded fund. After talking to “The Back Room”, the problem was determined that the Fido person just never filled in the 3rd fund name in their transfer. Fido would reissue the request with the 3rd fund. Nothing to do on our part.

A few days later, we see that the request still shows up as complete (from the 1st 2 funds transferred) AND another request in process, presumably the 3rd fund. That request was awaiting DW to fill out the same form tracking number she filled out before. WTF? So another call to Fido customer service. After a long discussion and waiting for him to contact “the Back Office” again, he came back and said they would handle it. We asked when we would see some progress reflected in the Transfer Tracker. He said it won’t show up there. It will just show up in our account in the near future. It will all be handled manually in “The Back Room”.

Am I supposed to just trust them this time, after 2 false steps, and wait for things to show up in her account? Up until now Fido has been flawless. Dealing with DW’s inherited IRA transfers with this custodian and with another inherited IRA (some idiosyncrasies of its own at Fido) has me wondering…….
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Old 12-03-2021, 12:16 PM   #2
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I had a lot of issues moving stuff over to FIDO. This was for an I-IRA, a traditional IRA and a taxable account. Almost all of them held only VTI or VTSAX but yet still had issues. A couple of phone calls got it settled, but it *was* a pain. Once it was fixed, all seems to be good to go...no issues since.
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Old 12-03-2021, 12:21 PM   #3
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I just moved all my stuff from Morgan Stanley to Fido. It went without a hitch. Then MS wanted to charge me $$ for moving, and Fido nixed it.
Then I found I had a dividend credited at MS after the transfer. One call to Fido fixed it with a transfer.
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Old 12-03-2021, 12:53 PM   #4
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I will add that I have had many years with Fido and have never had any complaints. Transfers from pensions and 401K's have gone smoothly over the years.

DW's stress level is high trying to deal with this. Investments are new for her as I have handled most everything. She wants to do more so I let her. Then she is co-trustee and co-executor on her mother's estate with its own stress.

I have to say that my stress level is somewhat higher than usual trying to let her do her thing while I keep an eye over her shoulder.

This venting helps relieve my own stress somewhat. I know things with the Inherited IRAs and a few other inherited accounts will get fixed eventually. I will not let it go unfixed. I am retired and I have plenty of time to hound them.
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Old 12-03-2021, 12:53 PM   #5
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During an account transfer from another brokerage, similar happened (a CD didn't transfer over that should have) and my guy at Fidelity spoke with the Fidelity back office guys, they worked it out with the back office guys at the other brokerage, and it got resolved.

Try to be patient. If they said it would get done, it will.
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Old 12-03-2021, 01:08 PM   #6
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During an account transfer from another brokerage, similar happened (a CD didn't transfer over that should have) and my guy at Fidelity spoke with the Fidelity back office guys, they worked it out with the back office guys at the other brokerage, and it got resolved.

Try to be patient. If they said it would get done, it will.
With the transfer $ will your household have enough total assets at Fido to get a permanent/no cost rep assigned? You can call the branch and ask for the manager. If yes, interview a few reps to find one you like. If no, then put the monkey on the branch manager's back.

We are at Schwab and I deal with their customer service from time to time, but anything special or anything like the train wreck you describe, I just call our guy Bill and he gets things fixed. Very good guy. I'm sure you would have a similar experience at Fido.
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Our First snafu at Fido with Inherited IRA transfers
Old 12-03-2021, 01:31 PM   #7
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Our First snafu at Fido with Inherited IRA transfers

I would say yes, trust but verify. As I read it transferring in-kind there is no penalty caused by the delay.

I’ve done many many IRA xfers in and out of Fido and many glitches but only one time that Fido caused the issue. Most issues caused by a credit union.
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Old 12-03-2021, 06:41 PM   #8
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I know some here have negative feelings about Financial Advisors and the fees we pay them.
Our FA handles ALL of these transfers for us and if there are issues/sanfus between investment/ brokerage companies (and we’ve done several transfers from other brokerage firms) they handle everything!
I’m not retired yet so I would not have the time to “hound” FIDO as you will.

Keep at them and I’m sure it will get resolved.
Good luck.
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Old 12-03-2021, 07:08 PM   #9
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We're in the process of having our late Dad's Fidelity assets transferred into our own Fidelity accounts, split evenly among 5 siblings. A few glitches so far: Transfer to inherited IRA was odd because they sold most of the 2 holdings in the account but transferred a few hundred $$ of each in kind. Good thing- I wanted to keep one of them (Cohen and Steers Realty Trust) and they're closed to new investors. Having $368 worth of it allowed me to buy back in again.

