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My wife currently has an IRA that has several holdings with fractional shares. We're planning on combining this IRA with one that she has at Merrill Edge which at least initially doesn't allow fractional share ownership. Does anyone know if these fractional shares will be an issue if we move the IRA to Merrill?
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Ask your new brokerage.
Normally fractional shares are not issued by companies but put together by a 3rd party. This usually means they cannot be transferred like whole shares unless that 3rd party also has a relationship with your new broker.
I'm going to guess that those fractional shares will be converted into cash for the transfer, then you can do whatever you want with the cash.
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