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Changing and transferring brokerage accounts.
Posted on 1/16/18 at 1:06 pm
Posted on 1/16/18 at 1:06 pm
My father has had the same small brokerage company for about 30 years. He is 70 now so he doesn't do much trading. Every year this company will charge him a $50 fee unless he makes a transaction. And I believe a trade costs $40 so he usually ends up just selling a share of stock to avoid the fee.
Anyway he wants to switch his account over to Scottrade. I've been reading up on changing accounts and from what I've read its fairly straight forward. Going to request a transaction history from old broker and get that on file. Then call up Scottrade and explain he wants an account and hopefully they will handle the transfer from there.
Just wondering if yall have any tips from your past experiences.
Thanks
Anyway he wants to switch his account over to Scottrade. I've been reading up on changing accounts and from what I've read its fairly straight forward. Going to request a transaction history from old broker and get that on file. Then call up Scottrade and explain he wants an account and hopefully they will handle the transfer from there.
Just wondering if yall have any tips from your past experiences.
Thanks
3
Posted on 1/16/18 at 1:16 pm to Chuker
Yes forget scottrade #1. #2 call Vanguard and they will handle it 100% for you.
Posted on 1/16/18 at 1:24 pm to Chuker
Scott Trade was acquired by TD Ameritrade last September. It's probably going to have all of its accounts moved to a TD Ameritrade account as soon as the merger is complete. You may as well just go ahead and open a TDA account instead.
When you open the new account (wherever it is) you give the new broker a listing of your securities, including the cash in the account, the current account information (account number, name of company, etc.) sign a form giving the new broker permission to accept the assets in the old account and they handle it from there. The new broker will likely ask for your most recent statement or a recent printout of your dad's account positions.
You will have to include instructions for the cash in the account, such as what type of cash sweep account your dad wants to have as well as does he want dividends to be accepted in cash or automatically reinvested.
I think TD Ameritrade charges something like $7.00 per online trade so it will be quite a bit less than the $40/trade you described.
When you open the new account (wherever it is) you give the new broker a listing of your securities, including the cash in the account, the current account information (account number, name of company, etc.) sign a form giving the new broker permission to accept the assets in the old account and they handle it from there. The new broker will likely ask for your most recent statement or a recent printout of your dad's account positions.
You will have to include instructions for the cash in the account, such as what type of cash sweep account your dad wants to have as well as does he want dividends to be accepted in cash or automatically reinvested.
I think TD Ameritrade charges something like $7.00 per online trade so it will be quite a bit less than the $40/trade you described.
Posted on 1/16/18 at 5:55 pm to Chuker
A few years back I switched from Legg Mason to Fidelity, they handled most of it for me.
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