Inherited IRA drip option not available
Here’s a summary of the main issue and solutions discussed in the post:
- Main Problem: The user, Stimpy, is unable to set up dividend reinvestments (DRIPs) for specific equities in their Inherited IRA account at Fidelity, a feature available in their other accounts and at other brokerage firms like Schwab.
- Solution Discussed: Fidelity representatives indicated that the only way to manage DRIPs for an Inherited IRA is to call customer service each time the user wants to enable or disable a specific equity’s reinvestment.
- Further Action: Stimpy has requested that Fidelity submit a feature request to allow online management of DRIPs for Inherited IRA accounts, as this functionality is available at other brokerage firms.
Here’s the full thread
While Managing the Diviidend Reinvestments on my accounts at Fidelity, the option to set specific equities to reinvest is available on my Brokerage, Roth and Traditional IRA accounts, but not on my Inherited IRA account (no update link next to any of the equities in that account, many of which are also present in the other accounts and can be setup to DRIP). Over at Schwab, this is not an issue on what remains there of this Inherited IRA account.
Hi, @Stimpy.
While Fidelity allows reinvestment of distributions into nonretirement and retirement accounts, reinvestment into Inherited IRAs cannot be set up online. To edit this election on your account, please contact us by phone with the “Contact us” link below.
Contact Us: https://www.fidelity.com/customer-service/contact-us 🟢
Called and spoke with a representative today, who confirmed that the only way to do DRIPs at Fidelity within an Inherited IRA is to call every time you want to enable / disable one on a specific equity(s), I would like to request a “feature request” be submitted since this lack of functionality is apparently unique to Fidelity since I can do it on Schwab and could do it before that on TD Ameritrade. There seems to be no practical reason other than laziness on Fidelities part not allow this feature.
Thank you for sharing, @Stimpy. I’ll gladly pass this feedback along for you. Please reach out whenever you need us. We’re here to help. 🟢