|
Transfer an Account
There are three ways to transfer securities into
a new LaBrunerie Financial account. Transfer all securities from
your current broker as a FULL transfer or transfer select securities
as a PARTIAL transfer.
LaBrunerie Financial does not charge clients
a fee to transfer in an account. However, we suggest contacting
your delivering broker to establish fees you may incur before transferring.
Delivering firms usually charge fees to transfer out an account.
This could result in a debit balance.
Direct Transfers (DTC) are completed within 2-3
business days.
Full Account Transfers are usually completed
within 6-10 business days from the date completed paperwork is received.
Partial Account Transfers may take approximately
3-4 weeks from the date completed paperwork has been received. Completion
of your account transfer depends on the response time of your current
broker. Remember to list the specific number of shares for each
asset to be transferred. Cash must be listed as dollars and cents
with a specific amount.
Important Transfer Information:
- Complete an Account Transfer Form along with an LaBrunerie Financial
Account Application if you do not have an existing account.
- For your protection, the names(s)/title on your transferring
account must match the name(s)/title on the receiving LaBrunerie
Financial account.
- If you have an existing LaBrunerie Financial account the name(s)/title
on the account being transferred must also match the name(s)/title
on the receiving LaBrunerie Financial account.
- If you are transferring assets between LaBrunerie Financial
accounts, contact us at 800.736.7460 for a Letter of Authorization
to Transfer (LOA)
Include a copy of your brokerage's last monthly statement.
- Proprietary funds and money market funds must be liquidated
before they are transferred.
- Indicate whether the transfer is to be a TOTAL or PARTIAL transfer.
For a PARTIAL transfer list specific assets and quantities to
be transferred.
- Internal LaBrunerie Financial Transfers: Trading in an account
which is involved in a transfer will delay the transfer and may
cause rejection of the transfer.
- Sign and date the Transfer Form. Your Transfer Form must be
signed and dated by all account owners. If a debit balance is
part of your transfer, the receiving account owner(s) signature
also will be required.
Account Transfer Facts
Debit Balances
If your delivering firm charges a fee to transfer your account
you may incur a debit balance after your account transfer is completed.
You may deposit the required transfer fee into your delivering account
or liquidate assets within the account to avoid a debit balance.
Mutual Funds
When transferring mutual funds held in a brokerage account,
list the fund name and mutual fund account number and complete a
separate transfer form for each mutual fund company. If all mutual
funds are held at the same mutual fund company, list several funds
on one transfer form.
It is necessary to choose if you want each mutual
fund to transfer as shares or to be liquidated and transferred as
cash. Transferring as shares requires you to choose whether you
would like dividends and future capital gains reinvested into shares,
or paid in cash.
Direct Rollover from a Qualified Plan
- LaBrunerie Financial suggests contacting the administrator of
your Qualified Retirement Plan to obtain instructions and eligibility
to remove funds from the plan. LaBrunerie Financial cannot request
funds on your behalf. You may be required to establish an account
number for your receiving IRA with LaBrunerie Financial prior
to facilitating a rollover.
- You may choose a Traditional Contributory IRA or a Rollover
IRA for your transfer. Be aware that the IRS does not allow Qualified
Retirement Plan accounts to be put directly into Roth IRAs. They
must first be moved into a Traditional IRA and then converted.
- Transfer time depends on your plan administrator and could take
from 30-90 days from the time completed paperwork is received.
- LaBrunerie Financial may be asked to sign a letter of acceptance
from your plan administrator. This requires an LaBrunerie Financial
Transfer Form to be signed and completed.
Bank/CD/Annuity Transfers
- Cash transfers may be made by personal check.
- CDs and annuities must be redeemed before transferring. If transferring
a CD at the maturity date, your transfer request must be received
no later than 21 days before the maturity date. Annuities must
be surrendered immediately upon transfer.
- Contact your financial institution for penalties you may incur.
These types of transfers may take 3-6 weeks to complete from the
date your paperwork has been received.
|
