Transfer from Wealthfront to Charles Schwab
To move an investment account from Wealthfront to Schwab, follow these instructions:
First Step: The first task is to
open a new securities account with Schwab.
It can be either a self-directed or an investment-advisory account. Becasue this is an ACAT transfer,
the addresses and names on both accounts must match. The tax structures (like individual taxable or Roth IRA) must match exactly as well. If an existing Schwab account meets these conditions, you can use it.
Second Step: The Wealthfront account, which could be a Stock Investing Account or an
Automated Investing Account, may need some preparation before the transfer. Either account type can be moved into either account type (robo or self-directed) at Schwab. Any open orders in the Wealthfront account should be closed, and unsettled trades should settle before you request a transfer.
Fractional shares cannot be moved through the ACAT system, so these need to be sold by the account owner or by Wealthfront. Also, if you’re transferring to a robo account at Schwab, all assets will need to be sold because a robo account can only accept cash.
Third Step: Once the Wealthfront account is ready, prepare the Schwab account. The main task here is to add margin capability if a margin balance will be transferred.
Fourth Step: Now, request the transfer. This is always done through the receiving firm, which is Schwab in this case. Log in to the Schwab website, click on the Move Money tab at the top, and select Transfers & Payments from the drop-down menu. On the next page, choose the option to move an account to Charles Schwab. Search for and select Wealthfront as the outgoing firm, and provide all the required details, including the Wealthfront account number. When everything looks correct, submit the ACAT request.
An in-kind transfer, where shares of securities are moved, can only be done as a full transfer from Wealthfront. Partial in-kind transfers are not possible.
Fifth Step: Check the status of the transfer. On the Transfer Account page on Schwab’s website, there is a link for submitted transfers. Click this link to track the progress of the transfer.
Free Charles Schwab Account
Open Schwab Account
How Long Will the ACAT Request Take?
It usually takes about a week and a half for the securities and cash from the Wealthfront account to
arrive in the Schwab account. Schwab will probably ask for a recent account statement from Wealthfront.
Updated on 9/18/2024.
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