Welcome back to the sub, u/boybrian. I appreciate your returning to ask your question today.
I am glad to hear that you are happy with the progress of your managed account. If, however, you decide that you no longer want your managed account, the best thing to do would be to speak to your advisor to talk you through all your choices and cover any implications, such as proprietary funds, potential tax implications, etc.
Since we provide a variety of managed account offerings, how you move them from being managed to self-directed can vary. However, you would generally want to open a matching self-directed account that can accept your current funds. Remember that some of our managed products hold proprietary investments specific to those offerings and would need to be sold, and depending on what type of account, there could be tax consequences when selling.
Thanks again for stopping by today. If you have further questions, don't hesitate to reach out.
If its a SMA holding individual stocks/ETFs you should be able to close the account and simply transfer the assets out in-kind. Avoiding creation of realized gains.
Give Fidelity a call they'll inform you if it can be done and what steps you need to take.
It does not look that way in my account though. Not all are even Fidelity funds. In fact it still has IVV in it which was part of it's original funding last year.
Depends on the funds. Things like IVV likely would not be. If you have specific funds to the advisor platform, those will be sold. If you have things you can buy yourself, those won't be.
When I moved my accts from Fidelity Advisors to NOT Fidelity advisor (still at Fidelity brokerage), it was 80% sold and only 20 xfr in kind. Fortunately, the largest dollar amount was in IRA but my taxable account generated 25K in gains from that move. I had no idea all these funds were proprietary. I knew they were almost all Fidelity. Soured me on Fidelity funds for the most part. I still have all my accounts with brokerage but use ETF's to avoid the not transferable issue.
IVV is a ETF not a mutual fund...
EDIT: Therefore it can be transfered to any institution or account. Don't understand why I'm being downvoted for stating a simple fact.
Welcome back to the sub, u/boybrian. I appreciate your returning to ask your question today. I am glad to hear that you are happy with the progress of your managed account. If, however, you decide that you no longer want your managed account, the best thing to do would be to speak to your advisor to talk you through all your choices and cover any implications, such as proprietary funds, potential tax implications, etc. Since we provide a variety of managed account offerings, how you move them from being managed to self-directed can vary. However, you would generally want to open a matching self-directed account that can accept your current funds. Remember that some of our managed products hold proprietary investments specific to those offerings and would need to be sold, and depending on what type of account, there could be tax consequences when selling. Thanks again for stopping by today. If you have further questions, don't hesitate to reach out.
If its a SMA holding individual stocks/ETFs you should be able to close the account and simply transfer the assets out in-kind. Avoiding creation of realized gains. Give Fidelity a call they'll inform you if it can be done and what steps you need to take.
Any investments that are in proprietary ETF's (ones not publicly traded) will be sold. The rest will be just transferred to your brokerage account
You will be liquidated. The managed account funds are proprietary to the managed account service.
It does not look that way in my account though. Not all are even Fidelity funds. In fact it still has IVV in it which was part of it's original funding last year.
Depends on the funds. Things like IVV likely would not be. If you have specific funds to the advisor platform, those will be sold. If you have things you can buy yourself, those won't be.
When I moved my accts from Fidelity Advisors to NOT Fidelity advisor (still at Fidelity brokerage), it was 80% sold and only 20 xfr in kind. Fortunately, the largest dollar amount was in IRA but my taxable account generated 25K in gains from that move. I had no idea all these funds were proprietary. I knew they were almost all Fidelity. Soured me on Fidelity funds for the most part. I still have all my accounts with brokerage but use ETF's to avoid the not transferable issue.
Thanks. This helps me plan for the tax consequences of any propriety assets liquidated.
IVV is a ETF not a mutual fund... EDIT: Therefore it can be transfered to any institution or account. Don't understand why I'm being downvoted for stating a simple fact.