For those thinking of changing brokers, just a heads up on a little wrinkle I experienced recently transferring assets from Vanguard to Fidelity.
I did a full transfer of my brokerage account earlier this month. I continued to have access to my account with a zero balance until this morning. When I logged in, I had no account and no account history, at all. Luckily, I had downloaded the important account records before the transfer. However, it made me uneasy to lose complete access to my taxable account history going back years so I called Vanguard and was passed through to the right department that instructed me on how to send a “rescind letter” via fax or USPS to keep my account open. This has to be received by VG within 60 days in order to re-open the account.
The representative was helpful and I suggested he submit feedback that clients should receive notification of closure prior to Vanguard acting on their own, which he said he would.
So, for those thinking of transferring, I suggest downloading the statements and transaction history you think you might need down the road prior to the transfer. Or, don’t do a full transfer as I did so some money is left remaining in your accounts.
