Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Transferred IRA with Regrets
Old 06-01-2017, 04:33 PM   #1
Dryer sheet aficionado
 
Join Date: Jun 2017
Posts: 33
Transferred IRA with Regrets

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?
Investornew is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-01-2017, 04:44 PM   #2
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 22,768
Quote:
Originally Posted by Investornew View Post
If anyone else here has transferred your IRA, how did the transfer process go?
I moved a 457 account to an IRA at Vanguard. The process was smooth & easy, and Vanguard handled it. I think it was two phone calls to Vanguard, one to initiate the transfer in which they set up a conference call with Fidelity, and the other call to Vanguard to set up how I wanted it invested.

But it was a while back so it may have been only one phone call, I don't really remember. But it couldn't have been made any easier.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 06-01-2017, 04:47 PM   #3
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
For Vanguard, it's pure awful. But once it's transferred, it's ok.
Fedup is offline   Reply With Quote
Old 06-01-2017, 04:49 PM   #4
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 48,178
Quote:
Originally Posted by Fedup View Post
For Vanguard, it's pure awful. But once it's transferred, it's ok.
My experience transferring my 401k to Vanguard was flawless.
__________________
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-01-2017, 04:50 PM   #5
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
Quote:
Originally Posted by Fedup View Post
For Vanguard, it's pure awful. But once it's transferred, it's ok.
Quote:
Originally Posted by REWahoo View Post
My experience transferring my 401k to Vanguard was flawless.
I'm not alone, I read complaints from Bogglehead forum too. That's what happens when everybody moves to Vanguard.
Fedup is offline   Reply With Quote
Old 06-01-2017, 04:53 PM   #6
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 17,760
Quote:
Originally Posted by REWahoo View Post
My experience transferring my 401k to Vanguard was flawless.
+1. The whole thing rolled right over. OP can call them (or Fidelity, or Schwab, etc.) and discuss how to do it.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 06-01-2017, 05:24 PM   #7
Recycles dryer sheets
 
Join Date: Jul 2014
Posts: 358
See Transferring a Thrivent Roth IRA to Vanguard - Bogleheads.org for some traps to avoid.

Our transfers to Vanguard and Fidelity (different times; different reasons) were both of the "very smooth" variety - YMMV.
SevenUp is offline   Reply With Quote
Old 06-01-2017, 05:27 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,790
Vanguard "lost" my rollover for a month. Don't get me started on their outdated systems and unknowledgeable staff... If it were not for Wellington, I would move that money elsewhere.
Another Reader is offline   Reply With Quote
Old 06-01-2017, 05:30 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Aug 2007
Posts: 1,817
Quote:
Originally Posted by REWahoo View Post
My experience transferring my 401k to Vanguard was flawless.

+1

Guess I've been lucky, but I haven't had any major issues with Vanguard.
__________________
Eat, Drink and Be Merry.
tulak is offline   Reply With Quote
Old 06-01-2017, 05:32 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,441
In my experience Fidelity is better at tasks such as transfers than is Vanguard.
GrayHare is offline   Reply With Quote
Old 06-01-2017, 05:34 PM   #11
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,851
Quote:
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?
Why do you need to move your portfolio over one piece at a time?
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
redduck is offline   Reply With Quote
Old 06-01-2017, 05:37 PM   #12
Thinks s/he gets paid by the post
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 1,558
I transferred 2 IRAs, 2 or 3 taxable accounts, an SEP, and Inherited IRA all at the same time. Flawless.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is offline   Reply With Quote
Old 06-01-2017, 05:39 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 7,076
Quote:
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?
If you have specific concerns, send them in writing to the firm's compliance department or if you have a broker ask for the name and address of his compliance officer. Guaranteed this will get their full attention.

Re "churned" the question is whether the broker had discretionary authority in the account. If not, this is illegal and they will have to make you whole. If he did have discretionary authority (why?) then the matter becomes very subjective, but state your grievances very specifically and in detail. You won't get what you don't ask for.

You can also contact your state regulators and ask for help.

It really does not matter whether they still have the account or not, "compliance" is a word that can bring the big bad wolf down on them and they will react with concern.
OldShooter is offline   Reply With Quote
Old 06-01-2017, 05:39 PM   #14
Thinks s/he gets paid by the post
Fedup's Avatar
 
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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.
Fedup is offline   Reply With Quote
Old 06-01-2017, 05:41 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,395
Last year I moved my SEP IRA from TRowePrice to Vanguard. Did completely on-line one evening, took just a few minutes to initiate, no gotcha's, done in-kind brokerage, completed promptly. As did not have any mutual funds, went very smoothly.

Earlier this year moved my taxable brokerage account from TRowePrice to Fidelity. Again totally done online. Again no mutual funds involved. Transfer of securities was accomplished promptly, but the transfer of the cash dragged. Fidelity kept reporting the transfer was complete.......no way in hell! Finally, after several weeks, the cash was transferred. Do not know who dragged their feet, suspect TRowePrice, but the Fidelity progress reports were bogus.
RE2Boys is offline   Reply With Quote
Old 06-01-2017, 06:20 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 6,635
RE: Vanguard, I think that once you get there, it's all good (S'allgood). You do have to keep on top of everything and maybe make phone calls to be certain your desires are being met. Trust but verify. I have nothing against the other biggies that others around her really like (e.g., Schwab and Fido, etc.) Good luck and always remember that YMMV.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 06-01-2017, 06:48 PM   #17
Recycles dryer sheets
 
Join Date: Feb 2017
Location: SF Bay Area
Posts: 492
We moved 2 iras and 1 taxable account 2 months ago to vanguard. They initiated the transfers for the iras to make sure the transfers qualified as a tax-free rollover distributions. For the taxable account we were told it could take 10 business days to credit our account. It took 1 calendar day. Credited to our account on a Saturday!

Perhaps they are improving. How long ago were the bad experiences?
ocean view is offline   Reply With Quote
Old 06-01-2017, 06:53 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 11,618
Quote:
Originally Posted by Investornew View Post

If anyone else here has transferred your IRA, how did the transfer process go?
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. If you're a bit of the nervous Nelly type and you live in a metropolitan area, you could go with one of the firms that has a brick and mortar presence such as Fido or Schwab. They'd be glad to have you come in and will help you with every detail even to the point of filling out forms for you. If followup is needed, you'll be able to see or call the same person, a small advantage of having a local office to deal with. If you'd prefer to be at Vanguard, AFAIK their phone reps will also bend over backwards to make the experience as smooth and stress free as possible for you.

Don't leave your money someplace where you're not happy over worry about the transfer process. There's really nothing to worry about.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is online now   Reply With Quote
Old 06-01-2017, 10:13 PM   #19
Thinks s/he gets paid by the post
Onward's Avatar
 
Join Date: Jul 2009
Posts: 1,934
__________________
And if I claim to be a wise man, it surely means that I don't know.
Onward is offline   Reply With Quote
Old 06-02-2017, 05:09 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 10,463
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.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the safest easiest way to get cash transferred? toofrugalformycat Other topics 17 08-18-2010 03:58 PM
How to sell shares w/ specific ID if transferred to another brokerage? figner FIRE and Money 21 12-18-2007 09:24 PM
FIRE-ees: any regrets? Lusitan Life after FIRE 31 04-13-2007 09:19 PM
Help! SEP IRA was transferred into a Traditional IRA...bad? soupcxan FIRE and Money 5 12-19-2006 12:19 PM
Regrets on Pulling the Plug? Mountain_Mike Other topics 14 06-11-2005 12:47 PM

» Quick Links

 
All times are GMT -6. The time now is 02:27 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.