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What are the switching costs? Seems fairly trivial to move assets between brokerages.
by csmiller 6y ago
What are the switching costs? Seems fairly trivial to move assets between brokerages.
- elliekelly 6y agoRH charges $75 to transfer holdings to a different broker. If you have a big account that's probably worthwhile but I get the impression a lot of RH customers are small-time people who are just dabbling in the stock market for fun. If your account only holds $500-1000 of securities a $75 fee is pretty steep.
- mrep 6y agoOr you know, just don't open any new positions there and transfer your funds back to your account once you have closed the rest like I did. Then you have nothing there, can deactivate your account and just open an account at another place.
- franklampard 6y agoEffectively $0. Outbound costs $75 at Robinhood. If you are moving more than a few hundred dollars, the new broker will reimburse the it.