Do I need to sell all my stocks before I can begin transfering my Fidelity Roth IRA to Scottrade?

Question

Or can I keep them as stocks? Fidelity charges too much for stock trades (freakin' $19.95!! Compared to Scottrade's $7)

Answer 1

No. don't sell. You will only rake up more trading fees.

Answer 2

If you only hold stocks, they can be transferred without being sold, but if you have any proprietary Fidelity mutual funds, those funds might have to be sold first. You don't have to worry about any of that. Just fill out the Scottrade account transfer form and they will take care of getting the account transferred and, if necessary, selling any mutual funds and then transferring the cash from them. The process usually takes a couple weeks.

I've never seen a fee for transferring an account IN, but most companies charge a fee for closing an account, so most likely Fidelity will keep something like $50 - $75 as an account closing fee. That will likely be deducted from any cash balance you have in the account at the time of the transfer.

Answer 3

When you change an account from one broker to another, the new broker will have a form which will tell the first broker to transfer the assets in the account. There is no need to sell anything.

First you need to set up the account with the new broker so that you have an account number. The account name should be the same on both accounts for a transfer to work -- transfers between accounts with different names complicates things.

I have done this several times and it always works, but it can take a couple of weeks to get the transfers completed.

I have TD Ameritrade and they have an account transfer form online that can be downloaded and completed. I am sure Scopttrade has something similar for transfers into their accounts.

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Answer 5

sell stocks transfering fidelity roth ira scottrade

Answer 6

no, don't sell. if you do you will incur penalties and taxes. ask scott for a transfer form. it directs fidelity to transfer all your assets, as it to the new scotts account. fidelity will probably charge you a transfer fee. find out how much it is first. before you do all that, make sure the savings is worth it--it depends on how much trading you do. fidelity charges me $8 because of my balance with them. maybe you can negotiate a lower rate if you threaten to leave. or maybe you are near a price break point.

Answer 7

They all have some excellent funds but not all of the funds at each of the companies are excellent, only some. I do not personally think that it matters which you choose. If you do choose a target date retirement fund, you will miss out on the fun of choosing which funds to invest in. Investing actually can be fun. Personally, I would rather pick my own funds and have the option of choosing whether to invest my money in foreign stocks, U S stocks, large cap, small cap, or bonds. But many young investors have a tendency to go for broke when they are picking mutual funds. Many of them did go broke as a result in 2001-2003 when their go for broke funds went broke. So picking a target date retirement fund means you leave the choice of investment allocation to someone who is not so likely to use a daring strategy. I do have one criticism of the target date funds however. They are way over allocated to U S stock holdings. To me that is extremely risky. The Vanguard 2050 is 72% U S stocks for example. Fidelity 69%. T Rowe Price 64%. Personally I think about 40% is about the maximum that should be invested in U S equities. The U S economy is not the most healthy on the face of the Earth.

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Answer 8

No, you can do a broker to broker transfer. You can find the form on Scottrade website, or call their 800 #.

Answer 9

Talk with Scottrade, here they have an actual building I can go to and talk to a real person. I think they can transfer this stuff for you, not sure, and, not sure what it may cost.

Answer 10

no. your scottrade broker will take care of everything for you,
i am a client of scottrade and i find that they are a very good company to work with.

i hope this helps you and have a great day.

buck

Answer 11

You can transfer them as-is.

I wouldn't be shocked if Fidelity charges you an account closure fee (it's fairly common).