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Old 06-02-2017, 05:26 AM   #21
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All the major investment houses want your money and will do their best to make the process of transferring accounts to them as smooth and easy as possible.
This has been my experience and I've rolled over IRAs/401(k)s every time I changed jobs and a few times I changed brokerages. No experience with Vanguard, but Schwab and Fidelity were fine.
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Old 06-02-2017, 05:36 AM   #22
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I have moved a number of accounts to Vanguard with no issues. I always initiate the transfer with Vanguard and have them pull the funds from the old provider.
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Old 06-02-2017, 06:07 AM   #23
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I transferred USAA IRA to Vanguard, but it was many moons ago.

I know from personal experience that having someone on the receiving end take charge of the process will expedite the process.

From what I've read here and elsewhere, Vanguard may or may not be the best choice. It is your money, and you'll need to stay on top of the progress of your transfer.
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Old 06-02-2017, 06:28 AM   #24
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I have moved accounts from/to a broker a number of times. I only had issues transferring once. That was transferring an account out of Vanguard. That one experience was bad. But I have had other moves in and out of Vanguard that were smooth.
I have our assets at Schwab and Fidelity. Both have low cost index funds if that is what you want. In my case I have an individual at both brokers who know my situation that can help me out. YMMV

OP, you say you think your account got churned. How did you set the account up so that it could be churned? Usually I think of being churned by a broker buying and selling securities to rack up transaction charges.
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Old 06-02-2017, 06:40 AM   #25
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Moved to Fidelity and it was a smooth transaction
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Old 06-02-2017, 07:24 AM   #26
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My biggest concern with the OP is not the mechanics of a transfer, but what I bolded below...

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Originally Posted by Investornew View Post
Hi there, I am new here. Not retirement age yet. I have an IRA and I transferred it recently to a company but have regrets. I believe they are fleecing me for all kinds of fees and I need to move my entire portfolio over, one piece at a time, to Vanguard. I don't know if my IRA has been churned or not, but wonder if that would affect a transfer going smoothly.

If anyone else here has transferred your IRA, how did the transfer process go?
OP should know what kind of fees there are and the amounts.

OP should know if they are being churned.

If OP doesn't know what's going on with the account, how will they know if things are better at wherever they transfer to?

Plus, why do they think it needs to be done "one piece at a time"? I think OP should take a little time to educate themselves. And where is the IRA now (which company?).

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Can't churn without your consent
Old 06-02-2017, 08:12 AM   #27
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Can't churn without your consent

We have transferred accounts twice in the past year; from TD Ameritrade to Vanguard and from Vanguard to Schwab. The big firms (Vanguard, Blackrock, Schwab, etc...) are about the same in terms of process, but vary a little in regards to fees. Vanguard did a little bait and switch with their stock trade fees, so we went to Schwab which has flat pricing per trade (fidelity jacks up the price after 21 trades).

No one should be "churning" your money unless you have an actively managed account. In a world of index funds and ETFs covering all investment sectors and timelines, you do not need a managed account unless you get queasy thinking about money. It is a scam in my opinion. If you have any doubts after learning what you can from the from the web, contact them, directly, to clarify your intent. Beware, however, they will try to convince you that you cannot live without their higher priced services.
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Old 06-02-2017, 12:08 PM   #28
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It's supposed to be flawless, that's why when it's not flawless that's a problem. Just google it and you'll find plenty of problem out there for Vanguard.
OK. I hear mixed results. Some have no problem transferring to vanguard, others say it's a big problem.

If it's that bad, I may consider an IRA with Fidelity instead.

I had Vanguard years ago and there were customer service problems. I felt like a number, not a person with them.

Yes, their index funds and all that are great. It's just that when I call in I get passed around and disconnected.
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Old 06-02-2017, 12:12 PM   #29
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My biggest concern with the OP is not the mechanics of a transfer, but what I bolded below...



OP should know what kind of fees there are and the amounts.

OP should know if they are being churned.

If OP doesn't know what's going on with the account, how will they know if things are better at wherever they transfer to?


-ERD50
This place, I've heard, they churn funds here. It's a rumor. They put me into an "aggressive" portfolio and I've heard that's a red flag for churning. It's only a suspicion at this point.

There was one disclosure on one of their investors. I looked it up online. It was resolved, but it still concerns me. They gave me paperwork that included the names of investors with their office, their backgrounds, disclosures, etc. but left this one person out of it. But I know he works there, because he answers the phone sometimes and I found him online at that office location. I just found that odd. Why was he left out? He's the one with the disclosure.
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Old 06-02-2017, 12:14 PM   #30
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I moved a set of active mutual funds to Vanguard about 12 years ago. I didn't want to liquidate everything but rather move it intact and liquidate carefully over time. It wasn't bad but would have been simpler if I was willing to liquidate everything and go directly into index funds. If your current firm has you in back loaded mutual funds (I was in a couple) you may want to consider transferring in kind and exiting as the loads tail off. Also, make sure you stop having distributions reinvested.
I'm pretty sure there are no back end loads. Thanks. Would you recommend going directly into index funds to do the transfer more easily?
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Old 06-02-2017, 12:42 PM   #31
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This place, I've heard, they churn funds here. It's a rumor. They put me into an "aggressive" portfolio and I've heard that's a red flag for churning. It's only a suspicion at this point.

