Transfer Robinhood to Fidelity

If you’re looking to transfer your investments from Robinhood to Fidelity, you’re not alone. Many investors choose to transfer their assets for various reasons, whether for better customer service, a broader range of financial products, or advanced trading tools. Fortunately, the process of transferring your assets is straightforward once you understand the steps involved. This guide will walk you through everything you need to know about transferring your account from Robinhood to Fidelity.

Understanding Transfers: Full vs. Partial

Before you begin the transfer process, it's essential to understand the types of transfers available:

1. Full Account Transfer: This involves moving all your assets from Robinhood to Fidelity. Once the transfer is complete, your Robinhood account will typically be closed automatically.

2. Partial Account Transfer: If you only want to transfer some of your assets from Robinhood, a partial transfer will allow you to move only those specified assets, keeping your Robinhood account open with the remaining investments.

Step-by-Step Guide to the Transfer

To ensure a smooth transfer from Robinhood to Fidelity, follow these detailed steps:

Step 1: Prepare Your Robinhood Account

• Review Holdings: Verify that all your holdings in Robinhood can be transferred. Generally, stocks, options, and ETFs are transferable, but cryptocurrency holdings need to be sold as they can't be transferred to Fidelity.
• Secure Your Account: Ensure your Robinhood account details are up-to-date. This includes your contact information and any linked bank accounts.
• Download Statements: Access your Robinhood account and download all necessary statements or documents for your records.

Step 2: Open a Fidelity Account

If you don’t already have an account with Fidelity, you’ll need to open one. Follow these steps to get started:

• Visit Fidelity’s Website: Go to Fidelity’s official website and navigate to the account opening section.
• Choose the Account Type: Select the same type of account that you have with Robinhood (e.g., individual brokerage account, IRA).
• Complete the Application: Fill out the required form, providing personal information such as your Social Security Number, employment information, and investment objectives.
• Fund Your Account: While transferring assets, it may be useful to add a small cash balance to your new Fidelity account to cover any immediate fees or expenses.

Step 3: Initiate the Transfer

With your accounts ready, it's time to initiate the transfer using the Automated Customer Account Transfer Service (ACATS):

• Log into Fidelity: Access your Fidelity account and find the "Transfer" section.
• Start a New Transfer: Select the option to transfer assets from another financial institution.
• Enter Robinhood Details: Provide your Robinhood account number and specify the type of transfer (full or partial).
• Select Assets: If opting for a partial transfer, specify which assets to move.
• Submit the Request: Review and confirm the details, then submit your transfer request. Fidelity may ask you to sign a form electronically or on paper to authorize the transfer.

Step 4: Await Transfer Completion

• Processing Time: A transfer typically takes 3-7 business days. However, this can vary depending on the complexity of the assets being transferred and the institutions involved.
• Monitor Status: Keep an eye on the transfer status through your Fidelity account. You may receive updates via email.
• Check for Errors: Ensure all assets have been transferred accurately once the process is complete.

Step 5: Finalize the Transfer

• Verify Holdings: Double-check your Fidelity account to ensure all assets align with what was in your Robinhood account.
• Adjust Settings: Set up any alerts, reinvestment options, or account preferences in your new Fidelity account.
• Close Robinhood Account (if desired): If you've performed a full transfer, your Robinhood account should close automatically. However, it’s prudent to verify this or contact Robinhood support for confirmation.

Tips for a Smooth Transfer

• Avoid Trading During Transfer: To prevent disruptions, temporarily halt trading in your Robinhood account once the transfer begins.
• Consider Tax Implications: Be mindful of potential tax implications, especially if you sell assets or transfer funds between different types of accounts (e.g., converting a taxable account to an IRA).
• Plan Around Dividends and Interest Payments: If possible, time the transfer to avoid periods when dividends or interest payments are expected, as these could complicate the process.

Frequently Asked Questions

Can I transfer my cryptocurrency holdings to Fidelity?

No, Fidelity does not support cryptocurrency transfers. You must sell any cryptocurrency holdings and transfer the cash proceeds instead.

Are there fees associated with transferring from Robinhood to Fidelity?

Robinhood typically does not charge fees for full or partial transfers, but Fidelity may impose fees if transferring assets out in the future. It’s important to confirm any fees with both institutions before initiating a transfer.

How will transferring affect my cost basis and tax documents?

Fidelity will receive your cost basis information for transferred assets, but verify the accuracy once the transfer completes. Ensure both institutions have accurate records for your tax documents.

What happens to automatic investments and withdrawals?

Any automated features set up through Robinhood will cease once the assets are transferred. You will need to re-establish these settings in Fidelity.

Considerations for Choosing Fidelity

Moving your assets from Robinhood to Fidelity might be driven by several motivating factors. Here are some advantages of a Fidelity account:

• Broader Range of Investment Products: Fidelity offers a wider selection of investment options beyond stocks and ETFs, including mutual funds and bonds.
• Advanced Research Tools: Access in-depth research and analysis tools to support informed investment decisions.
• Strong Customer Support: Benefit from comprehensive customer support services, including access to financial advisors.
• Education Resources: Fidelity provides a wealth of educational resources, ideal for investors looking to increase their market knowledge.

External Resources for Further Assistance

If you need further assistance or information on transferring assets, consider accessing the following resources:

• Fidelity Customer Support: Call or chat with Fidelity representatives through their official website.
• SEC Guides on Investment Transfers: Explore authoritative guides for transferring investment accounts via the U.S. Securities and Exchange Commission (SEC).
• Financial Advisors: Consult with a financial advisor for personalized investment advice and transfer strategies.

By following these detailed instructions and leveraging available resources, you can seamlessly transition your investment accounts from Robinhood to Fidelity. Enjoy enhanced investment choices and robust tools with your new brokerage platform.