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Should I move all my retirement accounts to Fidelity?
Old 01-16-2023, 05:42 PM   #1
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Should I move all my retirement accounts to Fidelity?

I have multiple retirement accounts. 2 Roth accounts, one at Ameritrade, one at fidelity. An old employer account that was with Fidelity and I did move that account to a Fidelity IRA. My assets with Fidelity only totals about 100k.
My Ameritrade Roth has another 100k. My largest account is with my former employer Kaiser at Vanguard and hold about 820k.

All my retirement accounts combined are just over 1 million. Honestly I am not as familiar with Fidelity as I am with Vanguard but the thought of having all my retirement assets in 1 place is appealing. I currently have about 400k in a MM account in Vanguard that only earns 1.75 percent. Threads on buying individual bonds with this portion of my accounts has peaked my interest to make a move.

Would you do it?

Should I meet in person with a Fidelity advisor? Will they help me consolidate all the accounts and walk me through self directed options. I have no desire to pay a 1 or 2 percent fee for constant hand holding.

For those of you that use Fidelity please share as much as you are willing to. Specific funds, like SP 500, or Total Stock market funds. Plan is for a 60/ 40 portfolio going forward. Previously 80/20 but in bond index funds, Wellington, TS, some foreign funds.
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Old 01-16-2023, 05:54 PM   #2
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You can buy the ETF version of your vanguard funds in your Fidelity account.
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Old 01-16-2023, 06:07 PM   #3
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Make sure you ask for a transfer bonus from Fidelity. You could get $1000 -$2000 bonus.
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Old 01-16-2023, 06:07 PM   #4
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Well, your Ameritrade account will become Schwab sometime this year as I understand it. I had a low 6 figures IRA at Vanguard before moving it to Fidelity. The Vanguard mutual funds were retained in the account at Fidelity. I'm happy with Fidelity but haven't consolidated everything with them yet. I may wait to see how Schwab works out. One of the advantages of Fidelity over Vanguard is the access to bricks and mortar stores. For me the Schwab, TD-Ameritade and Fidelity offices are all about the same distance from me but for you maybe one would be more convenient.
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Old 01-16-2023, 07:52 PM   #5
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I currently have about 400k in a MM account in Vanguard that only earns 1.75 percent. Threads on buying individual bonds with this portion of my accounts has peaked my interest to make a move.

Why only 1.75%?

I use VMFXX and itís current yield is 4.26%.

I find Vanguardís MM funds yield slightly more than Fidelity, or at least did when I looked a couple of months ago.

Iíve bought T-Bills at Vanguard and Iím sure you could buy bonds too, but if youíre more active than Fidelity might be a better option.
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Old 01-16-2023, 07:57 PM   #6
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Why only 1.75%?

I use VMFXX and itís current yield is 4.26%.

I find Vanguardís MM funds yield slightly more than Fidelity, or at least did when I looked a couple of months ago.

Iíve bought T-Bills at Vanguard and Iím sure you could buy bonds too, but if youíre more active than Fidelity might be a better option.
I use FZDXX at Fidelity and the yield is 4.27%.
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Old 01-16-2023, 08:01 PM   #7
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Make sure you ask for a transfer bonus from Fidelity. You could get $1000 -$2000 bonus.
Once again, we agree. I collected the $2K last July moving some from Schwab, but for that level, they should get about $1K. Just beware, they are all sales people with marginal knowledge and will refer you to their specialist when real questions are raised.

It is really hard to trust anyone these days, they may be well meaning but fed what to sell. I would recommend heavy weighting fixed income, not funds, but individual t-bills etc when you move over to Fido. We have a lot of risk in the markets right now, more so than other times. You can get plenty of yield without the risk in equities.
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Old 01-16-2023, 08:07 PM   #8
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Once again, we agree. I collected the $2K last July moving some from Schwab, but for that level, they should get about $1K. Just beware, they are all sales people with marginal knowledge and will refer you to their specialist when real questions are raised.

It is really hard to trust anyone these days, they may be well meaning but fed what to sell. I would recommend heavy weighting fixed income, not funds, but individual t-bills etc when you move over to Fido. We have a lot of risk in the markets right now, more so than other times. You can get plenty of yield without the risk in equities.
Yes, a rep will throw you a bone, usually $1000 for a mil, but ask for more. I have received $2500 for similar deposits.
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Old 01-16-2023, 08:14 PM   #9
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If you choose to learn a bit, you could consider a simple strategy to hold SPY (a very highly traded ETF) which pays regular dividends. But you would buy SPY and sell covered calls in the money in what is called a buy write order. These trades are best done when the VIX is running high >30+, but seems to work anytime OK.

Simply put, you sell your upside (which is higher risk to hope for) while still owning the equities in SPY, collecting the dividends, and the risk premium for the covered call you sell.

Example, I just rolled out some SPY calls worth about $2/shr out 3 months and picked up a net $13/shr on the risk premium. So what if I gave up the upside, each time I roll out the calls I pick up cash. Someday when the markets settle in, I might roll these up and out, but for now it has done much better than buying SPY and simply holding.

