First and foremost, we sincerely regret that you are considering a move to another broker. Your satisfaction is paramount to us, and we are committed to addressing any concerns you may have. Please don't hesitate to share any specific issues or improvements you'd like to discuss. We're here to assist you and are eager to address your needs.
If you decide to proceed, this guide will walk you through the portfolio transfer process, including various transfer types.
Understanding Portfolio Transfers
A portfolio transfer involves relocating your investments, such as stocks, ETFs, and other assets, from Sarwa Trade account to another broker or financial institution. The process depends on the eligibility of your current portfolio and the institutions involved.
Receiving Broker Support: Before initiating a transfer, ensure that the receiving broker supports either ACAT or FOP transfers. While we provide guidance, it's recommended to contact the broker directly to confirm their specific requirements.
a) For US-based brokers: ACAT, or Automated Customer Account Transfer, is facilitated through the National Securities Clearing Corporation (NSCC). ACAT transfers must be initiated by the receiving party, which is the new broker. Please reach out to our Sarwa team to receive the details necessary for initiating the transfer request.
b) For Europe-based brokers: FOP, or Free of Payment, transfers are commonly used in Europe for asset transfers between financial institutions. This type of transfer will be initiated by from the Sarwa on your behalf. Please contact us to initiate the request.
Fractional Shares: It's important to note that portfolio transfers do not support the transfer of fractional shares. Only whole shares can be transferred. For example, if you own 35.5 shares of Tesla, you can only transfer 35 whole shares.
Cash Transfer: Please be aware that cash cannot be transferred via the FOP transfer method.
Outgoing Transfer Fee: There is an outgoing transfer fee of $200 associated with portfolio transfers. This fee must be available in cash at the time of the transfer.
Trading Activities: Keep in mind that trades cannot be performed on the assets involved in the portfolio transfer until the transfer is completed. Plan your trading activities accordingly.
Timeline Consideration: Transferring your portfolio is a process that takes time. Be prepared for it to span several days or even weeks, depending on the type of transfer and the institutions involved. Ensure you have a clear timeline aligned with your financial goals.
Additionally, it's advisable to consult with a tax advisor or financial planner to fully understand any tax implications associated with your portfolio transfer. Different types of transfers may have varying tax consequences.
We appreciate your trust in Sarwa, and should you have any further questions or require assistance, please do not hesitate to reach out. Your satisfaction remains our top priority, and we are here to support you throughout this process.