Feeling a little overwhelmed by the idea of moving your investments from Edward Jones to Fidelity? Don't be! It's a very common process, and with a clear, step-by-step guide, you'll find it's much simpler than you might imagine. Think of it as a financial spring cleaning, setting yourself up for potentially better fees, more diverse investment options, or simply consolidating your financial life. Ready to take control of your portfolio? Let's dive in!
How to Transfer Stock from Edward Jones to Fidelity: Your Comprehensive Guide
Transferring your investments from one brokerage firm to another, often referred to as an ACATS (Automated Customer Account Transfer Service) transfer, is a standardized process. While it might seem daunting, Fidelity, as the receiving firm, generally handles the heavy lifting. Edward Jones, as the delivering firm, will cooperate to release your assets.
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| How To Transfer Stock From Edward Jones To Fidelity |
Step 1: Gather Your Essential Information - Be Prepared!
Before you initiate any transfer, having all your details organized will make the process incredibly smooth. Think of this as your pre-flight checklist.
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Your Edward Jones Account Information:
- Account Number(s): Crucial for identifying your account.
- Account Type(s): Is it a taxable brokerage account (Individual, Joint, etc.), an IRA (Traditional, Roth, Rollover), or another type of retirement account (e.g., SEP IRA, SIMPLE IRA)? The account types must match between Edward Jones and Fidelity for a direct "in-kind" transfer of assets.
- Account Registration: Is it an individual account, joint account, trust, etc.? This also needs to match at Fidelity.
- Latest Statement: Having a recent Edward Jones statement handy is incredibly helpful. It contains your account number, account type, and a list of your holdings, which you'll need to verify.
- Financial Advisor's Contact Info (Optional but Recommended): If you prefer to inform your Edward Jones advisor, having their details can facilitate communication.
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Your Fidelity Account Information:
- Existing Fidelity Account Number(s): If you already have a Fidelity account where you want to transfer your assets.
- Account Type(s): Again, ensure these match the Edward Jones account types. If you don't have a matching account type at Fidelity, you'll likely need to open one as part of the transfer process.
- Account Registration: This must also match your Edward Jones account.
- Fidelity's DTC Number: 0226 (This is their clearing firm number and is often required for transfers).
Step 2: Open a Corresponding Fidelity Account (If Needed) - Setting Up Your New Home
If you don't already have a Fidelity account that matches the type of account you're transferring from Edward Jones, this is your next crucial step. Fidelity makes this process quite straightforward.
Tip: Read in a quiet space for focus.
- Online Account Opening: Visit the Fidelity website and follow their prompts to open a new brokerage or retirement account.
- Matching Account Types:
- If you're transferring a Traditional IRA from Edward Jones, open a Traditional IRA at Fidelity.
- If it's a Roth IRA, open a Roth IRA.
- If it's a taxable individual brokerage account, open an individual brokerage account.
- Important Note: Fidelity often allows you to open the necessary account type as part of the transfer initiation process, so you might not need to do this as a completely separate step. However, understanding the need for a matching account type is vital.
Step 3: Initiate the Transfer Request with Fidelity - Let Fidelity Do the Work!
This is where the magic happens! The Automated Customer Account Transfer Service (ACATS) process is initiated by the receiving firm (Fidelity in this case), not the delivering firm (Edward Jones).
- Log In to Your Fidelity Account: Go to Fidelity's website and log in.
- Navigate to the "Transfer Assets" Section: Look for a section related to "Transfer an Account," "Transfer Assets," or "Move Money & Assets."
- Select "Transfer an Account from Another Firm": You'll usually find an option to initiate a transfer from another brokerage.
- Enter Edward Jones Information:
- You will be prompted to select Edward Jones as the firm you're transferring from.
- Input your Edward Jones account number and confirm the account type.
- Specify whether it's a full transfer (all assets and cash) or a partial transfer (only specific securities or cash).
- Full Transfer: This is generally the easiest and most common option. All your holdings (stocks, mutual funds, ETFs, cash) will be moved. Any fractional shares at Edward Jones will typically be liquidated, and the cash value transferred.
- Partial Transfer: More complex. You'll need to specify exactly which securities and/or cash you want to transfer. Ensure the securities you wish to transfer are compatible with Fidelity's platform.
- Choose the Destination Fidelity Account: Select the Fidelity account you want the assets transferred to.
- Upload Supporting Documents (If Required): Fidelity may request a recent Edward Jones statement to verify your holdings and account information. Be prepared to upload a digital copy.
- Review and Submit: Carefully review all the information you've entered. Ensure account numbers and types are correct. Read and agree to the terms and conditions. Then, submit your request.
Step 4: Monitor the Transfer Process - Patience is a Virtue
Once you've submitted the request to Fidelity, they will take over. The ACATS system automates much of the communication between the two firms.
- Fidelity's Transfer Tracker: Fidelity typically provides an online tool or section within your account where you can track the status of your transfer. This will show you where your transfer is in the pipeline (e.g., "Request Submitted," "Awaiting Delivering Firm's Approval," "Assets Transferred").
- Timeline: Most ACATS transfers typically take 3-7 business days to complete. However, some factors can extend this timeframe, such as:
- Account type discrepancies: If account types don't exactly match.
- Unusual securities: Holdings like limited partnerships (MLPs) or illiquid assets might take longer.
