Moving your investments from one brokerage to another can feel like a daunting task, especially when you've grown accustomed to a platform like Robinhood. But whether you're seeking more robust research tools, a wider range of investment products, or simply a different customer experience, transferring your assets to a powerhouse like Fidelity is a smart move for many investors. The good news is, it's often a much smoother process than you might imagine.
Ready to take control of your financial future and make the switch? Let's dive in!
A Comprehensive Guide: How to Move Investments from Robinhood to Fidelity
Transferring your investment portfolio between brokerages primarily happens through a system called the Automated Customer Account Transfer Service (ACATS). This allows for a seamless, "in-kind" transfer, meaning your whole shares of stocks, ETFs, and options typically move over without needing to be sold and repurchased (which can have tax implications).
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| How To Move Investments From Robinhood To Fidelity |
Step 1: Prepare Your Robinhood Account
Before you initiate the transfer, a little preparation on the Robinhood side can prevent unnecessary delays.
Sub-heading: Settle All Trades and Clear Any Pending Activity
Ensure all your recent trades have settled. For stocks and ETFs, this is typically T+1 (trade date plus one business day). If you have any pending deposits or withdrawals, make sure they are completed and cleared. Any unsettled trades or pending transactions can halt your transfer.
Sub-heading: Address Fractional Shares and Cryptocurrency
This is a crucial point, as Robinhood handles these differently than a direct ACATS transfer.
Fractional Shares: Robinhood does not transfer fractional shares. If you have any, they will be automatically liquidated (sold) during a full ACATS transfer, and the cash proceeds will be transferred to Fidelity. For a partial transfer, fractional shares will remain in your Robinhood account. You might consider selling them yourself if you want the cash transferred.
Cryptocurrency: Robinhood does not allow direct transfers of cryptocurrency out of its platform via ACATS. If you hold crypto in your Robinhood Crypto account, it will be automatically liquidated (sold) during a full ACATS transfer. The resulting cash will then be transferred to Fidelity. If you wish to keep your crypto, you'll need to sell it on Robinhood and then withdraw the cash, or you can keep your Robinhood account open specifically for your crypto holdings.
Sub-heading: Check for Account Restrictions or Negative Balances
Verify that your Robinhood account has no restrictions or negative cash balances. Resolve any such issues before initiating the transfer, as they will cause delays or rejections.
Sub-heading: Note Your Robinhood Account Number and DTC Number
You'll need these for the transfer request at Fidelity.
Robinhood Account Number: You can typically find this in your Robinhood app under the "Account" section, then "Investing."
Robinhood's DTC Number: Robinhood's DTC number is 6769.
Step 2: Open Your Fidelity Account (If You Haven't Already)
QuickTip: Skim for bold or italicized words.
If you don't already have a Fidelity brokerage account, this is your next essential step.
Sub-heading: Choose the Right Account Type
Fidelity offers various account types, including:
Individual Brokerage Accounts: For general investing.
Retirement Accounts: Such as Traditional IRA, Roth IRA, SEP IRA, etc.
Custodial Accounts: For minors.
Trust Accounts: And more.
Ensure the account type you open at Fidelity matches the account type you're transferring from Robinhood. For example, a Robinhood individual brokerage account must transfer to a Fidelity individual brokerage account.
Sub-heading: Provide Necessary Information
You'll need to provide personal details, including your Social Security Number (SSN), address, and employment information, to open your new Fidelity account.
Step 3: Initiate the Transfer from Fidelity's Side
This is the most critical step, as the receiving brokerage (Fidelity) initiates the ACATS transfer. Do NOT attempt to initiate the transfer from Robinhood's end first.
Sub-heading: Navigate to Fidelity's Transfer Page
Log in to your Fidelity account and look for a section related to "Transfer an Account," "Transfer Assets," or "Move Money."
Sub-heading: Select "Transfer an Account from Another Firm"
Fidelity will guide you through the process. You'll specify that you're transferring from another brokerage.
Sub-heading: Provide Robinhood Account Details
You'll be prompted to enter your Robinhood account number and select Robinhood as the transferring firm. You may also need to provide Robinhood's DTC number (6769).
QuickTip: Look for lists — they simplify complex points.
Sub-heading: Choose Full or Partial Transfer
Full Transfer: This moves all eligible assets from your Robinhood account to Fidelity. Keep in mind that fractional shares and crypto will be liquidated to cash. After a full transfer, your Robinhood account will typically be put on hold and eventually closed.
Partial Transfer: This allows you to select specific investments you wish to transfer while leaving others (like fractional shares or crypto) in your Robinhood account. You will need to specify the exact securities and quantities you want to move.
Sub-heading: Upload Required Documents (if prompted)
Fidelity may ask you to upload a recent Robinhood account statement to verify your holdings and account details. Having a recent statement handy will expedite the process.
