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  • AvatarMICHAEL HIRSCH
    Participant
    Post count: 48

    Sean,

    I see that Webull is owned by China. May I ask your recommendation for how I should bring my LI portfolio to Schwab? Sell all now, or wait for your sell alerts, pay for transfers or other? Thanks, Pastor MichaEl

    Sean HymanSean Hyman
    Keymaster
    Post count: 5643

    There shouldn’t be a cost to transfer. Schwab can handle the transfer.

    The safest way to do it is the longest way to do it: which is to transfer cash over to the schwab account as positions are sold off in your present account.

    The quickest way to do it is to have Schwab transfer the positions over from WeBull to Schwab. Schwab can tell you how long that would take. That’s at least days but could be longer. They can tell you. The only disadvantage to this quicker way is that you can’t sell anything while its in transition.

    You might pick their brains at Schwab and see what they say about the length of time for the transfer, etc. and then make your decision.

    But yes, there’s a myriad of reasons why I ONLY recommend Ameritrade or Schwab.

    AvatarMICHAEL HIRSCH
    Participant
    Post count: 48

    Thank you Sean! Will do!

    Sean HymanSean Hyman
    Moderator
    Post count: 3257

    You’re welcome.

    AvatarBob
    Participant
    Post count: 21

    I also moved most of my portfolio from Fidelity in October. It went pretty smooth left some behind because of some of the companies in my Fidelity account were to small and fell under another ruling. So my account had to have a min. balance, or sell the bad stocks for an instant loss. I think they may come back so I’m waiting with those. But everything went through fine. Also it was Schwab who were the ones to talk to. Fidelity really wasn’t much help.

    Sean HymanSean Hyman
    Keymaster
    Post count: 5643

    Correct. When transferring, you talk to the broker you’re going to. They help with the transfer.

    If anything, the broker you’re wanting to go from will try to talk you out of it. Why? They have two goals: 1) assets in and 2) retain those assets. So it goes against rule #2.

    Schwab is far superior to Fidelity.

    I wish everyone took my broker recommendations as seriously as they do my stock picks. They’d be far better off. There are great reasons why I only recommend Ameritrade and Schwab.

    I know that sometimes some foreign subscribers may not always be able to be with them, in certain cases…but everyone else should really be.

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