How to Transfer Stocks from Robinhood to Fidelity?

How to Transfer Stocks from Robinhood to Fidelity?

When considering a move from Robinhood to another brokerage like Fidelity, it's essential to know the process of transferring your stocks. Whether you're seeking better services, broader investment options, or simply prefer Fidelity's platform, the good news is that transferring stocks from Robinhood to Fidelity is a straightforward process. In this guide, we'll walk you through each step, ensuring your transition is as smooth as possible.

Why Transfer Stocks from Robinhood to Fidelity?

Before diving into the details, it's worth understanding why many investors consider transferring their stocks from Robinhood to Fidelity. Fidelity offers a wide range of investment options, including mutual funds, bonds, and more advanced trading tools that might not be available on Robinhood. Additionally, Fidelity's customer service and research tools are often rated higher, making it an attractive option for serious investors.

Steps to Transfer Stocks from Robinhood to Fidelity

Transferring your stocks from Robinhood to Fidelity involves a few key steps. By following this guide, you can ensure that your assets are transferred securely and efficiently.

1. Set Up a Fidelity Account

Before you can begin the transfer process, you'll need to have an account set up with Fidelity.

  • Open a Fidelity Account: If you don’t already have a Fidelity account, you'll need to open one. This can be done easily online by visiting Fidelity's website and following the prompts to create an account.
  • Fund Your Fidelity Account: While this step is optional, funding your new Fidelity account can make the transfer process smoother and ensure there are no issues during the transfer.

2. Gather Your Account Information

Next, you'll need to have both your Robinhood and Fidelity account information handy. This includes your Robinhood account number and the Fidelity account where you want the stocks to be transferred.

  • Locate Your Robinhood Account Number: You can find your account number in the Robinhood app under the “Account” tab. This information is crucial for initiating the transfer.
  • Ensure Your Accounts Match: The name on your Robinhood account should match the name on your Fidelity account to avoid any complications during the transfer.

3. Initiate the Transfer with Fidelity

The actual transfer is initiated through Fidelity, not Robinhood. Fidelity handles most of the process, making it easier for you.

  • Log In to Fidelity: Go to the Fidelity website and log in to your account.
  • Access the Transfer Tool: Navigate to the “Transfer” section, typically found under the "Accounts" tab. Here, select the option to transfer assets from another brokerage.
  • Enter Your Robinhood Details: Provide your Robinhood account number and specify the assets you want to transfer. You can choose to transfer all your stocks or select specific ones.
  • Review and Submit: Once you've entered all the necessary information, review the details and submit your transfer request.

4. Monitor the Transfer Process

After initiating the transfer, it’s important to keep an eye on the process to ensure everything goes smoothly.

  • Check Transfer Status: Both Fidelity and Robinhood will update you on the status of your transfer. Fidelity usually provides updates through their website or via email.
  • Expect Processing Time: The transfer process typically takes 5-7 business days. During this time, your assets will be in transit and may not be available for trading.

5. Confirm the Transfer

Once the transfer is complete, you'll want to verify that all your stocks have successfully moved to Fidelity.

  • Log In to Fidelity: After the transfer period, log in to your Fidelity account to check that all your stocks have arrived.
  • Compare Your Holdings: It’s a good idea to compare your Robinhood account holdings with what’s now in your Fidelity account to ensure nothing was missed.

Can I Transfer Stocks from Robinhood to Fidelity?

Yes, you can transfer stocks from Robinhood to Fidelity. The process is made simple by the Automated Customer Account Transfer Service (ACATS), which most brokerages, including Fidelity, use to facilitate transfers. This service ensures that your stocks move seamlessly between accounts without the need to sell and repurchase them, avoiding potential tax implications and missed trading opportunities.

Conclusion

Transferring stocks from Robinhood to Fidelity is a straightforward process that involves setting up your Fidelity account, gathering the necessary information, and initiating the transfer through Fidelity. By following these steps, you can efficiently transfer your investments and start enjoying the benefits of Fidelity’s robust platform. Whether you're seeking better research tools, customer service, or a broader range of investment options, moving your stocks to Fidelity could be a smart financial decision.