It’s time to acknowledge that Fidelity Investments may no longer be the best brokerage.
As a former client, I’ve encountered several issues with Fidelity’s website and mobile app, which were often slow and unresponsive. Not to mention, their trading platform, Active Trader Pro, is outdated.
Given Charles Schwab’s acquisition of TD Ameritrade and ThinkorSwim, it makes a lot of sense to find a new home for your assets.
If you share the same sentiment, follow my comprehensive guide below to move from Fidelity to Charles Schwab.
How to Transfer from Fidelity to Charles Schwab
Step 1: Open an account with Schwab. If you already have one, login to your account portal.
Step 2: Click on Move Money in the main menu. Then, select Transfer Account.
Step 3: Select FIDELITY as your current firm.
Step 4: From the dropdown menu, select the type of account you currently hold with Fidelity. Next, input your Fidelity account number. At the bottom, select the desired Schwab account to which you want to transfer your assets.
Step 5: Let Schwab know if you plan to transfer your entire account or only a portion (specific securities and/or cash amount).
Step 6: You’ll be prompted to confirm the account holder information.
Are the name(s) and account holder(s) the same on the Schwab account and the FIDELITY account? If so, choose “Yes“. Otherwise, select “No” to make the necessary adjustments.
Step 7: Finally, click Submit Transfer.
Charles Schwab will initiate an ACAT transfer to move your stock portfolio from Fidelity to Schwab. You may be required to provide an account statement from Fidelity before or during this process.
How Long Does It Take To Transfer From Fidelity to Schwab
If you’re transferring a Fidelity individual brokerage account, it can take anywhere between 5-7 business days.
However, if you’re transferring multiple Fidelity accounts to Schwab, it may take a bit longer. The ETA will vary based on your account type and investments.
Schwab provides a Transfer Status page on their website, allowing you to monitor your account transfer’s progress.
Fidelity Outgoing Transfer Fee
Fidelity does not charge an ACAT transfer fee, which means there is no cost to transfer your assets from Fidelity to Schwab.