Direct Registry System (DRS) Transfers:
What is a DRS Transfer?
A DRS (Direct Registry System) transfer allows the electronic transfer of stock shares between a broker-dealer and transfer agent. DRS allows investors to directly register shares in their name rather than have shares in “street name” registration. Instead of holding a physical stock certificate, investors will have stock electronically registered in their name with the transfer agent.
What is the process to DRS transfer into DriveWealth?
For incoming DRS transfers, clients are required to send a completed copy of this Incoming DRS Transfer Form along with a transfer statement from the Transfer Agent to the partner. Similar to an account statement, a transfer statement shows the positions held in a client’s account. The Partner will then review the request and send the transfer to DriveWealth for further action.
What is the process to DRS transfer out of DriveWealth?
For outgoing DRS transfers, clients are required to complete the Outgoing DRS Transfer Form and submit it to the contra firm. The contra firm will review the form and send it to DriveWealth for processing.
How long is the DRS transfer process?
While DRS transfer requests typically settle within 3-5 business days, it can take up to 30 days. To protect the position(s) being transferred, the client’s account will be frozen for the duration of the transfer process.