Vest supports asset transfers (ACATS) to and from other financial institutions (brokers or custodians).
ACATS stands for Automated Customer Account Transfer Service.
It is a standardized electronic system in the United States that facilitates the transfer of securities and assets (such as stocks, ETFs, and bonds) between different brokerage firms and financial institutions.
In essence, ACATS allows you to move your entire investment portfolio or a portion of it without having to sell your assets and then repurchase them at the new institution.
Note: The ACAT transfer system is only valid between FINRA-regulated Brokers.
Asset Transfer to Vest
If you wish to move your securities, stocks, or ETFs from another brokerage to your Vest account, follow these steps:
Key Requirements
Same Holder: The source account must be in the name of the same holder as the Vest account. Third-party transfers are not allowed.
Supported Assets: Make sure that the assets you wish to transfer are tradable on Vest. (Vest only supports stocks, ETFs, and REITs listed on US exchanges).
Mutual Funds and Fractional Shares: Generally, mutual funds and fractional shares are not transferable and must be liquidated before initiating the transfer.
Transfer Process
Documentation: Send your latest account statement from the source institution to verify ownership and assets.
Transfer Form: Sign the asset transfer request form provided by Vest, indicating the type of transfer and detailing the assets or positions to be transferred.
Submission: Once you sign the request, we (Vest/our custodian) will be responsible for contacting the source institution to coordinate the transfer.
Processing Times
The time it takes for asset transfer varies depending on the source institution.
Full Transfer (Full ACATS): Approximately 10 days.
Partial Transfer (Partial ACATS): It may be faster, depending on the specific assets.
Asset Transfer from Vest
If you need to move your securities from your Vest account to another institution:
Key Requirements
Receiving Instructions: You must obtain the Asset Transfer Form (ACATs) from the institution to which you wish to send the assets. They will initiate the process.
ACATS Support: The receiving institution must support the ACATS transfer system.
Same Holder: The destination account must be in the name of the same holder as the Vest account.
Exit Process
Initiate at the Receiver: The transfer must be initiated by your new financial institution.
Settlement: Make sure there are no pending settlement operations or negative balances in your Vest account.
Vest Approval: Once we receive the official request from your new broker, we will proceed to validate and approve the shipment of the assets.
Associated Cost
DriveWealth, our custodian, charges an administrative fee for processing the outgoing asset transfer (ACATS). This fee must be available in cash so that the assets can be released.
Fee for Outgoing Transfer: $65 USD
(Note: This fee covers the processing costs incurred by our custodian.)
Additional Considerations
Restricted/Non-Tradable Shares: Assets that are not listed on major exchanges or that have sale restrictions cannot be transferred.
Cash Transfer: Like your stocks, the cash value will be part of the transfer when it is a full transfer.