History not available after transferring assets from another brokerage
Here’s a summary of the main problem and solutions discussed:
- Main Problem: The user is unable to track the performance of their assets after transferring their account from Robinhood to Fidelity.
- Solution: Fidelity has a process for receiving cost basis information from the transferring firm (Robinhood), which can take up to 30 days to complete.
- Manual Update Option: The user can manually enter cost basis information for eligible shares on Fidelity’s website.
- Contact for Assistance: If the cost basis information is not updated after the 15-day timeframe, the user is advised to call Fidelity for further assistance.
Here’s the full thread
My recently transferred my account from a different Robinhood to fidelity . Unfortunately I am not able to track performance on the assets from the beginning of my investment journey. What do I do?
Hi, @Sunfyre.
Financial institutions are required to deliver cost basis for covered shares (shares of stock acquired after January 1, 2011). As outlined in Internal Revenue Code 6045, transferring firms (in your case, Robinhood) are allowed 15 days from receiving shares to deliver basis on covered shares. If Fidelity does not receive the transfer file within ten days of receipt of shares, we automatically request the transfer statement from the delivering firm. Once the transfer statement is requested after the initial ten days, an additional 15 days is allotted to the other financial institution for a response.
Additionally, we report the cost basis that is provided to us by the sending firm.
That being said, cost basis can be entered manually on Fidelity.com for eligible shares; however, if Fidelity receives cost basis information from the sending firm, the received cost basis details will replace the customer-provided basis.
Update cost basis information: https://www.fidelity.com/customer-service/how-to-change-your-cost-basis-info
If this information should still not be updated after the 15 day timeframe, we suggest giving us a call so that we may look into this further.
Contact Us: https://www.fidelity.com/customer-service/contact-us 🟢