Trouble transferring mutual fund (Pershing brokerage) to index fund (Vanguard)?
I created a Roth IRA and an individual investment account through a financial advisor at First Command. I received some not great advice, and the fee was pretty high so I decided I wanted to transfer both of these accounts to Vanguard and set it and forget it. Ideally I want index funds, but both of my accounts with Pershing are mutual funds, so I just elected to transfer to whatever vanguard’s website automatically selected (it says vanguard mutual fund) It said this couldn’t be transferred “in kind” because the account types are different. I don’t see any option to “liquidate and transfer”. So I thought maybe I would just liquidate my accounts with Pershing and then (within 60 days to avoid the fee/ taxes) invest that money in vanguard. But I can’t seem to figure out how to liquidate my assets with Pershing. It was created by my First Command financial advisor. I saw him today and he said it should be easy to do online, but he never actually helped me accomplish the transfer, understandably. Am I filling out the transfer online incorrectly, or does it have to be liquidated?
Please speak like I’m a child. I don’t know financial terms.
- RichardLv 71 month ago
Call Vanguard for help on a tax-exempt rollover. They are salaried people who will not get paid commissions, and they can handle the paperwork for you. I have > $1.5 million in Vanguard, and they are very nice and gracious - plus honest!
Load funds' "advisors" are not fiduciaries: they are sales people who get paid commissions.
- EvaLv 71 month ago
You need to set up a Roth IRA with Vanguard and then do the trustee to trustee transfer of the Roth account. You'll also need to set up a regular open account with Vanguard to transfer your other assets. You should not have to liquidate your funds if they are funds that can be sold by any brokerage.
- StephenWeinsteinLv 71 month ago
If you want to transfer from a Roth, then make sure that you are transferring to a Roth. Vanguard does Roths, but you may not have clicked the right thing to tell their website that you needed to set up a Roth.
Call Vanguard. They should be able to help you.
And don't liquidate and reinvest; the risk of missing the 60 day window and being taxed is too great. Do the trustee-to-trustee transfer, even if it takes longer.
- exactdukeLv 71 month ago
Are you in the military?? RUN, RUN, RUN from 1st command. Work directly thru Vanguard. I don't know how much money you have with them (1st command), but I wouldn't give them anymore. Maybe Vanguard has some ideas. Otherwise you might need lawyer help. Did you sign paperwork (a contract) with them??
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- JudyLv 71 month ago
I'll bet that if you called Vanguard they'd help you