What is the investment account transfer process for Ellevest?
At Ellevest, you have the option to transfer your full investment account, or to only transfer part of it.
If you select a full account transfer, your entire account at your current provider will transfer to your Ellevest portfolio.
If you select a partial account transfer, you’ll select specific securities from your account at your current provider to transfer. We’ll transfer all shares of the securities you selected.
To get started with your transfer, click on Transfer Money at the top of the page, then select Transfer external account, followed by Investment account.
You’ll tell us the name of your provider, the estimated balance of your transfer, and which Ellevest goal you’d like to transfer to. If you’re only transferring part of your account, you can select which securities you’d like to transfer and we’ll transfer all shares of the securities you selected.
We start by recommending an investment portfolio so that you can see how we plan to invest the transferred funds. After you have given us approval through e-sign, we begin the transfer.
Ellevest will take care of submitting a transfer request for you! We'll transfer the securities in your account through Automated Customer Account Transfer Service (ACATS). In most situations, you won't need to speak with your current firm or initiate a sale of the assets in the account. If there are any updates along the way, you’ll hear from our Client Support team.
Once your funds transfer over, we’ll invest them into your personalized Ellevest portfolio. When we receive the securities from your investment account, we’ll automatically sell any positions that aren’t part of the portfolio that we recommended for you. You can see the list of all exchange-traded funds (ETFs) and mutual funds in the Ellevest goal portfolios here.
Selling the securities after the transfer to form your Ellevest goal portfolio may result in capital gains and/or losses, and you may owe short-term and/or long-term capital gain taxes on any realized gains not offset by losses.
There are no Ellevest fees associated with this process, but your current provider may charge you fees during the process of selling your investments and transferring your funds to Ellevest. We recommend asking your current provider for details on any fees you may incur in the transfer process.
What fees or taxes are associated with an investment account transfer?
There are no additional fees from Ellevest associated with transferring your taxable investment 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 investment account.
When your funds arrive at Ellevest, we’ll sell any securities that aren’t part of your personalized 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 doesn't 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, Goldman Sachs Custody Solutions. Please note that since you'll 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.
How does the ACATS transfer work for investment accounts?
Here’s a bit more information about the ACATS transfer process for investment accounts to Ellevest.
What securities are Goldman Sachs Custody Solutions unable to custody?
Goldman Sachs Custody Solutions is unable to custody securities that include proprietary or load mutual funds, money market funds, bonds, foreign securities, unit investment trusts, and CDs.
If Goldman Sachs Custody Solutions receives any money market funds, they'll automatically liquidate the funds. For any other securities on this list, they'll send them back to your current provider for liquidation. Please note that this will delay the transfer process, so if you have securities that Goldman Sachs Custody Solutions cannot custody, please have them liquidated prior to initiating the transfer.
When will Goldman Sachs Custody Solutions liquidate securities from my transfer?
When your securities arrive at Goldman Sachs Custody Solutions, Ellevest will instruct Goldman Sachs Custody Solutions to sell any security that can't be used to create an Ellevest diversified portfolio for you at market. (Typically all securities but those listed here.) If you’re holding company stock or any securities that you feel requires a particular trading strategy, you should sell these securities before bringing them to Ellevest.
What are the benefits of an ACATS Transfer?
The ACATS allows securities to be transferred electronically from one firm to another. You can transfer both investment accounts and IRA accounts (traditional, Roth, or SEP) to your Ellevest account through ACATS if your current firm participates.
Some of the benefits of an ACATS transfer include:
- It’s faster than a non-electronic transfer. It typically takes 2 weeks to complete. For non-ACATS transfers, the process can typically take up to 6 weeks.
- It may be a less expensive way to transfer your assets. When you sell your assets prior to the transfer, you may pay fees to your current firm for the sale of those securities. Should Ellevest need to sell any of your assets when your IRA securities arrive, you'll incur no additional Ellevest fees.
- Note: Transferring an investment account may incur realized capital gains and/or losses.
- Note: The ACATS transfer process is only available if your current provider is set up for ACATS and if Goldman Sachs Custody Solutions is able to custody your securities. For more details, please visit our FAQ on the ACATS Process.
If you’re an Ellevest client, you can click on Transfer Money in your Ellevest account to get started with your transfer! If you’re not an Ellevest client yet, sign up here.
How long will the investment account transfer take?
Investment account ACATS transfers typically take two weeks. If you decide to liquidate your securities before you transfer your account, the process may exceed two weeks. The timing varies depending on the firm. If your current investment account firm doesn’t support electronic transfers, we’ll let you know how you can transfer your funds in cash.
Once your transfer is complete, we’ll buy the exchange-traded funds (ETFs) and mutual funds for your recommended Ellevest investment portfolio. We’ll sell any securities that aren't included in our recommended portfolio. Selling these securities may result in capital gains and/or losses. As a result, you may owe short-term and/or long-term capital gain taxes on any realized gains not offset by losses. Please consider these consequences carefully and consult your tax advisor.
What happens if I entered the wrong information for my investment account transfer?
If you realize that you gave us the wrong information for your Ellevest investment account transfer, please contact us. Incorrect information may cause delays in the processing and transfer of your account, so the earlier you let us know, the sooner we can try to help fix the issue.
Should Goldman Sachs Custody Solutions (the custodian for your Ellevest account) learn of incorrect information while processing the transfer, they'll let us know. At that point, a member of the Ellevest team will contact you to discuss the next steps.
How can I transfer an account that I have with Goldman Sachs Custody Solutions to Ellevest?
If you have an account with Goldman Sachs Custody Solutions that’s not managed by Ellevest, transferring it just depends on what type of account it is.
To transfer an IRA account, all you need to do is start an IRA transfer in your Ellevest account and select Goldman Sachs Custody Solutions as your provider.
Taxable investment accounts
To transfer a taxable investment account, contact our Client Support team and they’ll help you get started.