Transferring shares to brokerage?

[Cappy]

PDQ

I have some stock shares held directly (book-shares?) and they use a registry agent. I am annoyed by the agent interface and extra record keeping. Can I transfer shares to my brokerage without selling? Or would I have to sell and rebuy? And if I can transfer shares, is there a downside fee-wise to holding shares in Fidelity vs. direct? TIA!

[ohgillian]

Yes, I've done this. Mine were at ComputerShare I think it's called? My brokerage helped me rescue the shares and bring them in house. You shouldn't have to sell them unless they don't meet the criteria to be brought into the brokerage -- like DH had some penny stocks at a different brokerage and the total value was under $5 and Vanguard wouldn't take them, lol. But generally you should be fine and they'll help you with the transfer.

I can't speak to the fees at Fidelity but maybe someone else can. I ultimate sold my shares but in general, since Vanguard manages my portfolio and charges me a % of total assets as a management fee, there was a tiny cost for bringing them in. But mine were 3 shares of something small so it was negligible. 

ETA tagging you since I didn't quote. Cappy

[Cappy]

ohgillian, Thank you! And they are at Computershare so you clearly know what I'm talking about when I say awful interface/service!

[ohgillian]

Feb 8, 2021 10:44:58 GMT -5 Cappy said:

ohgillian , Thank you! And they are at Computershare so you clearly know what I'm talking about when I say awful interface/service!

It's straight out of 1993. 

[ohgillian]

Feb 8, 2021 10:44:58 GMT -5 Cappy said:

ohgillian , Thank you! And they are at Computershare so you clearly know what I'm talking about when I say awful interface/service!

One thing I remembered was that I needed to come up with the cost basis info to give to Vanguard. It didn't come over or maybe ComputerShare didn't have it. 

[Cappy]

Feb 8, 2021 15:55:01 GMT -5 ohgillian said:

Feb 8, 2021 10:44:58 GMT -5 Cappy said:

ohgillian , Thank you! And they are at Computershare so you clearly know what I'm talking about when I say awful interface/service!

One thing I remembered was that I needed to come up with the cost basis info to give to Vanguard. It didn't come over or maybe ComputerShare didn't have it. 

Thank you for this extra info. I'm working with a CPA on closing out the trust they came from, so it sounds like I should wait until she has calculated the cost basis before I do any transfers. This was just another irritating thing about Computershare. They don't seem to have proper records. These funds were set up around 1992-1997 so we are relying on spotty paper records. I'll be so relieved to have everything in one place where I can access tax forms, cost basis, AND speak to a human for questions. 

[numbers]

Cappy

I also dealt with ComputerShare to transfer paper stock from 1984 into our investment accounts for consolidation purposes.

It involved some paperwork but overall wasn't too painful.

[ohgillian]

Feb 8, 2021 16:48:25 GMT -5 numbers said:

Cappy

I also dealt with ComputerShare to transfer paper stock from 1984 into our investment accounts for consolidation purposes.

It involved some paperwork but overall wasn't too painful.

Working with ComputerShare is like doing time travel back to 1984.

[icedcoffee]

Oooh Interesting. I had no idea this is possible. I have 1 share of Comcast stock with computershare. Maybe I’ll try moving it. It nets us about $1.08 per year in dividend checks. LOL

[Wallflower]

Talk about timing - I was just making some notes on my mother's stocks, just so I have contact info when the time comes. (Lord, that sounds morbid - Mom's OK, I'm just a planner who does her taxes for her so I have all the paperwork.)

Anyway, two of the stocks are held at Computershare - and she has two separate account numbers with them and gets two different forms (I mean, same info but completely different layout). And these stocks were bought in maybe the 1960s? So any paperwork is long, long, long gone. I'm so screwed, but I'm glad to see I not alone.

[ohgillian]

Feb 9, 2021 8:24:05 GMT -5 Wallflower said:

Talk about timing - I was just making some notes on my mother's stocks, just so I have contact info when the time comes. (Lord, that sounds morbid - Mom's OK, I'm just a planner who does her taxes for her so I have all the paperwork.)

Anyway, two of the stocks are held at Computershare - and she has two separate account numbers with them and gets two different forms (I mean, same info but completely different layout). And these stocks were bought in maybe the 1960s? So any paperwork is long, long, long gone. I'm so screwed, but I'm glad to see I not alone.

Planning isn't morbid. It's smart. But also, unless this administration eliminates stepped-up basis, then if she just keeps them til she dies the cost basis will reset to that date and you don't have to dig up the history on them. You may already know this. 

[Cappy]

Feb 9, 2021 8:24:05 GMT -5 Wallflower said:

Talk about timing - I was just making some notes on my mother's stocks, just so I have contact info when the time comes. (Lord, that sounds morbid - Mom's OK, I'm just a planner who does her taxes for her so I have all the paperwork.)

Anyway, two of the stocks are held at Computershare - and she has two separate account numbers with them and gets two different forms (I mean, same info but completely different layout). And these stocks were bought in maybe the 1960s? So any paperwork is long, long, long gone. I'm so screwed, but I'm glad to see I not alone.

Yes! From what I can tell they are the registry for lots of stocks that were held before the internet but they don't streamline anything. I also hold some via Broadridge as a registry but they are a better interface. Taxes are absolutely what prompted this bc I am missing a 1099 B and can't tell if I should be getting one or not (sale was for over $10 but after fees the net was under $10)

Even the name is retro...ComputerShare AYKM?! LOL