UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Next Thread
Author: 1123Eureka Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75538  
Subject: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 1:03 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Recently I changed financial planners and decided to move my IRAs out of Fidelity. I had no problem transferring my traditional IRA, my husband's accounts and our joint accounts. However, I have been trying for almost 3 months to transfer my Roth out of Fidelity. I've been told that I hadn't sent in the correct paperwork or (after I sent everything they requested, again) that Fidelity had not received my faxes. I spent a jolly half-hour on hold to NFS yesterday. Has anyone else had this problem?
Print the post Back To Top
Author: joelxwil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45728 of 75538
Subject: Re: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 1:27 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Fidelity is very difficult to deal with. Avoid if at all possible.

Print the post Back To Top
Author: IndecisiveFool Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45729 of 75538
Subject: Re: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 1:32 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 4
Recently I changed financial planners and decided to move my IRAs out of Fidelity. I had no problem transferring my traditional IRA, my husband's accounts and our joint accounts. However, I have been trying for almost 3 months to transfer my Roth out of Fidelity. I've been told that I hadn't sent in the correct paperwork or (after I sent everything they requested, again) that Fidelity had not received my faxes. I spent a jolly half-hour on hold to NFS yesterday. Has anyone else had this problem?

I think you are attacking this problem at the wrong end. You should be enlisting the help of your new IRA provider to get the transfer completed. When I transferred my Roth IRA from TDWaterhouse to Scottrade, I initiated all the paperwork at Scottrade. I never contacted TDWaterhouse.

IF


Print the post Back To Top
Author: jrr7 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45730 of 75538
Subject: Re: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 1:37 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I was in a similar situation once.

You should contact the SEC and NASD and file an investor complaint. This was what finally worked for me.

http://www.sec.gov/complaint.shtml
[n.b. click on the "problem with a broker" link, not the "401k retirement plan" link]

https://apps.nasd.com/Investor_Information/complaints/complaintCenter.asp

Of course you should be documenting every contact you have with Fidelity, using a traceable mailing method, etc.

For more information about getting things to happen check out this board:
http://boards.fool.com/Messages.asp?bid=112920

Print the post Back To Top
Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45732 of 75538
Subject: Re: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 2:03 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 8
joelxwil wrote "Fidelity is very difficult to deal with. Avoid if at all possible."


I couldn't disagree more. I've had accounts with Fidelity since 1980 - both taxable and IRA. They have been excellent to work with. If I had questions, the reps were always able to answer them. If I explained what I wanted to do, they always found a way to do it. And things that I thought might be complicated, they handled with ease.

My experiences with Vanguard, OTOH, have not always been so good. They've made some mistakes. Some serious, like the $200K that disappeared for a few days. Some potentially serious, like the exchange which the rep promised would execute on the day I specified but was actually executed several days early. His boss later informed me that he should never have told me I could specify the date of execution. Fortunately the price movement worked in my favor on that one.

Still have accounts with both firms, but if I had to choose it would be Fidelity by a wide margin.



Print the post Back To Top
Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45734 of 75538
Subject: Re: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 2:52 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I too have been with Fidelity for years. Generally they do very well. But its not the same as having a personal broker.

They are a large organization. They are honest. They train their people quite well, but some are a bit better than others. Sometimes it takes a bit of patience, but usually they are very helpful.

Print the post Back To Top
Author: gogreengo Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45739 of 75538
Subject: Re: Why won't Fidelity transfer my Roth IRA? Date: 4/22/2005 4:21 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
One time when I was trying to transfer my old 401k money to a new Fidelity IRA, the check got "lost" at Fidelity. Turns out it was sent to the Fidelity 401k (or institutional retirement) department, rather than the individual investors department. Maybe something to ask about, as your paperwork could have gone to the wrong department?

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Next Thread
Advertisement