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Many beginnings imply a contemporaneous ending. This is often bittersweet. Some personal news implies a tearful goodbye to soon-to-be-former coworkers. A new adventure of scholasticism and self-discovery means saying goodbye to your high-school friends. And a new brokerage account often implies leaving a years- (or decades-!) long relationship with a firm that stuck with you, feels a bit like a jilted lover, and by the way happens to constructively control most of your net worth.
A brief digression into self-regulatory organizations
FINRA regulates asset transfers between brokerages
How does one transfer securities account assets?
What does an ACATS request actually entail?
Brokerages frequently do not verify incoming ACATS requests
Should I be terrified, Patrick?
Another fun wonky control
A final ACATS story
Ever transferred assets between brokerages? Impressive, terrifying machinations happened in the background. No cats were harmed.
We are not affiliated with Patrick McKenzie. This unofficial audio edition is available to listen to and share for free. Read the original on Bits about Money.
Duration
~29 minutes (28K characters)
Release date
May 24, 2024