Transferring Investments: Moving From Robinhood To Fidelity

Transferring investments from Robinhood to Fidelity can be done in a few simple steps. First, you need to open a Fidelity Brokerage Account if you don't already have one. Then, you must gather your Robinhood account information, including your account number and type. Next, initiate the transfer request by logging into your Fidelity account, locating the 'Transfer Assets' option, and selecting 'Transfer an Account'. Input your Robinhood account details, the type of account, and the specific securities you wish to transfer. Finally, double-check all the details before submitting the request. The transfer process typically takes around 3-7 business days to complete. It's important to note that Robinhood charges a $100 fee for a partial or full transfer out of Robinhood, while Fidelity does not charge any transfer fees to receive assets.

Get your Robinhood account details

To transfer investments from Robinhood to Fidelity, you will need to gather essential account details from Robinhood, including stock holdings, account verification information, and any necessary documentation required for the transfer process.

Step 1: Get your Robinhood Account Number

• Open the Robinhood app on your device.
• Tap the "Account" icon located in the bottom right corner of the app.
• Your Robinhood account number will be displayed at the top of the screen. Make a note of this number, as you will need it during the transfer process.

Step 2: Verify your Stock Holdings

• While still in the Robinhood app, navigate to the Investing section of your account.
• Here, you will find a list of your current stock holdings. Make sure to verify each holding and take note of the number of shares you own for each stock.
• It is crucial to correctly identify your stock holdings to avoid any mismanagement of assets during the transfer process.

Step 3: Collect Account Verification Information

• In addition to your account number and stock holdings, you will need to provide verification details to confirm your identity as the account holder.
• This typically includes personal information such as your full name, date of birth, address, and government-issued ID.
• By collecting and verifying these details, you can help ensure a smooth and secure transfer process.

Step 4: Gather Necessary Documentation

• Depending on the type of transfer and the requirements of both Robinhood and Fidelity, you may need to provide additional documentation.
• For example, if you have experienced a major life event, such as marriage or a change in name, you may need to provide relevant documents.
• It is recommended to have a recent account statement from Robinhood available, as this may be required during the transfer process.

Step 5: Review and Confirm Details

• Before initiating the transfer, it is essential to review and confirm all the details you have gathered.
• Double-check that your account number, stock holdings, verification information, and documentation are accurate and up to date.
• Any discrepancies or missing information could lead to delays or even rejection of your transfer request, so it is crucial to ensure everything is in order.

By following these steps, you will be well-prepared with your Robinhood account details, making the process of transferring your investments to Fidelity more efficient and secure. Remember to pay attention to the details and carefully follow the instructions provided by both Robinhood and Fidelity during the transfer process.

Open a Fidelity account

The first step in transferring your investments from Robinhood to Fidelity is to open a Fidelity account. This allows investors to choose from a variety of account types, including individual brokerage accounts, retirement accounts like IRAs, and educational savings plans. Fidelity also provides robust customer support options, such as online chat, phone assistance, and in-person consultations at their branches across the country.

During the account opening process, you will be able to select the account type that best suits your investment needs and goals. This is an important step, as you will need to have an account open that is the same registration as the one you are transferring from. For example, if you have an individual brokerage account in your name, you can transfer to another individual brokerage account in your name.

Fidelity also offers a range of investment options, such as mutual funds, exchange-traded funds (ETFs), bonds, and retirement accounts, allowing you to tailor your investment strategy according to your financial goals and risk tolerance.

The process of opening a new account with Fidelity is quick and easy, and it can be completed online.

Initiate the transfer

To initiate the transfer of your investments from Robinhood to Fidelity, you will need to first open an account with Fidelity. This allows investors to choose from a variety of account types, including individual brokerage accounts, retirement accounts like IRAs, and educational savings plans.

Once you have your new Fidelity account set up, you will need to gather your Robinhood account information. This includes your stock holdings, account verification information, and any necessary documentation required for the transfer process. Your Robinhood account number can be found in the Robinhood app by tapping the "Account" icon in the bottom right corner. Your account number will be at the top of your screen.

