Can I Bring Admiral Funds With Me to Schwab?

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Jimmbo
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Can I Bring Admiral Funds With Me to Schwab?

Post by Jimmbo »

I need to shift all my Vanguard funds and Vanguard-held equities to Schwab.

Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?

Also...are there any threads here or resources out there about the pitfalls of doing such a transfer? I've been with Vanguard for, Jesus, forty years, so this is a bit traumatic, but I'm moving to Portugal and Vanguard is weird about clients resident overseas, while Schwab just recently announced full-fledged support (within legal constraints) for Portuguese ex-pats. This is not the international form, so I'm not inviting discussion of this, just explaining my reasons for shifting to Schwab
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leonidas
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by leonidas »

I had an account with Wells Fargo that had 2 admiral funds. I called to confirm the transferability to Schwab. They told me I could transfer them but I was unable to add to my balances. I could reinvest the dividend and cap gains though. It seems that admiral funds are only available to client with higher balances than I currently have.
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cockersx3
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by cockersx3 »

Jimmbo wrote: Mon Oct 03, 2022 7:08 pm I need to shift all my Vanguard funds and Vanguard-held equities to Schwab.

Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?

Also...are there any threads here or resources out there about the pitfalls of doing such a transfer? I've been with Vanguard for, Jesus, forty years, so this is a bit traumatic, but I'm moving to Portugal and Vanguard is weird about clients resident overseas, while Schwab just recently announced full-fledged support (within legal constraints) for Portuguese ex-pats. This is not the international form, so I'm not inviting discussion of this, just explaining my reasons for shifting to Schwab
Is there any reason why you wouldn't just convert the Vanguard funds to their ETF equivalents, and then transfer the ETF's to Schwab? ETF expenses are comparable with Admiral funds I believe. I know this is possible, as I did something similar last year (moved from Vanguard to Fidelity) and it was pretty painless. Believe Schwab charges for purchases of additional Vanguard mutual funds in their brokerage accounts, but believe they (like Fidelity) do not charge for ETF purchases.
sc9182
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by sc9182 »

ETFs nearly killing most of the mutual-funds (including Admiral-class with Flagship status) with their convenience, ultra-low expense ratios, portability and ZERO commissions at most places. Convert Admiral shares to corresponding ETFs and move-on.

Better yet, ZERO expense ratio Freedom funds make the investing even cheaper/free (although only at Fidelity)

Didn't have a single mutual funds nearly in the last 20 years on brokerage and IRA etc accounts - and very happy. (except for 401K types, which you are forced to choose).
sycamore
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by sycamore »

Jimmbo wrote: Mon Oct 03, 2022 7:08 pm Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?
I don't know for sure but it might help if you list the names of the funds you own

The index funds have both Investor and Admiral share classes.

Vanguard's active funds may have Investor only, Admiral only, or both classes. It all depends on the fund.
Random Poster
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by Random Poster »

sc9182 wrote: Mon Oct 03, 2022 8:20 pm ETFs nearly killing most of the mutual-funds (including Admiral-class with Flagship status) with their convenience, ultra-low expense ratios, portability and ZERO commissions at most places. Convert Admiral shares to corresponding ETFs and move-on.

Better yet, ZERO expense ratio Freedom funds make the investing even cheaper/free (although only at Fidelity)

Didn't have a single mutual funds nearly in the last 20 years on brokerage and IRA etc accounts - and very happy. (except for 401K types, which you are forced to choose).
I’m not sure that every Admiral fund has an ETF equivalent.

Regardless, to the OP, I have Vanguard’s intermediate term tax exempt bond fund, admiral share class.

Schwab accepted it, but I can’t add to it (other than through interest reinvestment). If I wanted to buy more of the same fund at Schwab using non-reinvestment monies, I’d have to buy the investor share class of it.
Most experiences are better imagined.
AlohaJoe
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by AlohaJoe »

Jimmbo wrote: Mon Oct 03, 2022 7:08 pm Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?
Why don't you call and ask them? They will be able to answer this better than we can.
Average Investor
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by Average Investor »

I brought my Admiral funds to Schwab last year and negotiated a fee waiver amongst other things.

When making a trade at Schwab the fee either gets added to the trade amount (you need extra funds available) or the trade amount is reduced by the amount of the fee. In either case, I have to ask to have the fee removed following the trade.

if I had to do it all over again I would convert to ETFs at Vanguard first before transferring the account.
Tomorrow never knows.
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jeffyscott
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by jeffyscott »

They can most likely be transferred. If they are managed funds, then you will likely not be able to buy more admiral shares. Index funds have only admiral, so those you would be able to buy with a transaction fee (unless you get a waiver).

"Schwab Information Thread with FAQ, Links, Tips and Q&A", may be of interest:
viewtopic.php?t=355173
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jeffyscott
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by jeffyscott »

Average Investor wrote: Mon Oct 03, 2022 8:56 pm I brought my Admiral funds to Schwab last year and negotiated a fee waiver amongst other things.

