No announcement yet.

Transfer from Raymond James

First Prev Next Last
  • Filter
  • Time
  • Show
Clear All
new posts

  • Transfer from Raymond James

    So, it's been a while since my last post. And I've learned so much through WCI blogs, Bogglehead, and couple of recommended books. I feel I was not well informed and  not educated enough to start this journey. I have Solo 401 K through Raymond James  for a year now (i'm independent contractor) which was introduced to me by my Financial Advisor. After reading this forum and bogglehead forum, I realized what a mistake I made by opening with Raymond James.Two of my best options are Vanguard and Fidelity based on what everyone say (lower rates). However, I'm a bit nervous about transferring funds from RJ to Vanguard as I'm not familiar with this whole process. I assume there is going to some fee involved by closing RJ account. Now, I need some help on this matter. What you guys suggest would be a better route ? I know i will get hit one way or other but the faster I make this process, I feel that it will benefit me in long run.


    Option one: Sell all those funds on RJ and close the account and start fresh at Vanguard

    Option 2. Call vanguard and have them initiate the transfer. Now, this is the part I'm a bit confused. since these are RJ funds, How would I be able to sell them on Vanguard and would you think to keep any of them at all.  I have too many funds with them and Now I realized in order to have a decent retirement, You do not need to have that many funds.

    BTW, These are all the funds I have with RJ, I currently have 100k with them.










    Any help here would really appreciate it.

  • #2
    Vanguard does not do rollovers. You would need to do fidelity


    • #3
      You should be able to do it all online. There should be no fee. Once money gets to fidelity it will be in a settlement fund, then you can decide how to invest it.

      As an aside, their 0 ER index funds are not available inside a solo K.


      • #4
        If you open a new Solo 401(k) at Vanguard, they will not accept the rollover of your existing RJ plan. You’ll need to go with Fidelity, if you’re going to rollover your existing Solo 401(k).

        The easiest thing to do is to find out where it’s going to cost you less in transaction fees to sell the shares, RJ or Fidelity. If it’s cheaper to sell at RJ, sell all your holdings and simply transfer the cash. If it’s cheaper to sell at Fidelity, then transfer the account in-kind and sell once the holdings arrive at Fidelity.

        The nice thing with Fidelity is they have some very inexpensive index fund options that are NTF and also have no m8nimu. Purchase amount.

        Best of luck with getting your Solo 401(k) transferred.


        • #5
          Much more nuanced answer than mine.

          I can only speak to my experience transferring accounts from Voya and John Hancock to Fidelity.

          Good luck.


          • #6
            Thank you so much for your reply. how would I know which strategy is better ? I wanna get this done without informing my FA.