Where to move $ after Vanguard?

[Anonymous]

Anonymous wrote:I was a vanguard solo 402k that moved to ascensus. I have spent 6 weeks and over 20 hours on phone calls and in research trying to get my money from ascensus to fidelity. It has been an evolving nightmare and according to fidelity (and vanguard…because I had to call them once too) this is happening to everyone. It sounds like fidelity (and maybe other firms) finally got ascensus to play by basic rules, like using a transfer form but it is still a crapshoot if the check comes to you or the new place. Anyway, if you are just starting it hopefully won’t be as traumatizing, but I definitely lost it after so many frustrating, crazy calls with ascensus. At one point I seriously questioned if I needed to hire a lawyer. More than anything it exposed how shoddy their operations are and frankly it came across as deceitful in some ways. I am glad to (hopefully) get my money out soon. Fingers crossed.

Anyway, if you call fidelity to switch, they are well aware of the issue and super kind in trying to help. I hope the NYT does an article on this because it has been rather spectacular.

Are you serious about them sending a check and not rolling the money over to wherever I want it. And 20 hrs in the phone. What a nightmare.

This is OP and I wonder if you have any tips or insights or suggestions to share to help me have a less timely and more productive experience? Like who to call? What extension? What to say etc. I would be so grateful if you have alternatives that you’ve learned on your journey? Thank you!

Just reread. So sounds like fidelity might be able to help if I call them first? Again open to your insight. Sorry you and many others have dealt with this. There is a place where you can submit article ideas to the NYT.

[Anonymous]

Do not move to Fidelity, at least not for now. Google it. EFT takes 16 business days to clear. They changed the policy and did not make an announcement.

[Anonymous]

Anonymous wrote:Do not move to Fidelity, at least not for now. Google it. EFT takes 16 business days to clear. They changed the policy and did not make an announcement.

I don’t care that it takes 16 days to deposit a check I don’t think. The issue is why is a darn check being mailed in 2024 rather than an electric transfer? I living in an apartment in Bethesda (newly divorced) and don’t get my mail half the time. Another issue I’m working on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was a vanguard solo 402k that moved to ascensus. I have spent 6 weeks and over 20 hours on phone calls and in research trying to get my money from ascensus to fidelity. It has been an evolving nightmare and according to fidelity (and vanguard…because I had to call them once too) this is happening to everyone. It sounds like fidelity (and maybe other firms) finally got ascensus to play by basic rules, like using a transfer form but it is still a crapshoot if the check comes to you or the new place. Anyway, if you are just starting it hopefully won’t be as traumatizing, but I definitely lost it after so many frustrating, crazy calls with ascensus. At one point I seriously questioned if I needed to hire a lawyer. More than anything it exposed how shoddy their operations are and frankly it came across as deceitful in some ways. I am glad to (hopefully) get my money out soon. Fingers crossed.

Anyway, if you call fidelity to switch, they are well aware of the issue and super kind in trying to help. I hope the NYT does an article on this because it has been rather spectacular.

Are you serious about them sending a check and not rolling the money over to wherever I want it. And 20 hrs in the phone. What a nightmare.

This is OP and I wonder if you have any tips or insights or suggestions to share to help me have a less timely and more productive experience? Like who to call? What extension? What to say etc. I would be so grateful if you have alternatives that you’ve learned on your journey? Thank you!

Just reread. So sounds like fidelity might be able to help if I call them first? Again open to your insight. Sorry you and many others have dealt with this. There is a place where you can submit article ideas to the NYT.

