Transferring Your Investment Account to a New Firm

Recently, the SEC issued an investor bulletin to enlighten investors on the transfer of investment accounts between brokerage firms. The California law practice at The Law Offices of Jonathan W. Evans & Associates would like to pass along this information to our clients and the public, as we have received inquiries regarding the delays and issues which can be encountered when transferring accounts from one firm to another. Transfers of funds and assets should take from 3 to 5 days when done properly. Transfers are often made if a broker has retired or departed the firm, , or perhaps because they have met a new investment advisor who has convinced the investor to move the account. In any case, one should always ask questions about the process of transferring their assets prior to initiating the transfer.

Process of Transferring Accounts

We urge you to understand the process you are embarking on before you make the decision to transfer any assets from one institution to another, to avoid surprises, scams and protect your investment account. Good questions to ask are:

• Can you give me a detailed explanation of the transfer process?
• What fees will I have to pay?
• What documentation do I need to provide to transfer my account to your firm?
• What needs to be done to begin the transfer of my account?
• What should I expect after the transfer process has been initiated?
• How long will it take for the transfer process to be completed?
• What issues could cause a delay in the transfer process?
• Will my existing brokerage firm contact me about the transfer?
• What method of contact will be used to inform me of the status and completion of the transfer?

For more information about transferring accounts between investment firms, please call our offices for a consultation with one of our attorneys. Contact us today.