Transferring your Roth IRA around

How hard is it to transfer your Roth IRA around? I have a Roth IRA at Scotttrade and would like either to transfer it to TradeKing or Sogo. To transfer it (it's cash balance now) do you incur charges for outgoing from Scottrade or incoming to TradeKing/Sogo?

yes, usually most firms have an outgoing, but if u have sizable assets maybe incoming will cover it.

hmm, just checked scottrades site and it says no termination fee. guess u shoulda just went straight to the source.

welookgoodcom said: Does anyone know if Tradeking or Sogo has a termination fee as they are cheap now, but for how long..

You could start at their sites. It's not hard to find out. The answers were accessible 1 click off of each homepage:

TradeKing

Sogo

Last bump - Sogo doesnt have Roth yet (yet list fees) Guess I have to wait

Actually for a ira-ira rollover(think legal term is indirect transfer) it's fine to get a check paid to you, you have 60 days to roll it over into another ira to avoid any penalty. AFAIK the rules for withholding, etc. apply to company pensions and 401k style plans.

In practice one could get 45 days or so interest out of one's ira money each year and still maintain the ira.

Note - scottrade is one of the few(sogo sound like another) with no ira close/withdrawal fee. I would hate to transfer from scottrade to somewhere else that tries to trap me with a fee.

MoreMonies said: I'm transferring only in cash/money market funds. I don't have the stomach for securities to be locked up for 7-10 business days in the transfer process because I like to swing trade in volatile stock.
That is good because you cannot transfer stock between IRAs. It is cash only.

so if i wanted to change my brokerage firm, i would have to liquidate all my assets in my ROTH IRA, then transfer, and repurchase securities? or could i just move my current investments into a new brokerage firm?

frootmall said: lilweezy said: so if i wanted to change my brokerage firm, i would have to liquidate all my assets in my ROTH IRA, then transfer, and repurchase securities? or could i just move my current investments into a new brokerage firm?
If your new firm is willing to accept the securities, you could just move them. You would not need to liquidate them.

Of course, if you own some sort of proprietary fund or exotic investment that the new company does not deal in, you would not be able to transfer it.

The rule is that NEW contributions to an IRA must be in cash. Transfers from another qualified type of retirement account can be in kind.

thanks for the clarification! i'm not satisified with the level of service i'm receiving at my current firm -> high turnover with financial advisors. i feel i'd be better off going at it by myself.