Yes. It seriously took that long. But part of that was that ascensus was not cooperative on certain procedures and I had to negotiate a lot back and forth to get things worked out with fidelity and kind of act as my own lawyer (lots of research) on what all the ridiculous as census processes really meant. Only then did I find out that fidelity had gotten ascensus to change its process (somewhat) to fit a more typical rollover arrangement. Even then fidelity said it has been a bit of a crapshoot in how adcensus complies. This is all to say, if you call now, I think you might have an easier time. But honestly, if I were you, I’d just get my money out of there. I felt good about working with vanguard. I feel good about working with fidelity. Ascensus has felt like a fly-by-night operation in comparison. Not a place I want holding lots of my money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was a vanguard solo 402k that moved to ascensus. I have spent 6 weeks and over 20 hours on phone calls and in research trying to get my money from ascensus to fidelity. It has been an evolving nightmare and according to fidelity (and vanguard…because I had to call them once too) this is happening to everyone. It sounds like fidelity (and maybe other firms) finally got ascensus to play by basic rules, like using a transfer form but it is still a crapshoot if the check comes to you or the new place. Anyway, if you are just starting it hopefully won’t be as traumatizing, but I definitely lost it after so many frustrating, crazy calls with ascensus. At one point I seriously questioned if I needed to hire a lawyer. More than anything it exposed how shoddy their operations are and frankly it came across as deceitful in some ways. I am glad to (hopefully) get my money out soon. Fingers crossed.

Anyway, if you call fidelity to switch, they are well aware of the issue and super kind in trying to help. I hope the NYT does an article on this because it has been rather spectacular.

Are you serious about them sending a check and not rolling the money over to wherever I want it. And 20 hrs in the phone. What a nightmare.

This is OP and I wonder if you have any tips or insights or suggestions to share to help me have a less timely and more productive experience? Like who to call? What extension? What to say etc. I would be so grateful if you have alternatives that you’ve learned on your journey? Thank you!

Just reread. So sounds like fidelity might be able to help if I call them first? Again open to your insight. Sorry you and many others have dealt with this. There is a place where you can submit article ideas to the NYT.

Yes. It seriously took that long. But part of that was that ascensus was not cooperative on certain procedures and I had to negotiate a lot back and forth to get things worked out with fidelity and kind of act as my own lawyer (lots of research) on what all the ridiculous as census processes really meant. Only then did I find out that fidelity had gotten ascensus to change its process (somewhat) to fit a more typical rollover arrangement. Even then fidelity said it has been a bit of a crapshoot in how adcensus complies. This is all to say, if you call now, I think you might have an easier time. But honestly, if I were you, I’d just get my money out of there. I felt good about working with vanguard. I feel good about working with fidelity. Ascensus has felt like a fly-by-night operation in comparison. Not a place I want holding lots of my money.

OP again. Thank you again. Good luck to us all!

[Anonymous]

There was a recent thread about this

[Anonymous]

Vanguard really f#cked over all these solo 401K holders, maybe of which are HNW small biz owners.

Even if the margins were not great, Vanguard really ruined their reputation. This might explain why Vanguard has a new CEO.

[Anonymous]

Can someone explain why the cost of operating a solo 401K would be any different from operating a brokerage account for Vanguard? I have a Solo at TDAmeritrade and apart from rare updates to the agreement, I don't see why they would have to expend extra effort to manage that account vs. my brokerage account.

[Anonymous]

Anonymous wrote:Can someone explain why the cost of operating a solo 401K would be any different from operating a brokerage account for Vanguard? I have a Solo at TDAmeritrade and apart from rare updates to the agreement, I don't see why they would have to expend extra effort to manage that account vs. my brokerage account.

Maybe the tax compliance costs?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can someone explain why the cost of operating a solo 401K would be any different from operating a brokerage account for Vanguard? I have a Solo at TDAmeritrade and apart from rare updates to the agreement, I don't see why they would have to expend extra effort to manage that account vs. my brokerage account.

Maybe the tax compliance costs?

