Frequently Asked Questions

Frequently Asked Questions – Custodian and Broker Information

Do I Need To Sell My Current Positions?

It depends!

If your current account is not held at an approved custodian but does support the Automated Customer Account Transfer System (ACATS), you will be able to transfer assets without liquidating your current positions. For non-ACATS-eligible accounts, you may need to sell your current investments and simply transfer cash. Most common brokers are available on the ACATS system (Fidelity, E-Trade, Charles Schwab, Morgan Stanley, Merrill Lynch and more). However, companies like Vanguard and Capital One are typically not ACATS eligible and will need to be transferred using a different method. In rare cases, even if your account is ACATS eligible, your current holdings won't be able to be transferred, and would need to be sold so you can transfer cash.

If you are unsure whether your current broker is eligible for ACATS transfers or if your current holdings can be transferred, our team can help you answer these questions during the account opening process.

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