Transferring your investments from one brokerage to another is a commonplace these days.
If you're considering making the switch from Merrill Edge to Fidelity, this article will guide you through the process.
Check out my video on how to transfer your brokerage account below, let's dive in!
When transferring your investments from Merrill Edge to Fidelity, you'll want to be aware of any associated fees.
Merrill Edge charges an Account Transfer Fee (ACAT) of $49.95 for a full account transfer. However, there is no charge for partial account transfers.
This fee is typical of many brokerage firms and helps cover the costs associated with the transfer process.
Fidelity doesn't charge any fees on the receiving side.
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Fidelity is a well known financial services company that provides a wide range of investment options, retirement accounts, and top-notch customer service.
Whether you want to transfer your entire investment account or just a portion of it, Fidelity allows you to move various types of assets.
First things first, you'll need a Fidelity account in order to transfer your assets over from Merrill Edge.
In addition, the name on this account and the type of account this is needs to match the one coming over from Merrill Edge.
For example, if you're transferring an individual brokerage account, you'll want to open that same type of account with Fidelity.
In order to submit the transfer request, you'll need our current brokerage account number.
The easiest way to find this is by retrieving the most recent copy of your monthly statement.
The next step is to submit your transfer request to Fidelity.
This can be done conveniently online through Fidelity's platform.
During this process, you will need to provide key information, such as your account number and the assets you wish to transfer.
Once your request is submitted, Fidelity will take care of the rest. They will contact your current firm and request the transfer of your account assets.
After your current firm receives the transfer request, they will process it and send your account assets to Fidelity.
The timeline for this part of the process can vary, but it's typically completed within a few days.
Once Fidelity receives the assets from your old brokerage, they will promptly deposit them into your selected Fidelity account. You will have access to your investments, and your transition to Fidelity will be complete.
In most cases, the entire transfer process can be handled online, saving you time and hassle.
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