Transfer Sofi to Fidelity or Vice Versa (2024)
Transfer From SoFi to Fidelity
SoFi offers several attractive features, such as high-yield cash management and automated investment options. However, it may not offer the same range of products and services as traditional brokers like Fidelity. If you're looking for a more extensive selection of investments and account types, transferring your SoFi account to Fidelity might be the right move.
Here are the steps to transfer a SoFi brokerage account to Fidelity, as well as instructions for moving your Fidelity account to SoFi.
Account Transfer Methods
There are two main ways to move a brokerage account: manual transfer and automated transfer. While the steps are similar, there are a few important differences between them.
Manual transfers involve selling your investments, waiting for transactions to settle, transferring the cash to your bank, and closing your account if you no longer plan to use it.
Automated transfers are easier, but your account must be in good standing. Open orders, unsettled transactions, or outstanding debts could cause the transfer to be delayed or even reversed, leading to additional fees.
Once everything is ready, the receiving broker (in this case, Fidelity) initiates the ACAT transfer, which Fidelity refers to as a TOA (Transfer of Assets).
Carefully review your options to choose the transfer method that best suits your needs.
Transfer a SoFi Account to Fidelity
Whether you choose a manual or automated transfer, understanding both methods can make the process smoother.
Manual Transfers
To transfer manually, start by selling all your investments in the SoFi account. After closing your positions, wait about three days for the transactions to settle. When your balance shows as 'Withdrawable Cash,' you can move the funds.
Next, use one of SoFi’s transfer methods—ACH or wire transfer—to move your cash to an external bank account. If you have a SoFi bank account, transferring funds internally is also an option.
Note that withdrawals from SoFi’s Automated Invest account can take up to six days, while transfers from the standard Invest account typically clear within three days.
Automated Transfers
For an automated transfer, Fidelity will initiate the process. Ensure the account types match—such as a brokerage account to brokerage account—since you can’t transfer a brokerage account to a retirement account or vice versa.
From the Fidelity dashboard, navigate to the 'Transfer' tab and select 'Transfer an Account to Fidelity' from the dropdown menu.
Fidelity will walk you through the steps, providing tips to ensure the transfer goes smoothly.
To start the transfer, click 'Start a Transfer' and provide information such as the outgoing broker (SoFi), portfolio value, asset types, and receiving account type at Fidelity.
Fidelity’s TOA process typically takes less than a week to complete.
Best Brokers
Why Transfer to Fidelity?
Fidelity offers several advantages that may make it a better fit for your financial needs.
Key benefits include:
- Over 75 years of experience as one of the largest financial institutions globally.
- A broad range of investment options, including mutual funds, stocks, bonds, options, cryptocurrencies, OTC securities, and ETFs.
- Professional portfolio management services for hands-off investors.
- Access to retirement accounts and planning services.
- Extensive customer support and educational resources.
Transfer a Fidelity Account to SoFi
To transfer a Fidelity account to SoFi for more streamlined financial management, you can choose between manual or automated transfer methods. Both options follow the same settlement times and transfer processes.
However, keep in mind that Fidelity offers more account types and investment options than SoFi. This may affect which securities can be transferred if you use an automated transfer.
Make sure to only transfer assets supported by SoFi, as the receiving broker can’t accept unsupported securities or accounts.
To begin an ACAT transfer from SoFi, go to the 'Transfer Investments' section on SoFi’s Invest page. Follow the prompts to enter your Fidelity account information. The process usually takes about seven business days to complete.
Updated on 10/16/2024.
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