Move tax deferred retirement from CPC to Fidelity

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
El_Supremo
Posts: 10
Joined: Sat Nov 16, 2019 3:48 pm

Move tax deferred retirement from CPC to Fidelity

Post by El_Supremo » Thu Feb 13, 2020 9:01 am

After a few years of subpar returns and a revolving door of advisers, I’m making the move to Fidelity as a one-stop shop. Have already set up the banking part, direct deposits & bill pays, next is the retirement $$. DW and I both have managed retirement accounts at CPC which are invested in several funds, mostly JPMC. Total assets across both accounts of $1.4m.

Is there anything special I need to do at CPC before I initiate the move from the Fido side? I expect most of the funds will be sold as part of the move, do it now or let it happen in the move?

Also, will I lose our cost basis? If so, how do I preserve this?

Lastly, any fees I should expect to see by Chase? Anything else to look out for?

student
Posts: 4639
Joined: Fri Apr 03, 2015 6:58 am

Re: Move tax deferred retirement from CPC to Fidelity

Post by student » Thu Feb 13, 2020 9:09 am

You should ask Fidelity to give you a bonus. Ask them to match https://www.tdameritrade.com/offer/2500 ... gle.com%2F Also ask them to cover any account closing fee that CPC charges.

Cost basis will transfer but usually 7-10 days after the actual transfer.

Topic Author
El_Supremo
Posts: 10
Joined: Sat Nov 16, 2019 3:48 pm

Re: Move tax deferred retirement from CPC to Fidelity

Post by El_Supremo » Thu Feb 13, 2020 12:22 pm

Thanks for the heads-up on the bonus. No need to worry about liquidating any investments at CPC before making the move? Assuming Fido will know what to do?

clydewolf
Posts: 753
Joined: Tue Jul 21, 2015 12:51 pm

Re: Move tax deferred retirement from CPC to Fidelity

Post by clydewolf » Thu Feb 13, 2020 1:35 pm

If your account at CPC is a tax deferred account (IRA, 401k, etc), cost basis does not matter, it is of no importance. Unless you want to cash out the account and claim a loss.

If your account CPC is a taxable investment account then you will need the cost basis at the time you make a sale so you can determine your capital gain or loss. If you purchased your assets since about 2011 and later, when you sell, your broker is to report to you and the IRS your cost basis. However it is still the responsibility of the investor to keep track of their basis.

Post Reply