Fidelity DAF contribution experience

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
nyblitz
Posts: 354
Joined: Mon Apr 09, 2007 7:33 am

Fidelity DAF contribution experience

Post by nyblitz » Wed Nov 30, 2016 1:22 pm

How easy is donating shares to a Fidelity DAF from:
a) Fidelity brokerage and/or
b) non-Fidelity brokerages?

Specifically, looking for experiences with how long the paperwork takes to complete, how long the actual transfer process takes, and if there are difficulties (needing to re-send forms, etc.).

Thanks!

livesoft
Posts: 62928
Joined: Thu Mar 01, 2007 8:00 pm

Re: Fidelity DAF contribution experience

Post by livesoft » Wed Nov 30, 2016 1:41 pm

Trivial, unless starting point is Vanguard.

If I fill out a form at TDAmeritrade and turn it in to the local office, the shares are transferred by end of next day.

If I fill out a form at WellsTrade, scan it, and attach to "secure communication" and send electronically, the shares are transferred by end of next day.

If I print out a form at Vanguard, fill it out, get medallion signature guarantees, mail it in, then the shares are transferred within a few days of starting.
Wiki This signature message sponsored by sscritic: Learn to fish.

nyblitz
Posts: 354
Joined: Mon Apr 09, 2007 7:33 am

Re: Fidelity DAF contribution experience

Post by nyblitz » Wed Nov 30, 2016 1:51 pm

Livesoft,

Thanks for the reply!

Which form do you use for WellsTrade?

When I search here, nothing seems fit:

https://www.wellsfargo.com/help/investi ... ade-forms/

My experience regarding transferring from WellsTrade to Fido DAF is, um, markedly different than yours.

Last attempt was going to Fido and Wells Fargo branches (they are even in the same building!) albeit 40 minute drive.

Livesoft - seriously, you've been a tremendous help to me over the years. Thank you.

PS. Is there a Livesoft appreciate thread? A quick diehards search didn't reveal one.

SpaceCowboy
Posts: 869
Joined: Sun Aug 12, 2012 12:35 am

Re: Fidelity DAF contribution experience

Post by SpaceCowboy » Wed Nov 30, 2016 1:56 pm

In general it is easier to donate stocks and ETFs to Fidelity DAF than mutual funds. Different forms are needed for mutual funds and it takes much longer, sometimes weeks. Stock/ETF is usually a one day process. Anything already at Fidelity is easy peasy.

User avatar
Artsdoctor
Posts: 3599
Joined: Thu Jun 28, 2012 3:09 pm
Location: Los Angeles, CA

Re: Fidelity DAF contribution experience

Post by Artsdoctor » Wed Nov 30, 2016 1:57 pm

I've only transferred appreciated Fidelity shares to my Fidelity DAF, and it could not be easier. The process will even ask you if you want to transfer the most appreciated shares. It goes through that day.

I've not transferred appreciated Vanguard fund shares to my Fidelity DAF, so I will be curious to read what others have experienced. I have transferred appreciated Vanguard fund shares to my Vanguard DAF, and that it also easy (but not quite as smooth as Fidelity to Fidelity DAF).

pshonore
Posts: 6428
Joined: Sun Jun 28, 2009 2:21 pm

Re: Fidelity DAF contribution experience

Post by pshonore » Wed Nov 30, 2016 2:05 pm

Artsdoctor wrote:I've only transferred appreciated Fidelity shares to my Fidelity DAF, and it could not be easier. The process will even ask you if you want to transfer the most appreciated shares. It goes through that day.

I've not transferred appreciated Vanguard fund shares to my Fidelity DAF, so I will be curious to read what others have experienced. I have transferred appreciated Vanguard fund shares to my Vanguard DAF, and that it also easy (but not quite as smooth as Fidelity to Fidelity DAF).
You can do it all online and while the account is established that day, it does take about a week for the shares to get sold and the funds transferred from Fido to Fido "Charitable". You can definitely pick the shares quite easily. They use the previous day's price for calculations but it appears for FMV, they take the high and low for the day you contribute and average it.

nyblitz
Posts: 354
Joined: Mon Apr 09, 2007 7:33 am

Re: Fidelity DAF contribution experience

Post by nyblitz » Wed Nov 30, 2016 2:09 pm

My donations have been from WellsTrade and have been stock.

Hold off on the rocks, I follow Andy (Wagnerjb) in this space, and am not trying to convert anyone. :-)

The last one took 2.5 months.

This one is over a week and my wife is now frequently asking me when it will hit so she can do her yearly budgeting allocations.

Interesting to see the variation.

