- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How does transferring retirement to a personal account from a money manager work?
Posted on 8/21/23 at 10:11 am
Posted on 8/21/23 at 10:11 am
Im not happy with performance from a company managing some of my money and still watching fees get deducted.
if i transfer everything to my personal Fidelity account, how does closing the account and fees work? Do they sell everything, charge me fees again, then transfer it as all cash?
if i transfer everything to my personal Fidelity account, how does closing the account and fees work? Do they sell everything, charge me fees again, then transfer it as all cash?
4
Posted on 8/21/23 at 10:27 am to FMtTXtiger
Assuming your product can transfer to Fidelity, you'll have a transfer fee and probably an account closure fee. These two can add up to usually a couple hundred on the high end. Good luck!
Posted on 8/21/23 at 10:33 am to FMtTXtiger
What kind of "retirement" are you referring to here? Is this a taxable acct or is it 401k, IRA, other?
Typically when transferring accounts, all your assets are transferred in-kind to the new brokerage (ie no selling, cost basis remains same, no capital gains realized). You initiate this transfer through the receiving brokerage, in your case Fidelity.
Regarding fees, the old place will probably charge you a few random fees (acct transfer fee, acct closure fee, etc) as a parting frick You for taking your money out.
Typically when transferring accounts, all your assets are transferred in-kind to the new brokerage (ie no selling, cost basis remains same, no capital gains realized). You initiate this transfer through the receiving brokerage, in your case Fidelity.
Regarding fees, the old place will probably charge you a few random fees (acct transfer fee, acct closure fee, etc) as a parting frick You for taking your money out.
Posted on 8/21/23 at 10:43 am to Sir Saint
Its actually 3 accounts, a rollover 401, small roth, and cash/investment account.
i keep looking at the fees on an annual basis and it just doesn't make sense to keep paying if we are not going to get much growth in the next 12-18 months.
thanks for feedback, just wanted to make sure he wasn't going to charge me for another quarter fee on top of transfer if the quarter wasn't over.
i keep looking at the fees on an annual basis and it just doesn't make sense to keep paying if we are not going to get much growth in the next 12-18 months.
thanks for feedback, just wanted to make sure he wasn't going to charge me for another quarter fee on top of transfer if the quarter wasn't over.
This post was edited on 8/21/23 at 10:45 am
Posted on 8/21/23 at 11:00 am to FMtTXtiger
quote:
thanks for feedback, just wanted to make sure he wasn't going to charge me for another quarter fee on top of transfer if the quarter wasn't over.
if I had to guess, the fee will be prorated to match the % of time this quarter that your money was under their mgmt. I'd expect to pay 2/3 of your quarterly fee for the months of july and aug.
Posted on 8/21/23 at 7:59 pm to FMtTXtiger
New brokerage may refund some of the transfer fee if you ask. I'd also shop around for transfer bonuses unless you're dead set on consolidating w current brokerage. Even so, may be worth asking if they'll match another incentive to keep you from jumping ship. Make sure it is a direct transfer. If you hold any proprietary funds that wont transfer they will need to be sold first. That may be a problem if there is a large capital gain in taxable brokerage, especially if you anticipate future year of lower income and falling into the zero long term gains tax bracket. If so, may be better to wind it down over multiple tax years but transfer everything else you can.
Posted on 8/22/23 at 7:56 am to FMtTXtiger
This is the way!
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News