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The Dreaded Transfer Fee

Fees, fees, and more fees. It’s one of the many ways broker-dealers fill their vaults with gold. Your gold. But what’s behind these fees? Until now with the advent of the digital age and modern regulations, there has been little transparency behind them. A recent study did a deep dive into industry practices and got the inside scoops on fees. Today we’re going to focus on one of the most important of those: The transfer fee.

Much as when you switch your wireless carrier, they stick up barbed wire–egregious fees– to deter you from escaping. Well, it’s no different with many broker-dealers.

This study analyzed data from large clearing firms that provide clearing services to broker-dealers, and found that brokers were charging markups for outgoing account transfers up to 280%! You read that last part right. 280%. (Source) Broker-dealers like Motif ($65) and ETrade ($75). That’s per account. That’s how deep broker-dealers reach into your pockets.

We don’t subscribe to the theory of outrageous markups and commissions that often plague customers of other broker-dealers. We’re in it for the long-haul. We find it more profitable to treat our clients the way they should be treated and keep their business for the long-term; than to “mug” them in the short term until they have no choice but to leave. Not without paying the fees out the door of course.

However, we here at Just2Trade understand that these fees may worry you if you’re on the fence about switching. An average transfer for a smaller advisor may cost around $2,000 in transfer fees! So, to ease your mind, we’re starting a program where we may cover a portion or all of your transfer fees if you switch to Just2Trade, up to $2000.

Feel free to contact us and see if you qualify. Sign up for demo version here: Just2Trade RIA. We look forward to working with you.

Warm regards,

The Just2Trade team

  1.   The maximum offered ACAT credit will be $2,000. This credit will be utilized at $1.00 per trade. In order to take advantage of the maximum offered amount, at least 2,000 trades will have to be made. Example- if 500 trades were made and the account ACATs out before utilizing the full amount, $1500 will be debited from the account as the difference from $2000. Customers will have a maximum of 90 days to utilize the entire credited amount or the difference of the amount provided and the trades made will be debited from the account at the 91st day.
  2.   No information on this post should be considered an offer to buy or sell a particular type of security.
  3.   This is not an offer or solicitation in any jurisdiction where we are not advertised to do business.
  4.   Just2Trade Inc can deny and close accounts with or without reason, not all accounts and or securities will qualify for the ACAT transfer to Just2Trade Inc.

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