What is the brokerage account transfer process?

At Ellevest, you have the option to transfer your full brokerage 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 Ellevest. 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, open the left hand menu on your Ellevest dashboard and select “Transfer Funds.”

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 esign, we begin the transfer.

Ellevest will take care of submitting a transfer request for you! We will transfer the securities in your account through ACATS. In most situations, you will not 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 Concierge Team.

Once your funds transfer over, we’ll invest them into your customized Ellevest portfolio. When we receive the securities from your brokerage 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.

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