How can I change from my current stock broker to another broker?
My current broker charges a high trading fee.
- 10 years agoFavorite Answer
If your only complaint is trading fees, ask your current broker if they can reduce the fee. If that doesn't work out, transfer your account.
Find a new broker, open an account, and ask them how to transfer your account. Most brokerage firms participate in the ACAT System (Automated Customer Account Transfer System) which transfers your account assets in about 5-7 business days and takes care of any trailing income (e.g. you're owed a dividend payment but it won't credit your account for another month -- transfer your account now, and next month when the dividend credits your old account, ACATS pushes the money over to your new account.) Most ACATS-participating firms will also transfer your cost basis information along with your stock.
The downside is there may be a fee for ACATS transfer charged by the broker you're leaving. Could be small, could be $100.00. If your account is simple (like, 1 or 2 stock positions,) it's worth it to avoid the ACATS fee by opening the account at your new broker and then asking your old broker to transfer each stock to your new broker via DTC free delivery ("free" in the sense of broker A is sending stock to broker B without expecting payment in return. Some brokerage firms charge for free delivery but it's usually less than ACATS.) However, any follow-up for trailing income, closing the old account, and tracking cost basis then becomes your responsibility.
- LenLv 710 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.
LenSource(s): stock analyst and trader
- witz1960Lv 510 years ago
Have you expressed your concern to your current broker? If not, try to resolve the situation. If you still want to change, then research, find a new broker, open an account there.
The new broker will send you all of the necessary paperwork to move your portfolio over. The new broker wants to make it as easy as possible for you to transfer.
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- Anonymous10 years ago
Call said broker- tell him/her you are taking your business elsewhere. Have him/her transfer your portfolio to new broker. Problem solved. Or, ask old broker to reduce trading fee.Source(s): Rather simple to do, surprised this was asked.
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- Go with the flowLv 710 years ago
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.