The transfer of the non-IRA assets will be slower but the ones I got so far were moved in kind into my CHECKING account? Huh? And yes, I had a regular after-tax account with Fidelity. I couldn't move the securities myself so I called. And waited and waited. The guy I finally got didn't have the proper credentials to do that so I got transferred. That guy did it in 2 minutes but I spent 40 minutes on the phone in total. In theory I have a "guy" handling my account- his picture pops up on my page after I log in- but he was "assisting other customers".

I bet if I called them and ASKED them to put shares of stock into my checking account they wouldn't let me do it.
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Old 12-03-2021, 07:16 PM   #10
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We’ve done a 401k rollover and also an inherited IRA into Fidelity without issue, but in both cases the transferred assets were in cash. I always thought that was the preferred method.
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Old 12-03-2021, 11:10 PM   #11
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In the recent annual ranking of brokerages at Kiplinger, Fidelity finished dead last in customer service.

But they were nonetheless #1 overall. It seems odd to be that bad at customer service.
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Old 12-04-2021, 12:52 AM   #12
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In the recent annual ranking of brokerages at Kiplinger, Fidelity finished dead last in customer service.

But they were nonetheless #1 overall. It seems odd to be that bad at customer service.
Maybe they are so good, that customer service gets out of practice
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Old 12-04-2021, 03:17 AM   #13
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I've been with Fido for over 25 years, and family accounts as well. never as issue, or problem, ever. Will be moving DW's 403b shortly.
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Old 12-04-2021, 07:28 AM   #14
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Maybe they are so good, that customer service gets out of practice
Well my reaction was that a poor customer service mark lines up with people here talking about 30+ minute waits on hold. And my own experience to the same effect.

But you could be right.
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Old 12-04-2021, 07:37 AM   #15
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Took three months and a dozen phone calls to get my HSA successfully transferred to Fidelity last year. Should have been a relatively simple transaction. Another circus ensued when I tried to link my bank account to the HSA to transfer funds. Again, should have been a simple online transaction. Not impressed so far.

I was considering moving my 401K, which is still at X-MegaCorp, to Fidelity, but now not so much.
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Old 12-04-2021, 07:42 AM   #16
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I've been with Fido for over 25 years, and family accounts as well. never as issue, or problem, ever. Will be moving DW's 403b shortly.
It might be that the reason for the excellent overall rating is that things rarely do go wrong. I can do almost anything on-line and that part works very well. So do all the other automated things- my bill payments go out on time, my trades execute, etc. It's when they do something wrong that you end up waiting on Hold to Customer Service.

I should also mention that my brother, which was handling Dad's finances when Dad's mind began to fail, was FURIOUS when he presented all of the paperwork that Dad had carefully executed beforehand that would give my brother access to the account. They'd had it prepared by a lawyer in the state where Dad lived and Fidelity wouldn't accept it. They wanted Dad to execute a new one- except that Dad was losing his marbles. Catch-22. They ended up having to have docs at the care facility sign papers attesting to that, which was pretty traumatic for the family. We understood that Fidelity wants to make sure family members aren't taking over the finances without proper consent but in this case they were way too cautious and made it unnecessarily difficult.
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Old 12-04-2021, 09:16 AM   #17
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I’ve had the need to call Fido maybe 3-4 times total. I never had to wait. Maybe it has something to do with my level of account, but I also have used their email service request feature and that worked well too. If I don’t need an answer right away, I get a response within the day via email.
I have seen folks post about Fido problems on other forums, but they are usually posting about self inflicted wounds.
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Old 12-04-2021, 12:37 PM   #18
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I've been with Fido for over 25 years, and family accounts as well. never as issue, or problem, ever. Will be moving DW's 403b shortly.

Me either. Up until these transfers.


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I’ve had the need to call Fido maybe 3-4 times total. I never had to wait. Maybe it has something to do with my level of account, but I also have used their email service request feature and that worked well too. If I don’t need an answer right away, I get a response within the day via email.
I have seen folks post about Fido problems on other forums, but they are usually posting about self inflicted wounds.
Me too. Never had to wait more than a couple of minutes. Except when they had to get some input from another dept. Then a few times they just took my number and said they would call back when they got thru. And they did call back.
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