Incoming brokerage account transfers at M1 are completed through an automated customer account transfer service (ACATS) system. Transfer timing may vary, but this article will outline what you can expect.
How long should I expect my transfer to take?
The transfer process typically takes between 5-7 business days from the time your transfer is submitted if your current brokerage uses the ACATS system. If your current firm does not support ACATS, transfers may take 30-60 days to complete.
For most full accounts transfers using ACATS, you can track the status of your transfer from the home screen of your M1 account on the web or the newest version of the mobile app under “All Activity.” If you do not see a status for your current account transfer, we will provide periodic updates to you by email.
Why would my transfer be delayed?
Trading in the delivering account after the transfer has been initiated
Any trading activity in the account at your current brokerage will delay the transfer from being submitted to M1.
Please ensure that you do not conduct any trades after submitting your transfer request.
Insufficient funds to cover transfer fee imposed by delivering account
Your current brokerage may charge a fee to transfer stocks out. If there are not enough funds to cover this transfer fee, this will cause a delay on your transfer until those funds are provided.
Delivering account restriction
A restriction from the delivering account may be placed which can delay the transfer.
Restrictions can happen for several reasons including a prior transfer, other activity in the account, or anything else that may limit you from transferring the securities out of the account.
If this happens, you will need to contact your current brokerage firm to have the restriction lifted before initiating a new transfer request
How long does it take for my cost basis information to be updated?
Your cost basis will be updated within 30 days of the transfer completing.
The following firms require clients to manually send their cost basis for processing:
- Any Employee Stock Purchase Plan (ESPP)
Why are some of my securities still at my old brokerage firm?
Securities and cash will continuously sweep for 90 days from your old brokerage account.
If you have further questions about the status of your transfer, please contact us.