Sub-heading: Review and Submit
Carefully review all the information you've entered before submitting the transfer request. Any discrepancies in names, addresses, or account numbers between Robinhood and Fidelity can lead to delays. Ensure the name on your Fidelity account exactly matches the name on your Robinhood account.
Step 4: Monitor the Transfer Process
Once you've initiated the transfer with Fidelity, the ACATS system takes over.
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Sub-heading: Understand the Timeline
ACATS transfers typically take 3 to 6 business days to complete. However, some transfers can take longer, especially if there are discrepancies or complexities with your account. Fidelity will usually provide you with a way to track the status of your transfer.
Sub-heading: Robinhood's Transfer Out Fee
Robinhood charges a $100 fee for both partial and full ACATS transfers out of their platform. This fee will typically be debited from your Robinhood account during the transfer process. If you don't have sufficient cash in your Robinhood account, your investments may be sold to cover the fee, or the fee might be passed on to Fidelity to collect from your new account.
Sub-heading: What to Expect During the Transfer
Your Robinhood account may show a temporary "on hold" or "transferring" status.
You might see your assets disappear from Robinhood before they appear in Fidelity. This is normal as they move through the clearinghouse.
Once the transfer is complete, verify all your investments and cash have arrived correctly in your Fidelity account. Check your cost basis information carefully, as this is crucial for tax purposes.
Step 5: Adjust and Explore Your New Fidelity Account
Congratulations! Your investments have safely landed at Fidelity. Now it's time to make the most of your new brokerage.
Tip: Reading carefully reduces re-reading.
Sub-heading: Reinvest Cash from Liquidated Assets
If you had fractional shares or crypto on Robinhood that were liquidated, the cash proceeds will now be in your Fidelity account. You can use this cash to purchase new investments or add to your existing positions.
Sub-heading: Familiarize Yourself with Fidelity's Platform
Take some time to explore Fidelity's website and mobile app.
Learn how to navigate the trading interface.
Discover the research tools and educational resources.
Set up alerts and watchlists.
Link your bank account for easy deposits and withdrawals.
Sub-heading: Consider Fidelity's Offerings
Fidelity offers a vast array of products and services that might not have been available on Robinhood, such as:
Mutual funds (including their popular zero-expense ratio index funds).
Fixed income products (bonds, CDs).
More advanced trading options.
Financial planning services.
Frequently Asked Questions (FAQs)
Here are 10 common "How to" questions related to transferring investments from Robinhood to Fidelity, with quick answers:
How to check my Robinhood account number?
You can find your Robinhood account number in the app by going to the "Account" icon (person icon), then "Investing." Your account number should be displayed near the top.
How to find Robinhood's DTC number?
Robinhood's DTC number is 6769. This is a standard identifier for the clearing firm.
How to handle fractional shares during the transfer?
Fractional shares cannot be transferred "in-kind." They will be liquidated (sold) by Robinhood during a full ACATS transfer, and the cash proceeds will be sent to Fidelity. For partial transfers, they remain in your Robinhood account.
Tip: Take your time with each sentence.
How to transfer cryptocurrency from Robinhood to Fidelity?
You cannot directly transfer cryptocurrency from Robinhood to Fidelity via ACATS. Robinhood will liquidate your crypto holdings during a full ACATS transfer, and the cash will be transferred. To move your crypto, you would need to sell it on Robinhood and then withdraw the cash.
How to initiate a partial transfer to Fidelity?
When initiating the transfer on Fidelity's platform, you will have the option to select a "partial transfer." You'll then specify which eligible securities and the exact number of shares you want to move.
How to avoid transfer fees from Robinhood?
Robinhood charges a $100 ACATS outbound transfer fee. Currently, there isn't a way to avoid this fee directly from Robinhood's side. Some receiving brokerages, like Fidelity, may offer to reimburse transfer fees for larger transfers (e.g., transfers over $25,000), but this is at Fidelity's discretion and you would need to contact them directly to inquire. Fidelity itself does not charge ACATS transfer fees to receive assets.
How to track the status of my transfer?
Once you've initiated the transfer with Fidelity, they will typically provide a tool or section on their website/app where you can track the status of your ACATS transfer. You may also receive email updates.
How to ensure my cost basis transfers correctly?
In most ACATS transfers, your cost basis information (the original price you paid for your investments) should automatically transfer with your securities. However, it's highly recommended to verify this information once your assets arrive at Fidelity. Keep your Robinhood statements for your records.
How to deal with pending trades during a transfer?
All trades must be settled before initiating a transfer. If you have pending trades, wait for them to settle (T+1 for most equities) before starting the ACATS process, otherwise, the transfer may be delayed or rejected.
How to close my Robinhood account after the transfer?
If you completed a full ACATS transfer, Robinhood typically places your account on hold and may close it automatically after all residual transfers (like cash from liquidated assets) are complete. However, it's a good practice to confirm with Robinhood after a few weeks that your account has been fully closed if that was your intention.
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