Hello Friends,
I have been reading posts for the past couple months and have learned so much. Thank you to all who have contributed.
I'm in the midst of consolidating several accounts with various brokerage firms into a Roth and Trad IRA with Vanguard. The first account I transferred over was from Edward Jones (everyone's favorite) and contains several different mutual funds through American Funds. The transfer into Vanguard just occurred and I want to move everything over to Vanguard mutual funds to create a 3 fund portfolio.
My questions.....do I have to sell each American fund and then buy the Vanguard Fund after the sale occurs? Or is there an easier way to just do some sort of transfer? If I have to sell each one individually, does anyone know of any potential costs involved?
Thank you in advance for any insight you may be able to provide.
Jeff
Vanguard Question [Consolidating Accounts]
Re: Vanguard Question [Consolidating Accounts]
Jeff 59, welcome to the forum.
You should have checked this out before you transferred "in kind" to Vanguard. You may have been able to sell at Edward Jones with no commission. Make sure you check the accounts at the other brokerage firms before you transfer. Sometimes it's cheaper to sell at Vanguard; sometimes it's not.
Yes. You sell each fund you don't want and buy what you do want.Jeff 59 wrote:My questions.....do I have to sell each American fund and then buy the Vanguard Fund after the sale occurs?
No.Or is there an easier way to just do some sort of transfer?
It depends on the size of your account and whether the funds are no-transaction-fee (NTF) or not. See here.If I have to sell each one individually, does anyone know of any potential costs involved?
You should have checked this out before you transferred "in kind" to Vanguard. You may have been able to sell at Edward Jones with no commission. Make sure you check the accounts at the other brokerage firms before you transfer. Sometimes it's cheaper to sell at Vanguard; sometimes it's not.
Re: Vanguard Question [Consolidating Accounts]
Vanguard will charge ($35 each) I think to sell each fund, but I'm sure EJ would have charged more. Did your transfers go directly into Roth or TIRA?
Paul
Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
Re: Vanguard Question [Consolidating Accounts]
Thanks a lot for the feedback. I transferred from a Trad IRA and roth IRA into a newly created trad IRA and roth IRA with Vanguard.I figured I was going to run into some fees for converting everything into Vanguard index funds, but wanted to make sure there wasn't a way to minimize the expenses. I appreciate the feedback and will look into possibly selling the funds first on the other accounts I want to consolidate over to Vanguard.
Re: Vanguard Question [Consolidating Accounts]
This seems to indicate there is no charge to sell a load fund on their list of funds.Fees: Vanguard Brokerage doesn't charge additional fees for a purchase, sale, or exchange of any load fund offered through Vanguard Brokerage.
Someone mentioned this in a previous thread somewhere.
Just ask them.