Moving your assets from one platform to another may seem like a complicated process, but it's actually pretty simple.
When both platforms support ACATS (automated customer account transfer service) the process is quick and easy.
In this case with Fidelity and ETrade, ACATS is supported. The benefit of an ACATS transfer is that you do not need to liquidate your positions and repurchase them on the new platform. Instead, you can simply transfer the account to a new brokerage.
Whatever your reason for wanting to switch, we have you covered. In this article, we cover the steps to transfer from Fidelity to ETrade. Let's get started!
An ACATS transfer is sometimes referred to as an in-kind transfer. This is because you are simply moving the account to a new brokerage. The key benefit here is that this transfer does not trigger a taxable event. In other words, you will not be liable for capital gains taxes as you never sold your assets.
Transferring your assets from Fidelity to ETrade takes just 3 simple steps and can be completed in a matter of minutes. Follow these steps below:
Below we cover each of these steps in greater detail.
If you already have an ETrade account, then you can skip to the next step!
ETrade is one of the most popular investment platforms on the market today. In addition to offering commission free trades, they also provide investors with a powerful trading platform that caters well to advanced and active traders. ETrade also has numerous educational resources for beginners.
In order to move assets into ETrade, you will first need an account. It's important that the account type matches your Fidelity account. If the account types do not match, then transfer may be delayed or canceled.
To create an ETrade account, you will need to provide your name, email, phone number, SSN, address, and employer information if applicable.
You can create an account with their online application on their website. The entire process takes just minutes to complete online. After submitting your application, ETrade will verify your account, which generally takes 2-3 business days.
When performing an ACATS transfer, the steps required are typically the same for most platforms. If you want to transfer your assets from one platform to another, you will need to obtain the account number and login details of the existing account.
In this instance, you will need your Fidelity account number to provide to ETrade to initiate this transfer. You should also make note of what type of account you have with Fidelity. The account type you open with ETrade has to be identical to the account you are transferring in.
This information can be found by downloading a copy of your most recent brokerage statement. Or you can follow the steps below:
With an ETrade account all set up and verified, you are ready to initiate the transfer within their platform.
While most platforms do charge for ACATS transfers, Fidelity does not. Additionally, ETrade will not charge for incoming ACATS. This is great news as the outgoing transfer fee is typically $75.
To actually initiate the transfer, follow the steps below:
The process can be completed on the ETrade website in just a few minutes, though the funds will take about 10 business days to appear in the account.
As shown above, the steps to transfer from Fidelity to ETrade are fairly simple.
With an ETrade account created, you just need to follow the prompts on the website to initiate the transfer. To keep the process smooth, you will need to have your Fidelity account number, which you can find in the Fidelity app.
Once you have submitted the transfer, it will take roughly 10 business days to complete. If you have any questions, be sure to reach out to ETrade's customer service.