Fidelity as a one stop shop

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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Tue Sep 14, 2021 10:38 pm
SnowBog wrote: Tue Sep 14, 2021 1:57 pm... The first one wasn't in Fidelity, didn't allow in-kind transfers, and sadly was forced to send a big check in the mail for me to endorse and get to Fidelity. That was nerve wracking...
We did that recently when closing out DW's non-Fidelity 401k. The only option was a paper check sent by USPS. That wasn't confidence-inspiring but to be fair to USPS, it did arrive rather quickly.

From the mailbox to the account was only about 20 minutes, most of which was walking back inside the house and opening a beer. Just use the phone app. The limit is high, the pending deposit appears immediately and is credited the next business morning.
Is the limit 7 figures? :D
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 1:52 am
anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
Wow, so mobile deposits allow for 7 figure checks! :shock:
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JoMoney
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Re: Fidelity as a one stop shop

Post by JoMoney »

FWIW, one of the factors that influenced my decision to rollover from a Fidelity 401k to Fidelity IRA was they were able to do it internally (no mailing of a check), the funds couldn't be transferred in-kind (unique funds in the plan), but I was only out of the market for a day and was able to get the funds into my equivalent index choice quickly without sweating the transfer process.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 8:21 am
anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
I am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer

It is too bad Fidelity does not really offer bonuses now without 7 figure amounts.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

anon_investor wrote: Wed Sep 15, 2021 8:24 am
spammagnet wrote: Wed Sep 15, 2021 8:21 am
anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
I am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer

It is too bad Fidelity does not really offer bonuses now without 7 figure amounts.
In 2011, there were over 300 folks with 401k balances over $25 million. It's not hard to imagine that at least some of them have gotten to $100 million in the last ten years.

https://www.forbes.com/sites/jrose/2019 ... et-richer/
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 8:52 am
anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
$58k is the total 401k limit for 2021, the highest ever, it has been lower. Even with this amazing bull run and being 100% S&P500, you can't possibly get to 9 figures. 401k investments are usually very limited unless you are using brokeragelink. To get to 9 figures in a 401k it is going to have to be individual stock picking.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

mervinj7 wrote: Wed Sep 15, 2021 9:02 am
anon_investor wrote: Wed Sep 15, 2021 8:24 am
spammagnet wrote: Wed Sep 15, 2021 8:21 am
anon_investor wrote: Wed Sep 15, 2021 8:02 amWow, so mobile deposits allow for 7 figure checks! :shock:
For rollovers, yes. Non-rollover deposits have a limit that varies but I don't know the basis for the limit. When you select a brokerage account it shows the daily limit (in my case a mere $500,000) and your running total for today. In the case of a non-rollover IRA deposit, it shows you the annual limit and your total deposit(s) for the year. If it's a rollover, no limit is shown. I guess you could deposit a 9 digit check if you had one.
I am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer

It is too bad Fidelity does not really offer bonuses now without 7 figure amounts.
In 2011, there were over 300 folks with 401k balances over $25 million. It's not hard to imagine that at least some of them have gotten to $100 million in the last ten years.

https://www.forbes.com/sites/jrose/2019 ... et-richer/
That has to be individual stocks though... unless there is some secret! :shock:
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

anon_investor wrote: Wed Sep 15, 2021 9:29 am
spammagnet wrote: Wed Sep 15, 2021 8:52 am
anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
$58k is the total 401k limit for 2021, the highest ever, it has been lower. Even with this amazing bull run and being 100% S&P500, you can't possibly get to 9 figures. 401k investments are usually very limited unless you are using brokeragelink. To get to 9 figures in a 401k it is going to have to be individual stock picking.
It was a joke.
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anon_investor
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Re: Fidelity as a one stop shop

