Moving accounts with VSMGX to Fidelity/Schwab

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Topic Author
harrad
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Joined: Mon Sep 29, 2014 6:50 am

Moving accounts with VSMGX to Fidelity/Schwab

Post by harrad »

The loss of the message center in the vanguard website has forced me to consider moving out IRAs and investment brokerage to either Fidelity or Schwab.

All of our accounts have assets in VSMGX. I don’t believe there is an option to convert this to an ETF before moving. While I could sell and buy other ETFs in our IRAs, the significant gains in our general investment brokerage is giving me pause.

During my chat with the Schwab rep, he did mention that one could hold VSMGX there but I suspect we would be hit with fees when repurchasing dividend or capital gain distributions.

Would appreciate any suggestions on getting this done with minimal tax consequences.
Nummerkins
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by Nummerkins »

I have seen more than 1 person mention that Schwab waived all fees for transactions of Vanguard funds depending on their balance. Call and ask.
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livesoft
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by livesoft »

I haven't seen anywhere that reinvestment of mutual fund distributions creates an extra fee or commission. Why not check that out for yourself?
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nalor511
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by nalor511 »

You can hold most funds at Schwab, start a transfer and see. No fees for DRIP, no fees for transfer IN, but Schwab has a $50/acct transfer OUT fee
Topic Author
harrad
Posts: 118
Joined: Mon Sep 29, 2014 6:50 am

Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by harrad »

Thank you all. I appreciate the replies. I have scheduled a call with a rep from Schwab on Monday to begin moving.
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beyou
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by beyou »

Please keep moving those accounts to Schwab and Fidelity.
Less competition when other Vanguard clients call in for help ;-)
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Gort
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by Gort »

harrad wrote: Sat Jul 31, 2021 2:39 pm The loss of the message center in the vanguard website has forced me to consider moving out IRAs and investment brokerage to either Fidelity or Schwab.

All of our accounts have assets in VSMGX. I don’t believe there is an option to convert this to an ETF before moving. While I could sell and buy other ETFs in our IRAs, the significant gains in our general investment brokerage is giving me pause.

During my chat with the Schwab rep, he did mention that one could hold VSMGX there but I suspect we would be hit with fees when repurchasing dividend or capital gain distributions.

Would appreciate any suggestions on getting this done with minimal tax consequences.
How often did you use the Message Center? How helpful did you find it and wouldn't there be another way to contact Vanguard if needed?
nalor511
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by nalor511 »

beyou wrote: Sat Jul 31, 2021 3:10 pm Please keep moving those accounts to Schwab and Fidelity.
Less competition when other Vanguard clients call in for help ;-)
Until they remove the phone support!
Topic Author
harrad
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Joined: Mon Sep 29, 2014 6:50 am

Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by harrad »

How often did you use the Message Center? How helpful did you find it and wouldn't there be another way to contact Vanguard if needed?
The last time I used the message feature was a few years back and liked it as I could afford to wait a day for reply. Granted I could always when needed, the long wait times are a turn-off. My principal worry is that in case of an urgent situation, I would be stuck on the phone with long wait times and no convenient way to reach a rep.

I found the need to reach a rep especially important in other areas like phone, internet and other banking services. All of them have a chat service which is convenient and it is a shame Vanguard does not offer this.

Both Schwab and Fidelity have local offices in our area which makes it very convenient.
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beyou
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Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by beyou »

nalor511 wrote: Sat Jul 31, 2021 3:21 pm
beyou wrote: Sat Jul 31, 2021 3:10 pm Please keep moving those accounts to Schwab and Fidelity.
Less competition when other Vanguard clients call in for help ;-)
Until they remove the phone support!
Smoke signals next ?
Pony express for Flagship ?
nalor511
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Joined: Mon Jul 27, 2015 1:00 am

Re: Moving accounts with VSMGX to Fidelity/Schwab

Post by nalor511 »

beyou wrote: Sat Jul 31, 2021 4:32 pm
nalor511 wrote: Sat Jul 31, 2021 3:21 pm
beyou wrote: Sat Jul 31, 2021 3:10 pm Please keep moving those accounts to Schwab and Fidelity.
Less competition when other Vanguard clients call in for help ;-)
Until they remove the phone support!
Smoke signals next ?
Pony express for Flagship ?
Exactly. I was a bit VG fan for a long time, and referred a couple flagships worth. No longer.
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