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How do I regain direct ownership of investments currently held in a brokerage account?

I've been an independent individual investor in mutual funds since the mid-1990s. In most cases, I buy no-load funds and open accounts directly with the mutual fund companies. The one exception was some Class A funds bought through an advisor. These were later transferred in-kind into a brokerage account at a different firm.

I don't need a brokerage account, and never did. I do my own research and make the decisions. I rarely trade, just basically buy and hold for many years at a time. The account charges me $100 a year to keep it open. I want to open a personal account and transfer the shares into it, so that I can ditch the broker and manage things myself, but the institution's policy is that only an investment advisor can open an account for me. If I ask the brokerage firm where the shares are held to do this for me, I'm pretty sure they'll attach a substantial transfer out fee.

Is there any way to close out this brokerage account without actually selling the shares?

Investing, Choosing an Advisor, Mutual Funds
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September 2018

You can open an account at any one of a number of brokerages that work directly with investors. You then will complete a transfer form instructing your current firm to transfer your account to the new custodian. This can be marked as an "in-kind" transfer to avoid any commissions or fees for selling your current assets. Your current account paperwork will detail the account closing costs.

Customer service at your new firm will be able to walk you through this process.



September 2018