Fidelity is certainly a top name when it comes to investing. The company was established in 1946 and has been a top player ever since.
The investing platform they offer comes with a long list of benefits and features. Though for some, they may be looking for a more intuitive app, such as Sofi for its access to cryptocurrency or one of their many loan options.
Whatever the case may be, if you are looking to move your assets to Sofi, then keep reading! In this article, we cover the steps to transfer from Fidelity to Sofi, step by step.
Let's dive in!
Transferring your assets from Fidelity to Sofi is actually pretty simple as both brokers offer ACATS (Automated Customer Account Transfer Service).
With ACATS, the process is as simple as requesting a trade, though the process can take up to 10 business days to complete.
In order to initiate the trade, there are 2 simple steps to complete:
Let's cover these steps in more detail.
Opening a Sofi account is easy and only takes a few minutes. (If you already have a Sofi account, you can skip to the next step.)
After finishing the steps, your new account will need to be verified. This can take 1-2 business days, though if you ID verification and name match, it could be finished much sooner.
Requesting the transfer is quick and easy. However, you need to ensure that your new Sofi account has the same name as your Fidelity account.
Follow the steps below to initiate the transfer:
The ACAT transfer request may take 1-2 weeks to finalize.
Please note that you must ensure the name of your new Sofi account matches your fidelity account. You will also need to ensure that the account type is the same. If either of these are not the same, your transfer could be delayed or canceled.
It's also important to note that you cannot transfer mutual funds, cryptocurrency, or OTC or pink sheets stocks into Sofi. If you have any of these assets, you will need to liquidate them prior to requesting an ACATS transfer.
If you are unsure if Sofi can support a particular investment, check their app for that investment. If it appears in the search, then it is supported.
While Sofi does not charge any fees for an incoming ACATS transfer, you will have to pay a $75 fee from Fidelity.
This $75 is standard for most brokers when performing an outgoing ACATS transfer. However, with Sofi, you can have that fee reimbursed! In order to qualify, the transfer must be at least $5,000.
If the transfer is at least $5,000, then you can request reimbursement by emailing [email protected] once the transfer has completed.
In addition to Sofi reimbursing the transfer fee from Fidelity, you can also qualify for their incentive program.
If you transfer your account from another brokerage to Sofi, you can qualify for up to a $5,000 bonus! Below are the transfer amounts and their corresponding bonus. For example, if you transfer an account worth $10,000, then you would be eligible to receive a $50 bonus.
This promotion may not last forever! Take advantage of it while you can.
Sofi is a top rated platform, and it is easy to see why. With banking, credit and debit cards, personal loans, investments, and more, Sofi has quickly gained notoriety since its launch in 2011.
If you want to transfer from Fidelity to Sofi, then you are in luck. The process is fairly simple as both companies support ACATS transfers.
It is important to double check that your investments are supported by Sofi. If you own a particular investment that is not supported by Sofi, then you will need to liquidate that asset prior to requesting a transfer.
Once your transfer is complete, don't forget to request a reimbursement for the ACATS transfer fee from Fidelity.
