What fees or taxes are associated with a brokerage account transfer?

There are no additional fees from Ellevest associated with transferring your taxable brokerage account to us. Your current provider may charge fees for liquidating securities in your account, transferring your account to a new provider, or closing your account. We recommend asking them for details on any fees that you may incur while transferring your brokerage account.

 

When your funds arrive at Ellevest, we’ll sell any securities that aren’t part of your customized goal portfolio. This may generate capital gains, so we recommend checking with your tax advisor to learn more about potential gains.

 

If your current provider does not support electronic account transfers, you can transfer your funds to us in cash by withdrawing your funds and then creating a deposit to our custodian, Folio. Please note that since you will have to sell the assets in your old account, this may also cause taxable capital gains. We recommend checking with your tax advisor to learn more.

 

If you currently hold similar securities than the ones in the Ellevest portfolio you may incur a wash sale. You can see a complete list of the securities we use in Ellevest portfolios here.

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