Yes, it is possible to transfer the assets you have at Vest to other brokerage firms. To do this, simply follow these steps:
Contact your new brokerage firm stating that you have assets in Vest and want to transfer them.
Ask if the new brokerage firm accepts transfers via ACATS.
Then, the new brokerage will send you a form to fill out to start the transfer process.
After you send them the completed form, they will contact Vest to initiate the transfer process.
DriveWealth, a US brokerage firm and our partner that facilitates the custody of Vest customer accounts in the US, charges US$65 per account transfer. This will be debited from your Vest account balance, therefore, there must be sufficient funds to cover this fee to complete the transfer.
Important:
Depending on the brokerage firm, fractional shares may not be able to be transferred. Always check first with the other brokerage firm. If that is the case, you need to sell the fractional shares in the app, and the money will be transferred along with the rest of your portfolio.
ACATS (Automated Customer Account Transfer Service) is the system used by Vest to facilitate the transfer of assets from one trading (investment) account to another.
Securities trading is offered through Northbound Securities LLC, an affiliate of Vest