- Missing information: If Fidelity or Edward Jones requires additional verification.
- Fractional Shares: As mentioned, fractional shares are usually liquidated and transferred as cash, which can add a slight delay.
- Account Freezing: During the transfer, your Edward Jones account may become "frozen" or "restricted," meaning you won't be able to trade the assets being transferred. This is normal and ensures a smooth transfer of ownership.
- Cost Basis Information: After the assets arrive at Fidelity, Edward Jones has up to 15 calendar days to send the cost basis information. Until then, your "gain/loss" information for the transferred securities might not be accurate or visible in your Fidelity account. Don't panic! It will arrive.
Step 5: Verify Transferred Assets at Fidelity - Welcome Home!
Once the transfer is complete, it's time to confirm everything arrived safely.
Tip: Slow down at important lists or bullet points.
- Check Your Fidelity Account: Log in and verify that all your expected securities and cash have arrived in the correct Fidelity account.
- Review Cost Basis: After the cost basis information is received (typically within 15 days of the transfer's completion), review it carefully to ensure accuracy. If anything seems incorrect, contact Fidelity's customer service.
- Re-establish Preferences (If Needed): You may need to set up dividend reinvestment preferences, electronic statement delivery, or other account settings within your Fidelity account, as these do not typically transfer over.
Important Considerations:
- Fees: While Fidelity generally does not charge a fee to receive assets via ACATS, Edward Jones may charge an outgoing transfer fee. This fee can vary, so it's wise to check with Edward Jones directly before initiating the transfer. Fidelity may reimburse transfer fees for larger transfers, but you'd need to confirm this with Fidelity directly.
- Partial vs. Full Transfer: If you only want to move some of your investments, a partial transfer is an option. However, it can be more complicated and might delay the process. If you're looking to move the majority of your assets, a full transfer is usually recommended.
- Retirement Accounts (IRAs): When transferring IRAs, ensure the transfer is done as a "trustee-to-trustee" transfer or "direct rollover" to avoid potential tax implications and penalties. Initiating the transfer through Fidelity (the receiving custodian) ensures this happens correctly.
- Market Fluctuations: During the transfer period, your assets are still subject to market fluctuations. You won't be able to trade them, so be aware of any potential market movements.
- Contacting Edward Jones: While Fidelity initiates the ACATS transfer, it's often a good practice to inform your Edward Jones financial advisor of your intention to transfer. They may try to retain your business, but a polite conversation can ensure a smoother process.
- Customer Service: Don't hesitate to call Fidelity's customer service if you have any questions or encounter issues during the process. Their support teams are generally very helpful with transfers.
10 Related FAQ Questions:
How to check the status of my transfer from Edward Jones to Fidelity?
You can typically track the status of your transfer by logging into your Fidelity account and navigating to the "Transfer Assets" or "Account Transfers" section. Fidelity provides an online tracker that shows the progress.
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How to avoid fees when transferring from Edward Jones to Fidelity?
While Edward Jones may charge an outgoing transfer fee, Fidelity sometimes offers reimbursement for these fees, especially for larger transfers. It's best to call Fidelity's customer service and inquire about their transfer fee reimbursement policies.
How to transfer only specific stocks from Edward Jones to Fidelity?
To transfer specific stocks, you would initiate a partial transfer through Fidelity. During the online transfer process, you'll be given the option to select which securities you wish to move.
QuickTip: Pause after each section to reflect.
How to handle fractional shares during a stock transfer?
Fractional shares generally cannot be transferred "in-kind" (as they are). Edward Jones will typically liquidate any fractional shares you hold, and the cash proceeds will be transferred to your Fidelity account along with your full shares.
How to ensure my cost basis transfers correctly to Fidelity?
The delivering firm (Edward Jones) is responsible for sending your cost basis information to Fidelity within 15 calendar days of the transfer's completion. Fidelity will update your account with this information once received. If it's missing after that timeframe, contact Fidelity customer service.
How to transfer a Roth IRA from Edward Jones to Fidelity?
You initiate a direct rollover or trustee-to-trustee transfer through Fidelity. Ensure you open a Roth IRA account at Fidelity that precisely matches your Edward Jones Roth IRA. Fidelity will handle the specific rollover paperwork to ensure it remains tax-free.
Tip: Focus more on ideas, less on words.
How to contact Edward Jones about a stock transfer?
You can contact your Edward Jones financial advisor directly or call Edward Jones Client Relations at (800) 441-2357.
How to know if my account types are compatible for transfer between Edward Jones and Fidelity?
Generally, identical account registrations (e.g., Individual to Individual, Joint to Joint, Traditional IRA to Traditional IRA) are compatible. If you have any doubt, contact Fidelity customer service before initiating the transfer.
How to make sure my dividend reinvestment settings transfer to Fidelity?
Dividend reinvestment settings typically do not transfer between firms. Once your assets arrive at Fidelity, you will need to log into your Fidelity account and manually set up your dividend reinvestment preferences for your newly transferred holdings.
How to expedite the transfer process from Edward Jones to Fidelity?
While the ACATS process is largely automated and has a standard timeline (3-7 business days), ensuring all your information is accurate and complete when you initiate the transfer with Fidelity is the best way to avoid delays. Promptly providing any requested documentation will also help.
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