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.

Geez. I am so sorry you had to go through all that. What a horrible situation.

I'm going to try Fidelity and see if they can help. This is really scary to hear about Ascensus.

[Anonymous]

Anonymous wrote:Yes. I M the poster above. That was the process and then fidelity told me to not go forward with the process (breaking news!) and do a different process. Believe me it was inconsistent stories right and left about what the right process was, but I was much more comfortable doing the new process where the fund request comes from fidelity and not through a termination action on my part. That termination method may in fact be legal but EVERYONE including my accountant, my lawyer friends, and fidelity reps thought it was a sketchy approach.

So how did you get your money out of Ascensus without terminating yourself? Did they agree to cut the check without you doing the termination?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes. I M the poster above. That was the process and then fidelity told me to not go forward with the process (breaking news!) and do a different process. Believe me it was inconsistent stories right and left about what the right process was, but I was much more comfortable doing the new process where the fund request comes from fidelity and not through a termination action on my part. That termination method may in fact be legal but EVERYONE including my accountant, my lawyer friends, and fidelity reps thought it was a sketchy approach.

So how did you get your money out of Ascensus without terminating yourself? Did they agree to cut the check without you doing the termination?

It’s the transfer/deconversion form mentioned earlier. And I haven’t gotten my money yet, so I can’t say it has worked. But it was what I was told to do by fidelity. But honestly, don’t use this forum for instructions. Call fidelity and find out exactly what the latest process is (it seems to keep changing). There are lots of firms and lots of steps and lots of specificity on which boxes to check so this all goes smoothly.

[Anonymous]

It's OP again with delayed follow up to this (was occupied with divorcing). Any updates to this process that you can share with me? I had $80K in a vanguard solo 401K got shifted over to ascensus. I need to retrieve it and I pray my money is still there and mine. Will someone who has gone through this process please update me on what steps I might take to move this to fidelity or elsewhere? Thank you very much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yes. I M the poster above. That was the process and then fidelity told me to not go forward with the process (breaking news!) and do a different process. Believe me it was inconsistent stories right and left about what the right process was, but I was much more comfortable doing the new process where the fund request comes from fidelity and not through a termination action on my part. That termination method may in fact be legal but EVERYONE including my accountant, my lawyer friends, and fidelity reps thought it was a sketchy approach.

So how did you get your money out of Ascensus without terminating yourself? Did they agree to cut the check without you doing the termination?

It’s the transfer/deconversion form mentioned earlier. And I haven’t gotten my money yet, so I can’t say it has worked. But it was what I was told to do by fidelity. But honestly, don’t use this forum for instructions. Call fidelity and find out exactly what the latest process is (it seems to keep changing). There are lots of firms and lots of steps and lots of specificity on which boxes to check so this all goes smoothly.

PP did this resolve for you, I hope? (OP)