QUESTION: Choosing a broker: how to transfer assets to another broker?

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The procedure for transferring securities and funds from one broker to another is a standard, but technically complex legal and accounting procedure. If it comes to changing a brokerage company, it is extremely important to avoid excessive haste and extremes. Do not overestimate your expectations regarding the speed of the process, as the inter-depository transfer of securities can take from several working days to several weeks depending on the participants' infrastructure.

When preparing to transfer assets, leave room in your strategy for normal life and do not try to block all accounts for an indefinite period. Track the progress of each task using small checkpoints to clearly understand at what stage the interaction process between the old and new professional participants of the securities market is. This will help reduce psychological stress and keep the situation under constant control.

To successfully execute the transfer of assets, it is recommended to strictly follow a certain sequence of actions.

1. Open a brokerage account with a new broker and complete full verification, making sure that the account types match, for example, a transfer from an IIS to an IIS or from a regular account to a regular account.

2. Obtain the details of its depository and all necessary information from the new broker to draw up an order for the crediting of securities.

3. Contact your current broker with an application for the withdrawal or inter-depository transfer of assets, attaching the new account details and paying the associated depository fees for the re-registration of ownership rights.

4. Wait for confirmation of the successful debiting of assets from the old account and their crediting to the new brokerage balance, after which you should request a certificate of incurred expenses from the old broker for correct tax accounting.

QUESTION: Choosing a broker: how to transfer assets to another broker?

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