Post by anon_investor »

spammagnet wrote: Wed Sep 15, 2021 9:42 am
anon_investor wrote: Wed Sep 15, 2021 9:29 am
spammagnet wrote: Wed Sep 15, 2021 8:52 am
anon_investor wrote: Wed Sep 15, 2021 8:24 amI am not even sure how a 9 figure 401k balance is possible without taking individual stock risk using brokerage link (or company stock :shock:)! But good to know! :beer
Maybe you're well-paid?
$58k is the total 401k limit for 2021, the highest ever, it has been lower. Even with this amazing bull run and being 100% S&P500, you can't possibly get to 9 figures. 401k investments are usually very limited unless you are using brokeragelink. To get to 9 figures in a 401k it is going to have to be individual stock picking.
It was a joke.
I figured, but apparently, some people had 8 figures a few years ago!!! :shock:
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

anon_investor wrote: Wed Sep 15, 2021 9:30 am
mervinj7 wrote: Wed Sep 15, 2021 9:02 am In 2011, there were over 300 folks with 401k balances over $25 million. It's not hard to imagine that at least some of them have gotten to $100 million in the last ten years.

https://www.forbes.com/sites/jrose/2019 ... et-richer/
That has to be individual stocks though... unless there is some secret! :shock:
spammagnet wrote: Wed Sep 15, 2021 9:42 am It was a joke.
It's not a joke and it is quite possible to get to $100 million in a 401k. In any case, I don't want to derail this thread. I would continue in a new thread if there was a legitimate actionable course of action for a forum member. Perhaps, somebody who has access to an IPO or privately held equity shares. A more feasible scenario for Bogleheads is to max out the $58k 401a limit for an employer sponsored 401k, invest in a standard 3 fund portfolio, and maybe after 30 years hit the $5M-$10M range.
IPOs aren’t your only special investment option either. With a large, self-directed 401(k) plan, you’ll be able to invest in private equity, real estate, and even minority interests in privately owned businesses.
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Re: Fidelity as a one stop shop

Post by spammagnet »

mervinj7 wrote: Wed Sep 15, 2021 10:14 amIt's not a joke and it is quite possible to get to $100 million in a 401k. In any case, I don't want to derail this thread. ...
It's possible for an extremely small subset of humanity. As you state, though, that's off-topic. My post that initiated that subject is actionable in that I described how to deposit a rollover check to Fidelity using their phone app.
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Re: Fidelity as a one stop shop

Post by Artsdoctor »

spammagnet wrote: Wed Sep 15, 2021 1:52 am
anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
Thanks for the link. I wasn't aware of limits on deposits to Fidelity (such as a taxable brokerage account). I wonder how people might be able to deposit an amount from a house sale, for example.
mervinj7
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Re: Fidelity as a one stop shop

Post by mervinj7 »

Artsdoctor wrote: Wed Sep 15, 2021 10:40 am
spammagnet wrote: Wed Sep 15, 2021 1:52 am
anon_investor wrote: Tue Sep 14, 2021 10:58 pmIs the limit 7 figures? :D
No, because there is no limit on rollover deposits:

Are there restrictions on the amount of money that can be deposited?


"For most accounts, there is a maximum amount you can contribute each day. You will be presented with this information as you proceed with your deposit. For retirement accounts, we'll present both prior and current year contribution limits. There are no maximum limits for rollover transactions." (emphasis added)

:D
Thanks for the link. I wasn't aware of limits on deposits to Fidelity (such as a taxable brokerage account). I wonder how people might be able to deposit an amount from a house sale, for example.
Free incoming wires from the title company! Works great even at Bay Area housing prices. Personally, I'm not comfortable cashing checks above $100k on the mobile app. I'm probably old fashioned but I went in person to the Fidelity office for very large paper checks. For even larger amounts, I prefer wire transfers.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

Artsdoctor wrote: Wed Sep 15, 2021 10:40 amThanks for the link. I wasn't aware of limits on deposits to Fidelity (such as a taxable brokerage account). I wonder how people might be able to deposit an amount from a house sale, for example.
My personal limit is $500K*. While that won't cover all house sales, it will cover a lot.

If I were selling a house, I'd insist on a wire transfer direct to my Fidelity account. That's free.

*Edit: I have no idea what that's based on.
spammagnet
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Re: Fidelity as a one stop shop

Post by spammagnet »

mervinj7 wrote: Wed Sep 15, 2021 10:44 am... Personally, I'm not comfortable cashing checks above $100k on the mobile app. ...
I agree. I don't think I'd trust a check. Fraud's too easy. Any large transaction can be wired.
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Artsdoctor
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Re: Fidelity as a one stop shop

Post by Artsdoctor »

Found out from Fidelity that there's no limit on incoming wires but they'd like you to call first if it's a large number (and they did not say specifically what constituted "large").
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