Still piss poor. Just left us twisting in the breeze.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was a vanguard solo 402k that moved to ascensus. I have spent 6 weeks and over 20 hours on phone calls and in research trying to get my money from ascensus to fidelity. It has been an evolving nightmare and according to fidelity (and vanguard…because I had to call them once too) this is happening to everyone. It sounds like fidelity (and maybe other firms) finally got ascensus to play by basic rules, like using a transfer form but it is still a crapshoot if the check comes to you or the new place. Anyway, if you are just starting it hopefully won’t be as traumatizing, but I definitely lost it after so many frustrating, crazy calls with ascensus. At one point I seriously questioned if I needed to hire a lawyer. More than anything it exposed how shoddy their operations are and frankly it came across as deceitful in some ways. I am glad to (hopefully) get my money out soon. Fingers crossed.

Anyway, if you call fidelity to switch, they are well aware of the issue and super kind in trying to help. I hope the NYT does an article on this because it has been rather spectacular.

I spoke to Ascensus about this the other day, and they said that I need to terminate myself as an "employee" (which is a fiction, because I am a solo, but whatever), and then initiate a rollover. I will receive a check made out to Fidelity, which I then have to mail to Fidelity within 60 days. It will be deposited in to a rollover IRA, and I will then move it to a new solo 401k that I set up with Fidelity. It seems to make sense to me, but I will call Fidelity to confirm before I start the process.

They said that because it's easiest for them. There is a thread on boggleheads. Your plan documents allow you to fire them as administrator and replace them. If you go through the formal process, they have to comply

[Anonymous]

Anonymous wrote:Can someone explain why the cost of operating a solo 401K would be any different from operating a brokerage account for Vanguard? I have a Solo at TDAmeritrade and apart from rare updates to the agreement, I don't see why they would have to expend extra effort to manage that account vs. my brokerage account.

ERISA compliance

[Anonymous]

Folks, Ascensus now has a brand new form to use for those who want to transfer their funds to a different custodian.

You need to call Ascensus and ask for the plan transfer/deconversion form. This form should allow us to keep our plan active and transfer the funds to a new provider. Unfortunately, you might need to call a few times because a lot of the ascensus reps have no idea what they are talking about and will still tell you to process it as a termination and rollover. This should not be a rollover because rollovers entail moving funds to a different plan altogether, which is probably not what want to do.

This has been a PITA but I have a glimmer of hope that the new form will work.

But before completing this form, you need to fill out plan adoption paperwork with Fidelity or whoever your new provider will be. Be sure that it is an adoption/amendment/restatement and not a new plan.

[Anonymous]

Anonymous wrote:Folks, Ascensus now has a brand new form to use for those who want to transfer their funds to a different custodian.

You need to call Ascensus and ask for the plan transfer/deconversion form. This form should allow us to keep our plan active and transfer the funds to a new provider. Unfortunately, you might need to call a few times because a lot of the ascensus reps have no idea what they are talking about and will still tell you to process it as a termination and rollover. This should not be a rollover because rollovers entail moving funds to a different plan altogether, which is probably not what want to do.

This has been a PITA but I have a glimmer of hope that the new form will work.

But before completing this form, you need to fill out plan adoption paperwork with Fidelity or whoever your new provider will be. Be sure that it is an adoption/amendment/restatement and not a new plan.

Thanks for this! I just initiated a deconversion to fidelity.

[Anonymous]

Anonymous wrote:Folks, Ascensus now has a brand new form to use for those who want to transfer their funds to a different custodian.

You need to call Ascensus and ask for the plan transfer/deconversion form. This form should allow us to keep our plan active and transfer the funds to a new provider. Unfortunately, you might need to call a few times because a lot of the ascensus reps have no idea what they are talking about and will still tell you to process it as a termination and rollover. This should not be a rollover because rollovers entail moving funds to a different plan altogether, which is probably not what want to do.

This has been a PITA but I have a glimmer of hope that the new form will work.

But before completing this form, you need to fill out plan adoption paperwork with Fidelity or whoever your new provider will be. Be sure that it is an adoption/amendment/restatement and not a new plan.

Thank you so much.