One of the most frequently asked questions that I encounter is how to transfer stocks from Robinhood to Fidelity and in this blog, not only will I show you the step-by-step process, but I will also share some of my troubling first-hand experiences after doing the transfer, so you’d know what to do when you encounter them.
- The first step is to go to the Fidelity website. At the upper left-hand side of the screen, go to Accounts & Trade and click on Transfers.
- You will then be provided with 3 transferring methods
- INTO your Fidelity accounts.
- BETWEEN your Fidelity accounts; and
- OUT OF your Fidelity accounts
- Since your main objective is to transfer your Robinhood account to Fidelity, you have to click INTO your Fidelity accounts.
- Another set of options will be flashed, in which you will select Transfer your assets to Fidelity.
Just above this button, it says, “we make it easy to transfer all or part of an account including individual stocks, bonds, mutual funds, and other types of security types to fidelity without needing to sell your holdings.” This is especially good because sometimes when you have a large portfolio and when you sell all of them and you have a lot of gains, you do have to pay a lot in taxes so you really have to make the calculation.
- Click on Start a Transfer.
- Type in Robinhood on the search bar then fills out the rest of the form with your current firm’s details.
- Decide where to transfer your assets. If you already have an existing Fidelity account, select an existing account, otherwise open a new account.
- You have the option to transfer all your assets, otherwise, select a specific position type.
- Lastly, upload the statement from your Robinhood account.
If you want free stocks you can read How to get free stocks.
What Happened After I transferred my stocks from Robinhood to Fidelity.
Now, let’s talk about the aftermath I experienced right after I transferred my stocks from Robinhood to Fidelity.
For some reason, when I transferred from Robinhood to Fidelity, they marked my Robinhood stocks as margin stocks even though they weren’t. So, I had to give them a call and asked them to assist me in changing the label from margin stocks to cash only. The entire process only took 16 minutes! Now every single stock that I have is combined into just one. The downside, however, is that it erases all your previous gains and losses so you’re literally starting from Ground Zero.
Overall, I would say that I am very happy with my decision of transferring my stocks from Robinhood to Fidelity.
If all of this is overwhelming and you’d rather let an expert assist you, I’d love to be a part of your journey to wealth building.
I will work with you and set up a SMART (Smart, Measurable, Attainable, Result Oriented, Timely) plan to develop an investing strategy that is aligned with your goals.