How can I change from my current broker to another broker?

My current broker charges a high trading fee.

3 Answers

Relevance
  • 10 years ago
    Favorite Answer

    You will have to sell all your securities with your current broker first.

    There may be fees for this.

    You can not transfer - even stocks -from one brokerage to another.

    Call your new broker and please verify this.

    Call the new broker - they will guide you.

    Hope you are switching to Charles Schwab or Fidelity Investments.

    They have no tricks on yearly fees or maintenance fees.

    /

  • 4 years ago

    Call your broker and tell him you are unwilling to continue your trading relationship unless you both can agree to reasonable and competitive rates. State that you're prepared to arrange for a house-to-house transfer of assets. There is usually no fee for this and you begin the process by having the new brokerage you select handle the paperwork. You'll be asked which assets are to be transferred. When I've done this, I opted to move all assets to avoid complications down the line. I've done this before, it cost me nothing at all and I was far happier afterwards for I deeply resented earlier conditions. By the way, I called my broker a couple of years ago and told the representative that I didn't like paying $9.95 per trade, that I wanted the commission lowered. When asked what I thought would be reasonable, I said $7. I've paid that rate ever since. More recently, I complained that it sometimes takes too long to get an order executed and I lose money in the process. I was furnished with a telephone number granting me access to a favored client desk which I now use daily. The qualifier is probably based on portfolio value but anyone might be granted access if it's made known that you're not a happy camper, regardless of NAV. Len

  • Anonymous
    5 years ago

    tricky task. query with google. this could help!

Still have questions? Get your answers by asking now.