How long does it take to transfer an existing brokerage account to my new Financia Capital account?
Unfortunately, many brokerage firms and investment companies are much better at taking in money than they are at transferring it to another company, and unanticipated delays are not uncommon. We usually recommend using the Automated Customer Account Transfer Service (“ACATS”) system, operated by the National Securities Clearing Corporation, for account transfers (as opposed to liquidating the account and sending a check or doing a wire transfer to fund the new account). One advantage of the ACATS system is that income events occurring in your old account after the transfer (such as receipt of a dividend) will be automatically swept into your new account and will therefore ensure that the old account is completely closed with no additional work. The downside of the ACATS system is that transfers can sometimes require several weeks to complete (though in most cases we see transfers go though within six business days). Unfortunately, there is little we can do to expedite the process once