When making a trade at Schwab the fee either gets added to the trade amount (you need extra funds available) or the trade amount is reduced by the amount of the fee. In either case, I have to ask to have the fee removed following the trade.
That's odd, it doesn't work that way for me. I do have to check one of the boxes, but the transaction fee shown is $0, just as it appears in the screenshot that galawdawg posted, here:
viewtopic.php?p=6162588&hilit=Transaction#p6162588
nalor511
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by nalor511 »

I have the fee waiver. Convert to ETF before you leave vanguard, ETFs are much smoother at Schwab than are Admiral funds
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Jimmbo
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by Jimmbo »

AlohaJoe wrote: Mon Oct 03, 2022 8:39 pm
Jimmbo wrote: Mon Oct 03, 2022 7:08 pm Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?
Why don't you call and ask them? They will be able to answer this better than we can.
Would I call Vanguard or Schwab? I really don’t understand this process!
Topic Author
Jimmbo
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by Jimmbo »

Random Poster wrote: Mon Oct 03, 2022 8:27 pm
Schwab accepted it, but I can’t add to it (other than through interest reinvestment).
As a foreign resident, I’d be under the same restriction for any mutual fund.
AlohaJoe
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by AlohaJoe »

Jimmbo wrote: Mon Oct 03, 2022 11:47 pm
AlohaJoe wrote: Mon Oct 03, 2022 8:39 pm
Jimmbo wrote: Mon Oct 03, 2022 7:08 pm Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?
Why don't you call and ask them? They will be able to answer this better than we can.
Would I call Vanguard or Schwab? I really don’t understand this process!
Call Schwab.
bondsr4me
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by bondsr4me »

Random Poster wrote: Mon Oct 03, 2022 8:27 pm
sc9182 wrote: Mon Oct 03, 2022 8:20 pm ETFs nearly killing most of the mutual-funds (including Admiral-class with Flagship status) with their convenience, ultra-low expense ratios, portability and ZERO commissions at most places. Convert Admiral shares to corresponding ETFs and move-on.

Better yet, ZERO expense ratio Freedom funds make the investing even cheaper/free (although only at Fidelity)

Didn't have a single mutual funds nearly in the last 20 years on brokerage and IRA etc accounts - and very happy. (except for 401K types, which you are forced to choose).
I’m not sure that every Admiral fund has an ETF equivalent.

Regardless, to the OP, I have Vanguard’s intermediate term tax exempt bond fund, admiral share class.

Schwab accepted it, but I can’t add to it (other than through interest reinvestment). If I wanted to buy more of the same fund at Schwab using non-reinvestment monies, I’d have to buy the investor share class of it.
+1
this is the same for me…I transferred Wellesley Admiral shares to Schwab and they accepted them.
I just can’t buy anymore Admiral shares thru Schwab, but I don’t intend to add more shares anyway.
sycamore
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by sycamore »

AlohaJoe wrote: Tue Oct 04, 2022 2:35 am
Jimmbo wrote: Mon Oct 03, 2022 11:47 pm
AlohaJoe wrote: Mon Oct 03, 2022 8:39 pm
Jimmbo wrote: Mon Oct 03, 2022 7:08 pm Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?
Why don't you call and ask them? They will be able to answer this better than we can.
Would I call Vanguard or Schwab? I really don’t understand this process!
Call Schwab.
And if you don't like calling, Schwab has an online chat feature. As noted in the Schwab information thread:
Any customer or prospective customer can reach Schwab by live chat, 24/7: https://www.schwab.com/contact-us#0
mkc
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by mkc »

sycamore wrote: Tue Oct 04, 2022 7:35 am
AlohaJoe wrote: Tue Oct 04, 2022 2:35 am
Jimmbo wrote: Mon Oct 03, 2022 11:47 pm
AlohaJoe wrote: Mon Oct 03, 2022 8:39 pm
Jimmbo wrote: Mon Oct 03, 2022 7:08 pm Big question: can I retain my "Admiral" funds (with especially low expenses, offered to Flagship customers)? Or do I need to revert to the non-Admiral version of the fund?
Why don't you call and ask them? They will be able to answer this better than we can.
Would I call Vanguard or Schwab? I really don’t understand this process!
Call Schwab.
And if you don't like calling, Schwab has an online chat feature. As noted in the Schwab information thread:
Any customer or prospective customer can reach Schwab by live chat, 24/7: https://www.schwab.com/contact-us#0
I found the online chat to be limited in what they could answer regarding transferring in certain funds. The chat agent insisted I needed to speak to a "registered investment consultant" about this and tried to push me to give my contact information so one could "reach out" to me.
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jeffyscott
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by jeffyscott »

sycamore wrote: Tue Oct 04, 2022 7:35 am And if you don't like calling, Schwab has an online chat feature. As noted in the Schwab information thread:
Or just go to the fund screener and put in the ticker, then look on the "fund facts & fees" tab. If it says "institutional only", then you can transfer and hold it, but not buy more.

For example, Wellesley Admiral: https://www.schwab.com/research/mutual- ... fees/vwiax

OTOH, if it says "open" then you would be able to buy more (subject to transaction fees).
For example, total stock admiral (VTSAX): https://www.schwab.com/research/mutual- ... fees/vtsax
Average Investor
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Re: Can I Bring Admiral Funds With Me to Schwab?

Post by Average Investor »

jeffyscott wrote: Mon Oct 03, 2022 10:09 pm
Average Investor wrote: Mon Oct 03, 2022 8:56 pm I brought my Admiral funds to Schwab last year and negotiated a fee waiver amongst other things.

When making a trade at Schwab the fee either gets added to the trade amount (you need extra funds available) or the trade amount is reduced by the amount of the fee. In either case, I have to ask to have the fee removed following the trade.
That's odd, it doesn't work that way for me. I do have to check one of the boxes, but the transaction fee shown is $0, just as it appears in the screenshot that galawdawg posted, here:
viewtopic.php?p=6162588&hilit=Transaction#p6162588
Thanks for the datapoint. The transaction fee set up described above may be different for my accounts because they are third-party provider 401(k) accounts.

I am the trustee for my parents’ taxable Schwab brokerage account and I just now recalled that the transaction fee set up appears to be identical to yours.

Thank you.
Tomorrow never knows.
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