| Unlike 15 years ago, online brokerages are | | | | not losing money while transferring your assets, |
| everywhere. Having immediate access to your | | | | make sure that the broker you are transferring to |
| investments is no longer a challenge. Due to this | | | | reimburse transfer fees. A site that reimburses |
| increased competition many online brokerages offer | | | | transfer fees will credit your account once the |
| services and commissions so enticing that it only | | | | transfer is completed. Some online brokers will cover |
| makes sense to transfer your investments from one | | | | up to $150 in transfer fees when moving your |
| brokerage to another. | | | | account over to them. Scottrade will refund account |
| Transferring your account to anther online broker is | | | | transfer fees under $100 for new accounts. There is |
| not complicated. When you open a new account | | | | also a Tradeking promo that will cover up to $150 in |
| make sure to request the paper work for initiating a | | | | fees when using them for your investment needs. Be |
| transfer. You will be asked to complete the | | | | sure to read the fine print regarding the fees |
| information for the broker you are transferring from. | | | | reimbursement to make sure you do everything that |
| You also have the opportunity to choose whether | | | | is required. |
| your funds should be brought over "In Kind", meaning | | | | Once the transfer is in process your positions and |
| all shares as they are, or to liquidate the investments | | | | cash will be moved from one account to the other. If |
| and just transfer over the cash. Some sites such as | | | | you have no use for your old account, make sure to |
| ETRADE, Tradeking and Firstrade allow you to | | | | close it as a broker transfer request does not always |
| choose a dividend reinvestment strategy. Most | | | | close the source account. Be sure to have a recent |
| brokers also require a copy of your last statement | | | | statement from your old account to make sure |
| from the account being transferred so that they | | | | everything has been moved over correctly. |
| have all the details they need to complete the | | | | You have worked hard for your money, so make |
| process. | | | | sure that you are using the best brokerage out there |
| The biggest concern while transferring is the cost of | | | | that fits your fund strategy, and if the current one |
| the transfer. Most inbound transfers are free, but the | | | | you are using does not, then transfer it to one that |
| brokerage you are transferring from most likely will | | | | does. Most sites make this process very easy, but |
| charge you to move your investments out since | | | | beware of those pesky fees! |
| they are losing your business. To make sure you are | | | | |