To transfer assets out of DriveWealth to another broker (the receiving broker in this instance) via ACATS, clients will reach out to the receiving broker to initiate the transfer.
To begin the transfer process, the receiving broker will likely require clients to:
- Complete a Transfer Initiation Form
- Provide a copy of their most recent DriveWealth account statement
- Provide 17-digit DriveWealth account number (which can be found on the upper left-hand side of the DriveWealth account statement)
The receiving broker may also ask for DriveWealth’s ACATS DTC Participant Number: 2402
Once DriveWealth receives the ACATS request from the receiving firm, we will take action on the request within 2 business days. If the request is accepted and in good order (i.e., there are no issues), the transfer will settle within 5-7 business days.
NOTE: Once a transfer has been initiated the assets being moved will be frozen until the transfer is complete.