Transfer assets from Vanguard Brokerage to Fidelity?
Here’s a summary of the main problem and the solutions discussed in the conversation:
- Main Problem: The user, Trevor, wants to transfer assets from Vanguard to Fidelity but is unsure if all his assets can be transferred and if there are any associated costs.
- Solution: Fidelity explained that most securities can be transferred in kind without liquidation, but some proprietary funds may require liquidation. They advised Trevor to check with Vanguard for any potential transfer fees.
- Additional Information: Fidelity noted that fractional shares cannot be transferred electronically and will be liquidated automatically during the transfer process.
- Transfer Process: Fidelity will initiate the transfer process and can provide a form if Vanguard does not accept electronic requests. Most electronic transfers are completed within 5 to 7 business days.
Here’s the full thread
Hi! Turns out Vanguard doesn’t have SBLOC loans! Their Margin loans are similar but the interest rates are just really high.
I’d like to transfer the assets in my Vanguard brokerage to a Fidelity brokerage, but I’m not sure if I can transfer all of them. Here’s what I have in my Vanguard Brokerage:
– VFIAX
– VFIFX
– VHYAX
– QQQM
– VOO (this is an ETF)
– BROS
– CRSP
– FSRN (lol, like 3 shares at $0.11 cents 😄 )
– LUNR
– RIVN
– SOUN
Can I transfer all these assets into a Fidelity brokerage? Does it cost any money to do that? Thanks!
We appreciate you considering transferring your assets to Fidelity, @trevor.
In general, when you process a transfer of assets (TOA), your securities will transfer in kind – meaning no liquidation is necessary. However, some funds may be proprietary and can only be held at one particular firm. When this is the case, the other firm will sell the positions and transfer the proceeds over to Fidelity.
Fidelity does not charge any transfer fees to receive assets, some firms may. It’s essential to follow up with your current firm to be aware of any applicable transfer fees for your scenario.
Keep in mind, fractional shares of equities are ineligible to be transferred between brokerage firms electronically through the Automated Customer Account Transfer Service (ACATS), which is how TOAs are processed. When you initiate a full TOA, fractional shares will automatically be liquidated.
Processing a TOA is pretty straightforward, as the receiving firm typically initiates any TOA requests. In this case, Fidelity. It depends on the specifics of your transfer as to whether or not it can be completed entirely online. As part of Fidelity’s online transfer process, we’ll find out if your current firm accepts an electronic request to release your assets to us. If your firm does not, we’ll provide a prefilled “Transfer assets to Fidelity” form that you can quickly print, sign, and mail to Fidelity.
Transfer an Account to Fidelity: https://www.fidelity.com/customer-service/transfer-assets
Most ACATS (electronic) transfers are completed within 5 to 7 business days. Once you initiate the process, you can track it through our Status Tracker, which I will include below.
Transfer Tracker (Login required): https://digital.fidelity.com/prgw/digital/login/full-page?AuthRedUrl=https://toa.fidelity.com/ftgw/toa/transfer/toaTracker
If there is anything we can clarify or if additional questions pop up, please don’t hesitate to ask! We’re always happy to help. 🟢
Thanks @FidelityLinsey ! Out of curiosity what’s the minimum amount of collateral needed to setup an SBLOC? I see $500k but normally I think most lenders accept $100k in assets? I feel like I read on Reddit that fidelity accepted $100k as collateral for sblocs but figured I’d ask.
Hi, @trevor. Thanks for your interest in maintaining a line of credit with Fidelity.
As you’re aware, some clients may be eligible to receive a line of credit while using brokerage accounts as collateral. Since this service is only available for certain clients working with a dedicated advisor, you will need to contact one of our advisors for more information and to have your specific situation reviewed.
If you don’t have an assigned Fidelity advisor, please contact our Investment Solutions team to help connect you with one. Representatives are available Monday through Friday from 8 a.m. to 8 p.m. ET. When prompted, say “Investment Solutions” to be routed to the right group.
Contact Us: https://www.fidelity.com/customer-service/contact-us
If anything else comes up, you know where to find us! Don’t hesitate to reach out.🟢