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When I buy a security through a discount broker; is it (perhaps only in theory) possible to sell the security through a different broker?
Perhaps the answer differs by broker, or products at various brokers; in which case any examples of 'if you buy here yes; or if you bought here no' would be much appreciated.
Another way of phrasing is - if I purchased securities through a broker; and that broker goes out of business - what factors would affect what happens to the investments I hold.
I'm in the US and I once transferred shares in a brokerage account from Schwab to Fidelity. I received the shares from my employer as RSUs and the employer used Schwab.
After I quit and the shares vested, I wanted to move the shares to Fidelity because that is where all my other accounts are. I called Fidelity and they were more than happy to help, and it was an easy process. I believe Schwab charged about $50 for the transfer.
The only tricky part is that you need to transfer the cost basis of the shares. I was on a three-way phone call with Schwab and Fidelity for Schwab to tell Fidelity what the purchase price was.
Many brokers allow you to transfer shares to another broker without selling them. It depends on what kind of account and who the broker is for what forms you might have to fill out and what other hoops you might have to jump through.
