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With all the excellent online stock brokers available, sometimes one of the smartest financial moves is to transfer a brokerage account. You could save money by switching to a broker with lower fees, and your new broker may give you more investment options as well.
If you haven't done this before, you might wonder what's the best way to move your investments from your old broker to the new one. To help you get your new brokerage account set up without a hitch, we're going to cover the process to transfer a brokerage account.
To transfer a brokerage account, you'll need a brokerage account with your new broker (the one that will receive the transfer). Once you've set that up, here's what to do:
Enter your account information with your old broker on the transfer form.
After you submit the form, the transfer process is mostly a hands-off affair. The action happens behind the scenes, as your new broker communicates with your old broker to get your investments moved over.
It usually takes six business days to transfer a brokerage account. Your old broker validates the information within three business days and transfers the assets within another three business days. It can take longer, though, particularly if there are any discrepancies during the validation process.
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Many brokers charge a fee when you transfer brokerage account assets. The typical fee ranges from about $50 to $100, but not every broker has an account transfer fee. The only way to know how much your old broker charges is to check its list of fees or contact customer service.
You may avoid this fee though, because your new broker may cover it. Brokers often do this as an incentive to attract new clients. If your old broker has a transfer fee, ask your new broker about footing the bill.
Even if your new broker doesn't offer this, it could still be worth the money to transfer a brokerage account. The potential benefits of switching brokers -- such as free trades or new account bonuses -- often far outweigh a one-time transfer fee.
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There are a few things you should do to prepare and protect yourself before you transfer an account:
Investors don't change brokerages very often, but there are situations when it's for the best. Here are the most common reasons to consider moving to a new brokerage firm:
When you've found a new broker and set up an account, transferring your assets is simple enough. You just fill out the form to transfer the brokerage account. The brokers handle the rest. They'll let you know if there are any issues that need your attention, but in most cases, transfers are routine, and happen quickly.
$0 commission for online U.S. stock and ETFs*. No account fees****.
$0****
Fidelity makes investing easy with $0 commission trades, powerful tools, and 24/7 support. Trade stocks, ETFs, options, and even crypto -- all in one place. Get expert insights, automate your investing, and potentially earn more on uninvested cash.
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Commission-free stock, mutual fund, and ETF trades; other fees apply
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E*TRADE offers low fees and tons of account types. If you need it, chances are, E*TRADE has it. You can access advanced features through its popular Power E*TRADE platform. Open an E*TRADE account to trade fee-free mutual funds and do all your investing in one place.
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$0 on trades of stocks, ETFs and their options. Other fees may apply.
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A top pick for beginners, Robinhood combines $0 commission trades, an easy-to-use app, and a rare retirement deposit match.
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Motley Fool Stock Disclosures
Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Best Buy and Target. The Motley Fool has a disclosure policy.Fidelity disclosure
Investing involves risk, including risk of loss
* - $0.00 commission applies to online U.S. equity trades and exchange-traded funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (historically from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. A limited number of ETFs are subject to a transaction-based service fee of $100. See full list at Fidelity.com/commissions. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Institutional® are subject to different commission schedules.
**Fidelity Crypto® is offered by Fidelity Digital Assets®. Investing involves risk, including risk of total loss. Crypto as an asset class is highly volatile, can become illiquid at any time, and is for investors with a high risk tolerance. Crypto may also be more susceptible to market manipulation than securities. Crypto is not insured by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Investors in crypto do not benefit from the same regulatory protections applicable to registered securities. Fidelity Crypto® accounts and custody and trading of crypto in such accounts are provided by Fidelity Digital Asset Services, LLC, which is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business (NMLS ID 1773897). Brokerage services in support of securities trading are provided by Fidelity Brokerage Services LLC (“FBS”), and related custody services are provided by National Financial Services LLC (“NFS”), each a registered broker-dealer and member NYSE and SIPC. Neither FBS nor NFS offer crypto as a direct investment nor provide trading or custody services for such assets. Fidelity Crypto and Fidelity Digital Assets are registered service marks of FMR LLC.
***Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request.
****Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See Fidelity.com/commissions for further details.
E*TRADE services are available just to U.S. residents.
Robinhood disclosure
Margin borrowing increases your level of market risk, as a result it has the potential to magnify both your gains and losses. Before using margin, customers must determine whether this type of strategy is right for them given their investment objectives and risk tolerance. Regardless of the underlying value of the securities you purchased, you must repay your margin loan. Robinhood Financial can change its maintenance margin requirements at any time without prior notice. If the equity in your account falls below the minimum maintenance requirements (varies according to the security), you'll have to deposit additional cash or acceptable collateral. If you fail to meet your minimums, Robinhood Financial may be forced to sell some or all of your securities, with or without your prior approval. For more information please see Robinhood Financial's Margin Disclosure Statement, Margin Agreement and FINRA Investor Information.
Margin trading involves risk and may not be suitable for all investors. Borrowing on margin increases your level of market risk and can amplify both gains and losses.
Robinhood Financial may change maintenance margin requirements at any time without prior notice. If the equity in your account falls below minimum maintenance requirements, you may need to deposit additional cash or collateral. If those requirements are not met, Robinhood Financial may sell securities in your account without prior approval.
The 3% matching on annual contributions requires a subscription with Robinhood Gold ($5/mo) and customers must stay subscribed to Gold for 1 year from the date of the first eligible deposit to keep the full Gold match. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Match rate subject to change. Non-Gold customers receive a 1% match. Offer only applies to self-directed IRAs. For more information refer to the IRA Match FAQ.
You must have compensation (wage income) in order to contribute to an IRA. Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.
The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.
Robinhood Strategies charges an annual management fee of 0.25% on the net portfolio value of each managed account. Eligible Robinhood Gold subscribers pay no management fees on the portion of their managed account net portfolio value that exceeds $100,000, thereby limiting the annual management fee to $250. Other fees apply.
All investments involve risk and loss of principal is possible.
Brokerage services are offered through Robinhood Financial LLC, ("RHF") a registered broker dealer (member SIPC) and clearing services through Robinhood Securities, LLC, ("RHS") a registered broker dealer (member SIPC).
RHF and RHS are not banks. All are separate but affiliated entities. Securities offered by RHF are not FDIC insured and involve risk, including possible loss of principal.
Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC.
Portfolio management of managed accounts by Robinhood Asset Management, LLC ("Robinhood Strategies"), an SEC-registered investment advisor.
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before trading options.
Cryptocurrency trading is offered through Robinhood Crypto, LLC (NMLS ID 1702840). Trading and holding digital assets involves significant risk, including the risk of substantial loss. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.
*Trading and owning digital assets involves significant risk, including the risk of substantial loss. Cryptocurrency trading is offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the
New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.
** Network fees may apply. Availability may be subject to regulatory approval in certain states.
