moving stock/irs from Wells Fargo

[nswef]

I need some advice. We've had stocks and IRAs with Wells Fargo since 2011 -we liked the agent and felt comfortable. Well, they (2) have partnered up to form a new financial group. We got an email and letter, but have heard nothing since. I did email, but again nothing. I am hopeless with stock, hate dealing with all of it so tend to just let it sit wherever it is. We are 72, comfortable but looking to the future, whatever that might be. Any ideas of what to do with it all? Leave it in Wells Fargo, go with the new group if I can get communication-although I find that uncomfortable unless there is some legal reason they aren't responding-Ill try again or take it all out and move it somewhere else. We have money in Ally and Capital One. Thanks all.

[SteveinMN]

Any ideas of what to do with it all?

You have to trust your financial advisers. If you no longer trust WF for whatever reason (even if that's that you've fallen through the cracks and they haven't figured it out yet) then you should move your money elsewhere.

Some of your choices depend on how much you have to move and how much help you want managing it once the transfer is done. DW and I are in the process of consolidating our various work-related 401(k)s and IRAs to Vanguard. I like that they're a wide-spectrum investment firm and I do believe that low expenses make a big difference in how much of your money you get to keep every year. I also have no problem picking where the money goes and directing our investments.

The Ameriprises and Edward Joneses of the world are very nice and "high-touch" and some people appreciate that level of hand-holding a great deal. Not to knock them. It's the difference between shopping at Publix or Wegman's or shopping at Aldi. I prefer efficiency. The poinsettia at Christmas is nice, but with lower expense ratios and fees, I can buy my own poinsettia, thanks.

At any financial level, Vanguard staff will be happy to help initiate transfers of your money (though IL has had some experience that shows who they're retrieving it from can still be a pain). If you're bringing over enough money, you can get a session or two or (with enough) an assignment of a Vanguard advisor who can fill whatever role WF did. If, for some reason, you're not a fan of Vanguard, Fidelity and Schwab (which just purchased TD Ameritrade) are competitors and should offer you simiar services.

[iris lilies]

Our Wells Fargo guy left his old group and formed a new partnership couple years ago, but he Is still tied to Wells Fargo. He is very active at outreach. He wants to meet with us quarterly. That is too often for me and I just let he and DH blather on in their meetings that are now zoom meetings.


I cannot imagine emailing him and not getting an answer within 48 hours. Non-responsiveness is a serious problem.

[iris lilies]

You have to trust your financial advisers. If you no longer trust WF for whatever reason (even if that's that you've fallen through the cracks and they haven't figured it out yet) then you should move your money elsewhere.

Some of your choices depend on how much you have to move and how much help you want managing it once the transfer is done. DW and I are in the process of consolidating our various work-related 401(k)s and IRAs to Vanguard. I like that they're a wide-spectrum investment firm and I do believe that low expenses make a big difference in how much of your money you get to keep every year. I also have no problem picking where the money goes and directing our investments.

The Ameriprises and Edward Joneses of the world are very nice and "high-touch" and some people appreciate that level of hand-holding a great deal. Not to knock them. It's the difference between shopping at Publix or Wegman's or shopping at Aldi. I prefer efficiency. The poinsettia at Christmas is nice, but with lower expense ratios and fees, I can buy my own poinsettia, thanks.

At any financial level, Vanguard staff will be happy to help initiate transfers of your money (though IL has had some experience that shows who they're retrieving it from can still be a pain). If you're bringing over enough money, you can get a session or two or (with enough) an assignment of a Vanguard advisor who can fill whatever role WF did. If, for some reason, you're not a fan of Vanguard, Fidelity and Schwab (which just purchased TD Ameritrade) are competitors and should offer you simiar services.

oh yeah, there was a process to get my money out from the clutches of Transamerica. Icing on the cake was that they kept more than $2000 as that batch of money exited over to Vanguard. When I called to ask why, it had something to do with interest that I oweD them and blah blah blah and blah blah blah. Eyeroll. Whatever.

I would sincerely hope that getting money out of Wells Fargo to give to another company would not be as onerous a task. I recently did send my Wells Fargo broker an email saying hey I need $65,000 to pay cash for a condo, and he acted within 48 hours to get it into my bank account. So, I consider that to be good service.edited to add: at our direction, he sold some investments across the board.

[Rogar]

I would transfer it all to Fidelity. They have excellent customer service in my experiences with transferring IRAs and investing advice. I would also think any management fees are lower than Wells Fargo. I suspect they would be able to get you started with a phone call. That's my humble opinion. Over the years I've moved IRA funds from Vanguard and a bank all to Fidelity and in one instance helped very much with a difficult transfer.

[Tybee]

I would make appointments and talk to them at Schwab, Fidelity, and Vanguard, and see which offers the most and appeals the most. Supposedly, Vanguard has lowest fees, but supposedly, Fidelity has better customer service. I've been pretty happy with Schwab service and less so with Fidelity, but you really can learn a lot from each one you talk to.

[nswef]

Thanks so much for the advice. It's good to read about other people's experiences. I do like having everything in one place-it helped tremendously when my mother died. That's our next big step- organizing for when we die...I'll put that question up on another thread!

[iris lilies]

My household currently has three brokerage accounts and two bank accounts. I don’t think will ever be able to get down to less than two brokerage accounts. We should be able to get to one bank account. So, we can go from five accounts to three but will probably die with three.


Plus there’s individual stocks that DH owns. Oh I forgot, He also has interest in two other Edward Jones accounts that are tied to his father’s estate, and those Ed Jones accounts are different than our own household Jones account.


We still have too many damn accounts.

[nswef]

Yes, Iris, I agree and keep trying to cut down the accounts...not doing real well. However, Tadd called yesterday first thing after getting my email and I am staying with them. They were disillusioned with Wells Fargo- It didn't provide the individual contact that he and partner wanted. They had started at the brokerage when it was small- before Wells fargo bought them out. Transferring will be done by them, paid for by them and I just have to sign stuff. I am relieved because I do trust them. Now to move on to those other end of life tasks. Thanks again, folks.

[Tybee]

Yes, Iris, I agree and keep trying to cut down the accounts...not doing real well. However, Tadd called yesterday first thing after getting my email and I am staying with them. They were disillusioned with Wells Fargo- It didn't provide the individual contact that he and partner wanted. They had started at the brokerage when it was small- before Wells fargo bought them out. Transferring will be done by them, paid for by them and I just have to sign stuff. I am relieved because I do trust them. Now to move on to those other end of life tasks. Thanks again, folks.

That's great news to hear. If you are happy with them, you should stick with them.