Can I Transfer My Account to Aries Without Selling?
Yes. You can move your positions from another U.S. broker to Aries without selling them. We use ACATS (Automated Customer Account Transfer Service), the industry-standard system U.S. brokers use to move accounts between each other. Your shares arrive in your Aries account as shares, not as cash.
What is ACATS?
ACATS is the system run by the National Securities Clearing Corporation (NSCC) that U.S. brokerages use to transfer customer accounts. You start the transfer from Aries. We send the request to your current broker (the delivering broker), and they move the assets over. You don't need to contact your old broker to start it.
What you need before you start
- An open Aries account to receive the transfer.
- A recent statement from your current broker.
- The account holder name and account number exactly as they appear on that statement.
- At least $500 in assets to transfer.
Which accounts can be transferred?
Aries accepts transfers from these account types:
- Individual cash accounts
- Margin accounts
The name and type of your old account must match your Aries account. For example, an individual account transfers into an individual account, and a Roth IRA transfers into a Roth IRA. If they differ, the transfer can be delayed or rejected.
Which assets can be transferred?
- Listed U.S. stocks
- ADRs
- ETFs
- Cash in U.S. dollars
Make sure every security you move is tradable on Aries. Assets we can't hold, such as mutual funds or non-U.S. currency, can't come over through ACATS. You can sell those at your current broker first, or leave them there with a partial transfer.
How to start a transfer
- In Aries, open the Client Center and tap Transfer Accounts In. You can also go to Transfers, then Account Transfer, then Transfer In.
- Under Choose Receiving Account, pick the Aries account that will receive the assets.
- Under Choose Broker to Transfer From, start typing your current broker's name and select it from the list.
- Under Outgoing Account Type, choose the type of your old account: Individual, Joint, Traditional IRA, Roth IRA or Rollover IRA.
- Enter the Account Name and Account Number exactly as they appear on your statement.
- Choose a Transfer Type:
- Full Transfer moves all positions and cash and usually closes the old account.
- Partial lets you choose which positions to move.
- Under Asset Information, tell us whether you hold options contracts and whether you are transferring mutual funds.
- Read the acknowledgment about transfer fees, tick the box, and tap Submit Transfer Request.
You can follow progress under Transfer History in the Client Center.
How long does it take?
Most transfers finish within about a week of submitting. Under FINRA Rule 11870, your current broker has one business day to validate the request and three business days after that to complete it. Transfers can take longer if details don't match, if some assets can't be transferred, or for partial transfers.
Does it cost anything?
Your current broker may charge an outgoing transfer fee, usually $75 or more. The amount depends on the broker, so check their fee schedule. Because of these costs, Aries does not accept transfers of assets worth less than $500. If your account is smaller, the cost-free option is to sell your positions at your current broker, withdraw the cash to your bank, and deposit it to Aries.
Will I owe taxes?
An ACATS transfer moves your positions as they are. Nothing is sold as part of the transfer itself. Your previous broker is generally required to send your cost basis information along with your positions. Aries does not give tax advice, so please speak with a tax professional about your situation.
Why is my transfer delayed?
- The account name or number doesn't match your old statement.
- The old account type differs from your Aries account type.
- The account holds assets Aries doesn't support.
- The old account has a pending trade, a negative balance or open orders.
Still need help?
Reach us through Live Chat in the Client Center or at support@aries.com