After you have all the necessary information, you can begin the transfer process by submitting a transfer request to move shares from Robinhood to Fidelity. Log into your Fidelity account and locate the "Transfer Assets" option within your account dashboard. Select the "Transfer an Account" option and enter the required information, including your Robinhood account number, the type of account (individual, joint, etc.), and the specific securities you wish to transfer.

It is important to note that Robinhood charges a $100 fee for a partial or full transfer out of Robinhood. Additionally, any fractional security shares or crypto held with Robinhood will be sold and transferred as cash to the outside brokerage.

Make sure to double-check all the details for accuracy before submitting the transfer request. The timeline for completion may vary, but it typically takes around 3-7 business days for the transfer to be completed and the shares to reflect in your Fidelity account.

Provide account information

To transfer investments from Robinhood to Fidelity, you will need to gather essential account details from Robinhood, including stock holdings, account verification information, and any necessary documentation required for the transfer process.

Firstly, you will need to locate your Robinhood account number. In the Robinhood app, tap the Account icon in the bottom right corner. Your account number will be at the top of your screen.

You will also need to select the type of account you have, for example, an individual or joint account.

It is important to ensure the accuracy of this information to avoid any delays or even rejection of the transfer request. Stock holdings must be correctly identified to avoid mismanagement of assets, and verification details are essential to confirm the identity of the account holder and prevent any unauthorized transactions.

You will also need to provide your Robinhood Securities (RHS) account number, which can be found by selecting 'Account' and then 'Investing' in the app.

Additionally, if requested, Robinhood's DTC number is 6769.

Transferring fractional shares

If you hold fractional shares in your Robinhood account, you may need to take extra steps to account for these fractional holdings and ensure a balanced account balance after the transfer. One common method for transferring fractional holdings is the 'in-kind transfer', where the exact number of partial shares is moved from one account to another. The receiving brokerage may convert them into cash equivalents or retain them as fractional shares within the new account.

Verify the transfer

After initiating the transfer, investors need to wait for the successful completion of the transfer process. This process will transition the account balance and stock holdings from Robinhood to Fidelity according to the specified timeline.

Investors should closely monitor the transfer timeline to ensure that everything is proceeding as planned. It is recommended to use the tracking tools provided by both platforms to monitor the progress of the transfer.

After the transfer is complete, it is important to verify that the account balance reflects the expected amount, including all transferred assets. Conducting a thorough account reconciliation post-transfer is crucial to confirm that all positions and funds have been accurately moved to the new brokerage account.

This step helps ensure a smooth transition of assets and prevents any discrepancies in the portfolio. By taking these final steps diligently, investors can seamlessly shift their investments to the new platform.

It is advisable to double-check with both Robinhood and Fidelity to confirm the completion of the share transfer process for asset reconciliation purposes.

Before initiating the transfer of shares from Robinhood to Fidelity, investors should be aware of any potential share transfer fees that may apply to the transaction, impacting the overall cost of the transfer.

These fees can vary depending on the specific type of assets being transferred, with some brokerage firms charging flat fees, while others may assess a percentage-based fee. For instance, Robinhood charges a flat fee of $100 for outgoing transfers, while Fidelity charges a $75 transfer fee.

It is essential for investors to carefully review the fee schedules of both platforms to understand the financial implications before proceeding with the transfer.

When transferring shares from Robinhood to Fidelity, investors should consider the tax implications of the transaction. This may involve financial transactions that could impact their tax obligations and reporting requirements.

Transferring shares between brokerage accounts can trigger capital gains tax implications, depending on the difference between the purchase price and the current market value of the shares. Investors need to be mindful of potential tax liabilities that may arise from these transfers.

Reporting such transactions accurately is crucial to ensure compliance with tax regulations. Keeping detailed records of the transfer, including dates, quantities, and values, is essential for accurate tax reporting.

Seeking advice from a tax professional can help investors navigate the complexities of tax implications when moving shares between brokerage accounts.

Frequently asked questions