Transfer from Capital Group (American Funds) to another brokerage

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exodusNH
Posts: 1426
Joined: Wed Jan 06, 2021 8:21 pm

Transfer from Capital Group (American Funds) to another brokerage

Post by exodusNH »

I have a modest taxable account with Capital Group (American Funds) that was the result of my relationship with Northwestern Mutual.

I just tried an account transfer with Vanguard's site. It said that the account wasn't able to be transferred. (It was showing the account as Miscellaneous with the correct balance -- i.e., it was reading the account details OK.)

There's nothing crazy in the account.

Class A shares that I bought in 2019 before I knew better:

AMCAP Fund (AMCPX)
EuroPacific Growth Fund (AEPGX)
The Investment Company of America (AIVSX)
New World Fund (NEWFX)
SMALLCAP World Fund (SMCWX)

And the same set of funds that I bought in 2004/2005, originally as C class shares that auto-converted to F1:

AMCAP Fund (AMPFX)
EuroPacific Growth Fund (AEGFX)
The Investment Company of America (AICFX)
New World Fund (NWFFX)
SMALLCAP World Fund (SCWFX)

Vanguard lists the class A shares as available for transfer, but not for purchasing. The F1 shares can actually be bought through Vanguard.

Capital Group's site doesn't let you add a bank account without mailing in a form(!). I was looking to turn off dividend reinvestment and be able to control when I get out of the funds.

Does anyone know if this is an issue just with the automated process or something that prevents this type of account from getting transferred? Any thoughts about getting it into Fidelity? I don't have a relationship with them, but am considering opening an HSA with them. (My company switched to a HDHP this in August and so I won't fill up the max with the normal payroll deductions since they need to be evenly spread over the 25-27 pay periods. The goal would then to repeatedly roll out of my employer HSA into the Fidelity HSA since the options in the employer HSA are garbage.)
livesoft
Posts: 78217
Joined: Thu Mar 01, 2007 8:00 pm

Re: Transfer from Capital Group (American Funds) to another brokerage

Post by livesoft »

If this happened to me, then I would be making some phone calls to get answers.
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Topic Author
exodusNH
Posts: 1426
Joined: Wed Jan 06, 2021 8:21 pm

Re: Transfer from Capital Group (American Funds) to another brokerage

Post by exodusNH »

livesoft wrote: Wed Nov 24, 2021 4:42 pm If this happened to me, then I would be making some phone calls to get answers.
I was hoping to avoid phone calls; they're terrible. :happy I was just curious if anyone here had tried this particular type of transfer before.
nalor511
Posts: 2241
Joined: Mon Jul 27, 2015 1:00 am

Re: Transfer from Capital Group (American Funds) to another brokerage

Post by nalor511 »

You might have better luck with Fidelity and Schwab, at least you'll have someone you can ask about the status...
prd1982
Posts: 745
Joined: Sun Jan 08, 2017 4:43 pm

Re: Transfer from Capital Group (American Funds) to another brokerage

Post by prd1982 »

I’ve moved Ira accounts without any problems. They were class A. I would give them a call when they first open on Tuesday-Thursday. I realize this could be early for you if on the west coast, but the hold time is usually a lot less. I tried the online method but it wanted me to mail in forms. So I called them, and VG was able to handle everything without mailing in paperwork.


As for picking a different firm, I would suggest picking which one you want to use, rather than which one is easiest for the 1-time migration.
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