What should you know before transferring an investment account?
Answer
Before you begin your transfer, here are a few helpful things to consider:
- Exit fees: Check if your current provider charges any fees for transferring an account.
- Current benefits: Take a moment to review any features or perks you currently enjoy, so you know what to expect after switching.
- Market exposure: Transfers can take a few weeks, and you may not be able to trade during this time.
- Selling investments: In some cases, investments may need to be sold and repurchased, which could have tax implications.
- Trading during transfer: If you’d like to keep trading, ask your current provider what options are available and keep both providers updated.
- Financial advice: If you’re unsure about making a transfer, an independent financial adviser can offer guidance tailored to you.