Since we launched in NZ and in the UK, we’ve been getting lots of enquiries to move from your existing broker into Stake. It’s the ultimate compliment.
What’s also interesting is that a lot of the requests come from customers of local brokers that also have DriveWealth (Stake’s US broker partner) as the US clearing broker. This makes transferring your accounts to Stake super simple, fast and free… and also rewarding (read on below).
To save you some extra search time and to make sure it’s really clear how simple, fast and free (yes free) it is to move your entire portfolio (including fractionals), we’ve set out all you need to know below.
Get support and a free Dropbox stock.
Our mission is to break down barriers so you can get the most from the market. Any issue you might run into transferring over, we’ll help you through them. We’ll also reward you for joining us by giving you a free Dropbox stock when you transfer your entire portfolio from a DriveWealth supported broker.
You could already have a DriveWealth account.
In New Zealand, if you’re investing in US shares, you may already have a DriveWealth brokerage account through another local player. Simply Google it to see if this includes your broker.
In the UK, there are a number of providers that partner with DriveWealth and give customers a DriveWealth brokerage account. If you signed up directly to one of those, let us know and we’ll move you over in a matter of hours!
If you use any of these platforms, we can transfer your account with you barely lifting a finger.
The process is simple. Very simple.
To effect the transfer its filling in 1 form (this form) and entering your two account numbers – your current brokerage account number and your Stake account. You don’t need to list all the shares in your portfolio – just tick “Full transfer”
Send us the completed form to firstname.lastname@example.org. If it takes you more than 5 minutes, we’d be shocked!
For your account numbers, you can find this on the emails we send you or on your Account details page on app and web.
As these transfers are essentially intra-broker (internal to DriveWealth) they happen between trading sessions, so there will be no interruption to your investing. None whatsoever.
If you’re having any issues with your brokerage or any fees, let us know. We’ll sort these fees out for you.
No need to fund
You don’t need to have a funded Stake account to move your portfolio across. All you need is to have a verified Stake account (with an account number and confirmation from us). As you’ve already got a US portfolio, you can just ship it across and manage your investing from Stake.
To be super clear, there is no need to fund your Stake account – just sign up, get approved and follow the process. Plus you’ll get your free Dropbox stock when you transfer your portfolio.
There is no FX or tax implications
When you move your portfolio across there is no tax or FX transaction. Your portfolio (of cash and securities) transfers as is. You will see your existing portfolio with all the details inside your Stake account within hours. It’s that straightforward.
Your entire portfolio will move, including fractional shares – so you don’t need to worry about those either!
For those with accounts elsewhere (i.e not with DriveWealth), check out our Support Center.
We’re around to make sure you spend less time on forms and more time exploring opportunities. Just email at email@example.com and we’ll make sure your account is moved over fast and hassle-free.