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Message
Transferring Roth Brokers: What to do with non-transferable assets?
Posted on 2/17/20 at 9:01 am
Posted on 2/17/20 at 9:01 am
I started the process of switching my brokerage firms last week and I got an email late last night that only a portion of my assets have been transferred into my new brokerage account. I was given the option to 1) Liquidate the assets that can't be transferred; 2) Retain the assets at the existing firm; 3) ship the security to myself; 4) Transfer the security to another financial institution.
It's about $3.5k tied up in Franklin Dynatech, Principal and a small portion T.R.P Treasury Money Fund.
I can't contact any of the brokers because they are closed for President's Day. I am assuming I will have to liquidate and put the remaining monies in the new brokerage account, correct? I am also assuming I will have to pay some sort of taxes on the earnings?
It's about $3.5k tied up in Franklin Dynatech, Principal and a small portion T.R.P Treasury Money Fund.
I can't contact any of the brokers because they are closed for President's Day. I am assuming I will have to liquidate and put the remaining monies in the new brokerage account, correct? I am also assuming I will have to pay some sort of taxes on the earnings?
2
Posted on 2/17/20 at 9:54 am to Drunken Crawfish
IANACPA, but I would
And you should not have to
as long as you are transferring from one Roth account to another.
quote:
liquidate within the original Roth account and transfer the remaining monies to the new Roth brokerage account
And you should not have to
quote:
pay some sort of taxes on the earnings
as long as you are transferring from one Roth account to another.
Posted on 2/17/20 at 10:16 am to Drunken Crawfish
Sounds like an EJ account lol. Those funds are transferable, it’s just the share class that’s being blocked.
Posted on 2/17/20 at 10:26 am to Shepherd88
quote:
Sounds like an EJ account lol.
Correct. Had a buddy who was an adviser right out of college but ended up leaving the company and decided to use that as an opportunity to make the (much recommended) switch to Vanguard.
quote:
Those funds are transferable, it’s just the share class that’s being blocked.
Is there a way around this or should I just go with PGT's advise to liquidate then transfer assets?
This post was edited on 2/17/20 at 10:27 am
Posted on 2/17/20 at 11:32 am to Drunken Crawfish
If the advisor were to “exit” the program account then you should have an automatic share conversion but it’ll take longer.
The easier way (considering this is a qualified account) is liquidate then reinvest however you see fit once the assets transfer.
The easier way (considering this is a qualified account) is liquidate then reinvest however you see fit once the assets transfer.
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