There is no one at Fido or elsewhere that would advise you of this, but once you bring it up, they have all the resources to help you understand it. just keep it simple, but its not for everyone.
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Old 01-16-2023, 08:18 PM   #10
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Why only 1.75%?

I use VMFXX and itís current yield is 4.26%.

I find Vanguardís MM funds yield slightly more than Fidelity, or at least did when I looked a couple of months ago.

Iíve bought T-Bills at Vanguard and Iím sure you could buy bonds too, but if youíre more active than Fidelity might be a better option.
Itís a stable value fund offered by former employer with no other option with a 0.35% fee, so even less apy.
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Old 01-16-2023, 08:23 PM   #11
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Itís a stable value fund offered by former employer with no other option with a 0.35% fee, so even less apy.
All the more reason to move to Fido! I had VG for many years. It was not easy to move funds, but well worth the move away. I suggest to nail down a good offer bonus, and make the move to consolidate roll over IRA's. But then, both Schwab and Fido are similar, maybe more free lunches with Schwab (sales driven so beware).
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Old 01-16-2023, 10:16 PM   #12
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I moved DW's account from UBS and my account from Morgan Stanley to Fido. I am happy with both decisions.
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Old 01-16-2023, 10:16 PM   #13
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I use FZDXX at Fidelity and the yield is 4.27%.

100k min for initial purchase. Not a problem for OP, but can be for others.
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Old 01-16-2023, 10:18 PM   #14
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Itís a stable value fund offered by former employer with no other option with a 0.35% fee, so even less apy.

Not sure I understand this. Is this in a 401k/403b?

Otherwise you should be able to sell the fund and buy whatever you want.

And if itís a 401k/403b, you might want to consider rolling it over into an IRA, regardless if you go to Fidelity or stay at Vanguard.
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Old 01-17-2023, 05:05 AM   #15
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I did the same many years ago. They will assist you. You will probably get a private rep.
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Old 01-17-2023, 07:44 AM   #16
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Not sure I understand this. Is this in a 401k/403b?

Otherwise you should be able to sell the fund and buy whatever you want.

And if itís a 401k/403b, you might want to consider rolling it over into an IRA, regardless if you go to Fidelity or stay at Vanguard.
401k with former employer picked options. There is a broker option but I am thinking why bother if my goal is to have all my accounts at one institution.

Iím 56 so I canít access the money until I am 59.5 at the earliest. Retired Nov 2020, but got an easy RN job I like working 2 days a week in August 2022. Low pay but fun think med spa. Enough income to fund DH and my Roth but not needed.

We live comfortably off DH pension. Tax Torpedo awaits us and no real option to avoid. If we did Roth conversion at some point it would be at least 22% bracket if not more. May do small amounts anyways before RMD. Consolidation I think would make this easier.

Hoping Fidelity is the best choice. Appreciate the feedback.
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Old 01-17-2023, 08:02 AM   #17
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100k min for initial purchase. Not a problem for OP, but can be for others.
Only $10,000 min to buy FZDXX for deferred accounts.
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Old 01-17-2023, 08:09 AM   #18
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401k with former employer picked options. There is a broker option but I am thinking why bother if my goal is to have all my accounts at one institution.



Iím 56 so I canít access the money until I am 59.5 at the earliest. Retired Nov 2020, but got an easy RN job I like working 2 days a week in August 2022. Low pay but fun think med spa. Enough income to fund DH and my Roth but not needed.



We live comfortably off DH pension. Tax Torpedo awaits us and no real option to avoid. If we did Roth conversion at some point it would be at least 22% bracket if not more. May do small amounts anyways before RMD. Consolidation I think would make this easier.



Hoping Fidelity is the best choice. Appreciate the feedback.
If your money is in a 401k, you may be able to access it through the rule of 55.

Otherwise, you can transfer to Fidelity. Beware, they're not above selling you expensive products if you're not careful.

I have to give my standard warning about system outages or legal issues that can keep you away from your money. My career was around fixing systems that were failing, and I had personal experience with the Commonwealth of Pennsylvania locking my brokerage account because of my father's assets being transferred to me.
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Old 01-17-2023, 08:13 AM   #19
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I moved all my IRA's to Schwab a few years back. If you have 1m or more they'll assign (well they did in the past) an account executive free of charge. I don't use this guy much and since I've told him I self manage my investments, he doesn't bother me. But he's good to have for questions or if problems arise. So for me, it's worked well.
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Old 01-17-2023, 08:42 AM   #20
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IMO Fido and Schwab are pretty much neck and neck on the investment side. Both offer the same things, have decent web sites, and (I believe) will give you a dedicated rep if your balances total $1M or more. So that leaves other factors.

Does one or the other have a nearby office? I rarely see my rep face to face but IMO it is still a nice option to have. What about the rep? Do you hit it off? Are the repís investment philosophies and interests similar to yours? Assuming you are not interested in paying for a managed account, does the rep understand this and turn off the selling efforts? Would you prefer a female rep? Age and experience? If DH survives you, will this rep be OK for him? Regardless of where you go, I'd give the branch manager(s) your desired rep characteristics and ask to interview a couple of their folks for fit.

https://brokercheck.finra.org/ is your friend; be sure to use it.
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