How to change brokerage companies?

[Drake3287]

Long story short, for years I've had a brokerage account with one of the larger well known companies until a couple of years ago when they closed the local office where I live. In turn they transferred my account to a person on the other side of the country with everything being done by either phone or email which of course isn't that uncommon these days.

This guy tends to be a little pushy and of course has many suggestions as to what I should do with my money but he comes off as a used car salesman like many of them do. If I wanted to close my account and move it to a local broker with a different company is that something the new broker can do automatically or do I need to go through the old broker to do it? I just can't imagine all the hoops this guy is going to put me through to do it. Sort like walking away from a car salesman when you don't like the final deal.

Also, for the sake of my wife or kids down the road after I pass, it would be much easier for them to walk into a local office and deal with the account in person vs phoning someone three thousand miles away.

[kork13]

Depending on how diverse your accounts are with the current brokerage, it could be easy or arduous.

For basic transfers of taxable or IRA accounts, the new broker can likely do all of that for you, potentially requiring some extra paperwork for the IRAs. Certain types of accounts, however, have silly requirements from the age of the technology dinosaurs requiring such silly artifacts as "medallion signature guarantee stamps" or fax-only transmission. Laughable.

Personally, I would prefer to do all of that stuff myself, especially that call to the not-great broker -- Q: "isn't there anything i can do to convince you to keep your accounts with us?!?" A: "Yes. Build a functional time machine."
.

[myrdale]

This guy tends to be a little pushy and of course has many suggestions as to what I should do with my money but he comes off as a used car salesman like many of them do.

https://youtu.be/-DT7bX-B1Mg?si=-nZKqFEv8kOpSnue

[myrdale]

All jokes aside, who ever you chose to go with, should be able to transfer all of the funds from your current account to your new account. You shouldn't have to ever speak with the old guy again.

To kork13's point, if this is a Roth IRA or traditional IRA, you can handle that yourself. If it is a taxable brokerage account I have faith in you also. I can appreciate having someone to sit across the desk from and speak with. I've been berated on here in the past about having an insurance agent vs online only.

Personally my Roth IRA is with Vanguard. Only about 2 weeks ago I opened up a taxable brokerage account with Fidelity. I have not transferred any funds over to it yet.

Whoever you go with, make sure they are a fiduciary. Understand the rates / fees.

[Drake3287]

Thanks, I'll see where this takes me. The account is simply individual stocks which I purchased over the years when I had extra money, sort of a hobby account but 30 years later it's a sizable account. No IRA's or similar associated with this account.

[kork13]

Thanks, I'll see where this takes me. The account is simply individual stocks which I purchased over the years when I had extra money, sort of a hobby account but 30 years later it's a sizable account. No IRA's or similar associated with this account.

Oh, that should be super easy then, and the new brokerage should be able to pull them over for you no problem.