Moving Part of My Roth IRA to Vanguard

Back in July, I learned from Scottrade, which holds my Roth IRA account, that one of my favorite Vanguard funds, Vanguard Wellington fund (VWELX), is closed to investors who invest in the fund through a brokerage firm. I have been investing in the fund since 2001 and have no plan to give up my positions. The only way to continue to add money to VWELX is to go with Vanguard. So later on I called Vanguard to find out the IRA transfer procedure. Another reason I want to move is that Scottrade charged me $2 for every purchase I made using their automatic investment plan.

Initially, I thought to move my entire Roth IRA assets, which currently have five funds and four of them are Vanguard funds, to Vanguard. However, I gave up that idea after learning from Vanguard that if I also transfer the only non-Vanguard fund to Vanguard, I will have to pay $35 for each transaction. I want to escape Scottrade because they charge me $2. There’s no way I will pay $35 to buy $200 of the fund!

Yesterday, after a long delay, I finally mailed out the paper work. I transferred all four Vanguard funds in my IRA account from Scottrade to Vanguard. Since I choose to invest on a quarterly basis and the next investment month is November, I still have a month to let the transfer process finish.

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