There was one disclosure on one of their investors. I looked it up online. It was resolved, but it still concerns me. They gave me paperwork that included the names of investors with their office, their backgrounds, disclosures, etc. but left this one person out of it. But I know he works there, because he answers the phone sometimes and I found him online at that office location. I just found that odd. Why was he left out? He's the one with the disclosure.
"They" put you into an aggressive portfolio? You didn't sign off on it (and maybe are now having buyers regret)?
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Old 06-02-2017, 12:46 PM   #32
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[QUOTE=oneill225;1888903]Vanguard did a little bait and switch with their stock trade fees, so we went to Schwab which has flat pricing per trade (fidelity jacks up the price after 21 trades).
QUOTE]

I have made way more than 21 trades with Fidelity and the price has always been at the fixed rate advertised--currently $4.95, was 7.95 except when it was free for one of their funds or ETF partners index funds
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Old 06-02-2017, 12:53 PM   #33
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I've transferred to fidelity and vanguard from outside transfer agents. No problems, always initiate from the receiving transfer agent.
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Old 06-02-2017, 12:54 PM   #34
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. No problems, always initiate from the receiving transfer agent.
+1, always
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Old 06-02-2017, 12:58 PM   #35
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This place, I've heard, they churn funds here. It's a rumor. They put me into an "aggressive" portfolio and I've heard that's a red flag for churning. It's only a suspicion at this point. ...
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"They" put you into an aggressive portfolio? You didn't sign off on it (and maybe are now having buyers regret)?
+1.

Investornew - there's nothing wrong with an "aggressive portfolio" if that is what you want. But churning is bad.

But they are either churning or they are not. What do your statements say? Is stuff being bought/sold a lot? Why give them this buy/sell authority - then it's a judgement call on how much is too much? Or are you in a fund that does a lot of buying and selling internally (high turnover - can mean high cap gains distributions at year end)?

Rather than "suspect" anything - find out. Take control. It's a lot easier to take control and DIY, then try to figure out what someone else is or is not doing.

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Old 06-02-2017, 01:15 PM   #36
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Rather than "suspect" anything - find out.
+1

For example, OP, what is in your 1099-B for 2016?
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Old 06-02-2017, 01:15 PM   #37
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@Investornew, I am kind of with @ERD50 on this: I think your level of knowledge about investing and about the mechanics of this stuff is very consistent with your chosen screen name.

I would suggest that you transfer to a firm that has a local office and that will assign a rep to you. Your rep can help with the transfer process but, more importantly, help you on a ongoing basis with questions and decisions. I'm definitely not talking about storefront bandits here, though. I know that Schwab can do this for you and, from what I understand, Fidelity can too. Others here may have other suggestions but those two are IMO among the most trusted names.

Depending on how much money you are working with, you might also consider interviewing some Registered Investment Advisors who have access to DFA funds. (https://us.dimensional.com/individuals) Access to DFA funds involves a fairly complex screening process that I believe increases the likelihood that you will find a good advisor even if he does not necessarily advise 100% in DFA funds. You will pay for this, of course, but in the end you will probably make more additional money than you pay.

Again depending on how much money you are working with, Schwab (and others) offer tiers of service. I've lost track of what Schwab calls their heavy hitter program but IIRC the first threshold step was $1M in assets at Schwab. With the higher tiers you get more responsiveness, better service, and things like dedicated account service phone numbers that get answered much more promptly than the public ones. So ask about this, too.

Finally, be sure you understand the difference between Series 7 licensed brokers and Series 65/66 Registered Investment Advisors (fiduciaries) and understand which type you are dealing with. With the new fiduciary standard law, this will b slightly less of a concern, but IMO a tiger can't change his stripes overnight no matter how much the Feds would like him to. So I would still recommend RIAs over guys with vanilla Series 7 licenses.

You've probably shopped hard for cars in the past, talking to multiple dealers and studying on the internet. Deciding where to put your investments is far more important than any car, so take your time and be thorough. Good luck!
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Old 06-02-2017, 03:54 PM   #38
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Does Vanguard have local offices?
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Old 06-02-2017, 03:55 PM   #39
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"They" put you into an aggressive portfolio? You didn't sign off on it (and maybe are now having buyers regret)?
Yes, he put me in aggressive. I didn't say I wanted that.
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Old 06-02-2017, 03:58 PM   #40
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OK. I hear mixed results. Some have no problem transferring to vanguard, others say it's a big problem.

If it's that bad, I may consider an IRA with Fidelity instead.

I had Vanguard years ago and there were customer service problems. I felt like a number, not a person with them.

Yes, their index funds and all that are great. It's just that when I call in I get passed around and disconnected.
Interesting, I had them years ago and I had no problem with them. That goes to show that I'm not biased. And I watched my transfer, I had to call for status every so often, I'm not a patient person so I did call once a week, and got all kind of wrong answers. So many things were wrong that It was unbelievable. What I told them NOT to do they did it anyway. It was a little better with my husband's transfer, but still awfully slow. They screwed up with my secretary's account too. I think it took more like 6 months before they sorted it out.
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