Hi i just did a roll over.

[Kratos]

I recently rolled over my retirement funds from Edward Jones to Fidelity Investments. Anyone have issues with funds not matching as they roll over? How long before i see it equal out? I am in the wait period fir the 529 but i thought the iRAs and Roth would move in kind.
I have my meeting with Fidelity in 2 weeks
EJ app doesnt work for me niw. But i did snap shot thefunds page day before i was kicked off EJ App

 

[athena53]

I would have thought they'd roll over in kind unless you had funds proprietary to EJ. Decades ago I moved American Funds out of EJ into another brokerage and they did transfer in kind.

That wait period for the 529 was a real ordeal for me. I had the grandchildren's 529s at EJ and a few years ago I said I was taking them elsewhere because I wanted an ETF-type investment. Oh no, they said. They had those. Turned out they needed to open a new account for each of the 3 kids to do that so now I had 6 accounts there. Last year I tried to move them all out. Ha. I could move only one per kid to Fidelity each year. So, I opened up 529s at Fidelity in DS and DDIL's name and transferred two of the remaining accounts. One remains with EJ till February of next year. I can't create a 529 at Fidelity in my name and move it- I checked.

I realize that the one-year wait is statutory but if they hadn't set up those 3 additional accounts they'd all be out of there by now.

 

[VanWinkle]

Congrats on the move as it will likely lower your expenses vs Eddie Jones.

 

[PaunchyPirate]

I recently rolled over my retirement funds from Edward Jones to Fidelity Investments. Anyone have issues with funds not matching as they roll over? How long before i see it equal out? I am in the wait period fir the 529 but i thought the iRAs and Roth would move in kind.
I have my meeting with Fidelity in 2 weeks
EJ app doesnt work for me niw. But i did snap shot thefunds page day before i was kicked off EJ App

Additional details will help. What was rolled over? a 401k, an IRA, something else? What does "not matching" mean? what do you see in Fidelity? And what do you mean by "equal out"?

If you did a full account TRANSFER between the 2 brokerages, then things should move across in-kind unless you held funds that Fidelity doesn't handle. You probably authorized those to be liquidated to cash in the fine print, if that's what you are seeing. Fractional shares will not transfer over. They will be sold on the EJ side, then show up as cash, then a follow up sweep in a few days/weeks will pull that over to Fidelity.

 

[Kratos]

Additional details will help. What was rolled over? a 401k, an IRA, something else? What does "not matching" mean? what do you see in Fidelity? And what do you mean by "equal out"?

If you did a full account TRANSFER between the 2 brokerages, then things should move across in-kind unless you held funds that Fidelity doesn't handle. You probably authorized those to be liquidated to cash in the fine print, if that's what you are seeing. Fractional shares will not transfer over. They will be sold on the EJ side, then show up as cash, then a follow up sweep in a few days/weeks will pull that over to Fidelity.

Fidelity saod some were not able to roll in kind. And yes I see small amounts in cash. But honestly we are talking almost six figure account yet only a small
Amount moved. There were 3 accounts. Total this one i felt was the larger. I am hoping to hear after the holidays wrt Fidelity what this is all about. Scary in the short term.

 

[MRG]

Fidelity saod some were not able to roll in kind. And yes I see small amounts in cash. But honestly we are talking almost six figure account yet only a small
Amount moved. There were 3 accounts. Total this one i felt was the larger. I am hoping to hear after the holidays wrt Fidelity what this is all about. Scary in the short term.

This seems normal. Fast Eddie only sells funds from 6 fund companies and not all those fund families are available from Fidelity, for good reasons. Those assets will be sold before they can move.

Given its a three-day weekend nothing happens during the weekend. On Monday after the market closes I'd assume things will continue moving.

While it seems scary, everything will move in their entirety.

 

[Kratos]

This seems normal. Fast Eddie only sells funds from 6 fund companies and not all those fund families are available from Fidelity, for good reasons. Those assets will be sold before they can move.

Given its a three-day weekend nothing happens during the weekend. On Monday after the market closes I'd assume things will continue moving.

While it seems scary, everything will move in their entirety.

Thank you for
Your response

 

[Slim11]

And even when almost everthing is there I had a few dollers that took a bit to come over, maybe stuff that had dividands coming. It took a while if I remember correctly. Not a week, but longer then I was thinking.

 

[TheWizard]

EJ charges a fee for each account that is closed, last time I checked.
So you need to account for that...

 

[athena53]

EJ charges a fee for each account that is closed, last time I checked.
So you need to account for that...

Many times the receiving brokerage will reimburse you. Fidelity may be able to help expedite things. They were very helpful when I moved the 529s. The receiving firm usually IS more helpful!

 

[Workinprogress]

Mission Square, my employer 401a and 457b, has taken 34 days so far, since they sold me to cash, and is still not completely done. 1.1 million floating around does not make me very happy. Luckily, the funds I hope to buy when it gets settled are relatively unchanged even though they have fluctuated wildly while I was out.

 

[Kratos]

Many times the receiving brokerage will reimburse you. Fidelity may be able to help expedite things. They were very helpful when I moved the 529s. The receiving firm usually IS more helpful!

Yes tFidelity confirmed they woukd reimburse me the fees

 

[pjigar]

I have done many transfers in my lifetime due to job changes. If I am transferring any tax-advantaged accounts (401k, IRA, Roth, etc.) then I simply ask the custodian to mail me the checks for everything (direct rollover or not). There is no tax impact so this keeps things simple for me. It also gives me an opportunity to balance AA or change funds. There may be an impact cost of a few days but in the normal market conditions it's just a noice (+/-).

If it is a brokerage account then I MAKE SURE that the transfer is in-kind. Otherwise it would create a tax event.

 

[Koolau]

From what I have heard here and elsewhere, it will all be worth it once you've moved everything from Fast Eddie to FIDO. Good move! Keep us posted.

 

[MarieIG]

When I rolled my 401(k) into an IRA, the funds did not transfer in kind, as they were not available at Vanguard. I used the cash to immediately purchases comparable funds, i.e. S&P 500 - but I was not comfortable while the cash was floating about in the ether, and the market was performing gyrations while I was waiting for it to land.

 

[Cassius King]

I was looking into moving a IRA from a former employer into my current 401k plan. Both accounts are at Schwab, yet the IRA couldn't "Transfer in Kind". Even though both accounts are at Schwab, the IRA and 401k groups are completely different divisions and I would have to liquidate the IRA and transfer it to the 401k. I do not want to be out of the market for 5 business days or more (volatility), so have refrained from doing so.