Want to try Livesoft's approach.

inbox788
Posts: 5693
Joined: Thu Mar 15, 2012 5:24 pm

Re: Fidelity DAF contribution experience

Post by inbox788 » Wed Nov 30, 2016 2:16 pm

Depends on where it's coming from. It usually takes longer than you expect, so get started if you want to do it this year. It might be smooth or it might be held up. You never know. They do a fair amount of due diligence so everything is in order. I've had missing signatures, personal confirmation phone calls, automated phone calls, and sometimes the one person who has to approve something is out for a while or sitting on it. They'll always blame someone or something else for the delays.Same goes for making grants, though you're not usually as concerned about specific dates there. Still, if you get enough done in the process, you may be able to claim for 2016.

https://www.fidelitycharitable.org/what ... ines.shtml

nyblitz
Posts: 354
Joined: Mon Apr 09, 2007 7:33 am

Re: Fidelity DAF contribution experience

Post by nyblitz » Wed Nov 30, 2016 2:25 pm

Inbox788,

Your link there was very helpful. Thanks!

I posted my recent experience at the end of this thread:

viewtopic.php?f=2&t=194840&newpost=3132143

livesoft
Posts: 62928
Joined: Thu Mar 01, 2007 8:00 pm

Re: Fidelity DAF contribution experience

Post by livesoft » Wed Nov 30, 2016 3:29 pm

nyblitz wrote:Which form do you use for WellsTrade?

When I search here, nothing seems fit:

https://www.wellsfargo.com/help/investi ... ade-forms/
Form #588287
Letter of Authorization (LOA) to Transfer Funds or Securities
Complete this form to authorize the transfer of funds and/or securities
https://www.wellsfargoadvisors.com/bw/f ... 588287.pdf

BTW, I cannot imagine that anybody in a Wells Fargo bank knows anything about WellsTrade, so I would not expect any human being in a WF branch to be helpful when dealing with investments.
Wiki This signature message sponsored by sscritic: Learn to fish.

nyblitz
Posts: 354
Joined: Mon Apr 09, 2007 7:33 am

Re: Fidelity DAF contribution experience

Post by nyblitz » Wed Nov 30, 2016 3:35 pm

Thanks, as always!

Willy
Posts: 78
Joined: Mon Jul 09, 2007 8:14 pm

Re: Fidelity DAF contribution experience

Post by Willy » Wed Nov 30, 2016 9:11 pm

People's experiences seem to be all over the map. I have transferred Vanguard mutual fund shares to my Fidelity DAF several times recently easily and without a medallion signature guarantee. If memory serves me correctly, I initiate the transaction online with Fidelity, then print out the Fidelity form, sign it, and put it in the mail to Fidelity. Fidelity handles things from there and Vanguard has been relatively prompt in processing things on its end.

I suggest calling Fidelity and asking if it really needs medallion signature guarantee.

informal guide
Posts: 202
Joined: Mon Aug 29, 2016 10:26 am

Re: Fidelity DAF contribution experience from Vanguard brokerage

Post by informal guide » Wed Nov 30, 2016 9:57 pm

xxxxx
Last edited by informal guide on Wed Nov 30, 2016 10:18 pm, edited 1 time in total.

informal guide
Posts: 202
Joined: Mon Aug 29, 2016 10:26 am

Re: Fidelity DAF contribution experience from Vanguard brokerage

Post by informal guide » Wed Nov 30, 2016 10:16 pm

I just last week had a very speedy and favorable experience transferring NYSE stocks from my Vanguard brokerage account to my Fidelity DAF. I submitted the Fidelity paperwork (completed totally online from the Fidelity DAF site) directly to Vanguard -- I was told by Vanguard that because it is going to a charity no signature guarantee was needed - - and within 4 business days the securities had arrived at Fidelity. I don't know if this is equally fast for Vanguard fund shares in a Vanguard brokerage account (the updated account) because I am fortunate to have much bigger gains in individual securities than in any Vanguard fund.

The only thing that hasn't yet happened at Vanguard is completely updating my cost basis section of the Vanguard web site for this gift. They must not do and promptly address a daily reconciliation,, because the shares (specific ID) are not listed in the unrealized gains/losses section of the cost basis, but are also not listed in either the realized gains/losses nor where they belong, in the gifted shares section.

spth
Posts: 139
Joined: Fri Aug 09, 2013 8:31 am

Re: Fidelity DAF contribution experience

Post by spth » Wed Nov 30, 2016 10:28 pm

Fidelity recently sent us a notice with specific deadlines.

https://www.fidelitycharitable.org/what ... ines.shtml

We transferred an outside mutual fund, started 11/10 and completed 11/28. Fidelity handled everything.

Post Reply