Questions about transferring RothIRA from Vanguard to Fidelity

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crazyapple11
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Questions about transferring RothIRA from Vanguard to Fidelity

Post by crazyapple11 »

Hi everyone,

I wondered whether anyone can help me on this question. I tried to transfer my RothIRA from Vanguard to Fidelity. My roth Ira has only VMFXX, Vanguard Federal Money Market Fund. I have 1000.36 shares in VMFXX.

When I initiated the process on the fidelity website, I was asked for the estimated total number of shares. However, I could not put a number with decimal. I don't want to leave fractional shares in the Vanguard account. How shall I do? just input the number 1001?

I called Fidelity twice but could not get a straight answer to solve the issue.

Any help would be greatly appreciated!
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by placeholder »

Normally there is an option for a complete transfer of the position but I don't have a fidelity account at the moment so I can't verify the exact steps.
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celia
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by celia »

It is common that when shares are transferred between accounts, the fractional part is cashed out.

How about having Fidelity ‘pull’ the entire shares instead? While you are at it, invest the assets in a stock fund so the Roth can maximize future tax-free growth. But unless there are already other assets in the destination account, you might end up with an account value that is less than the minimum needed to get into a new fund. (Most funds at Vanguard require a $3,000 minimum.)
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Wiggums
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by Wiggums »

crazyapple11 wrote: Thu Oct 21, 2021 9:22 pm Hi everyone,

I wondered whether anyone can help me on this question. I tried to transfer my RothIRA from Vanguard to Fidelity. My roth Ira has only VMFXX, Vanguard Federal Money Market Fund. I have 1000.36 shares in VMFXX.

When I initiated the process on the fidelity website, I was asked for the estimated total number of shares. However, I could not put a number with decimal. I don't want to leave fractional shares in the Vanguard account. How shall I do? just input the number 1001?

I called Fidelity twice but could not get a straight answer to solve the issue.

Any help would be greatly appreciated!
I just transferred funds to Fidelity. The number of shares os just an approximation. Everything will get moved, unless you specify otherwise.
"I started with nothing and I still have most of it left."
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Cheez-It Guy
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by Cheez-It Guy »

Also, these are money market shares (in an IRA, no less), so if they get "sold" during the process, it really doesn't matter.
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by placeholder »

celia wrote: Fri Oct 22, 2021 2:50 am It is common that when shares are transferred between accounts, the fractional part is cashed out.
True for etfs but not usually for mutual funds.
Topic Author
crazyapple11
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by crazyapple11 »

Thank you for all your replies. I just provided a approximate number and we will see how it works. Thank you again!
infotrader
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Re: Questions about transferring RothIRA from Vanguard to Fidelity

Post by infotrader »

crazyapple11 wrote: Thu Oct 21, 2021 9:22 pm Hi everyone,

I wondered whether anyone can help me on this question. I tried to transfer my RothIRA from Vanguard to Fidelity. My roth Ira has only VMFXX, Vanguard Federal Money Market Fund. I have 1000.36 shares in VMFXX.

When I initiated the process on the fidelity website, I was asked for the estimated total number of shares. However, I could not put a number with decimal. I don't want to leave fractional shares in the Vanguard account. How shall I do? just input the number 1001?

I called Fidelity twice but could not get a straight answer to solve the issue.

Any help would be greatly appreciated!
VMFXX is a cash position. They will liquidate it and transfer as cash.
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