Anonymous asked in Business & FinanceInvesting · 9 years ago

If I want to change brokers do I have to sell my stock?

Hi, If I wanted to switch brokers from Edward Jones to say e trade, how do I do that without selling my stocks? Thanks

2 Answers

  • Anonymous
    9 years ago
    Best Answer

    No, you do not have to sell your stock. A transfer be done somewhat easily but it may take some time. Contact the firm you wish to transfer the stock to, they will help you with the paperwork. You have to fill out an ACATS form with the new broker and they will guide you through the process, they want you to do this as they want your assets.

    Edward Jones may charge you an exit fee and they probably will. Some firms will reimburse transfer costs up to a certain point.

  • 9 years ago

    You open the new account at e-trade and request a broker-to-broker in-kind transfer. This will transfer all the assets from Edward Jones to your new account.

    There may be some investments (proprietary Edwards funds, products) that will have to be sold to transfer.

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