How to close a Wealthfront account online, on the app, or by calling in. Fee to delete a Wealthfront account in 2024.
How to Close a Wealthfront Account
If Wealthfront isn’t performing up to your standards, maybe it’s time to try another broker. Closing your account and moving your assets is easier than you think. Just use the follow guide:
Fees and Taxes for Closing a Wealthfront Account
If you close a taxable account or IRA at Wealthfront, you won’t have to worry about any exit fees. The broker-dealer doesn’t charge anything to walk away. If you close an IRA, the U.S. government may have different policies. Be sure to check with a qualified tax advisor before making a final decision on a non-taxable account.
How to Close a Wealthfront Account
The process to close a Wealthfront brokerage account and transfer the entire cash balance to a linked deposit account is pretty simple. Just click on the Transfer Funds button on the broker’s website. It’s located at the top. There’s also a Transfer Funds link in the top horizontal menu. It will accomplish the same task.
On the new screen that appears, click on Take money out and then the Withdraw the entire account balance. When you select this last option, Wealthfront will automatically close your account.
Wealthfront will maintain your login credentials so that you can come back and download tax documents and old statements.
How to Close a Wealthfront IRA Account
The closeout process for an Individual Retirement Account is a little different. You’ll need to contact Wealthfront’s customer service department, either by phone (844-995-8437) or by email (support@wealthfront.com) or using the company’s messaging widget.
Closing a taxable account and withdrawing funds comes with all sorts of red tape, headache, and government bureaucracy, which is probably why the broker-dealer wants you to call in before withdrawing cash from your IRA.
Find a Financial Advisor
If you are looking for a professional financial advisor in your area, you can find top Financial Advisors on the Wiser Advisor website.
How to Transfer a Brokerage Account
Selling securities could come with all sorts of consequences that you may not want to mess with. The easy way around this problem is of course the account transfer. Thankfully, Wealthfront offers this service, including the very convenient electronic ACAT service. Even better, there’s no charge from Wealthfront for transferring an account.
To transfer a Wealthfront account to another broker, just follow these steps:
(1) Open an identical account with a new brokerage house of your choice. Identical means that the new account must be of the same type (trust to trust, for example) and it must have the same name on it.
(2) Request a transfer with the new broker. Nowadays, you can usually fill out a short transfer form online. You’ll need your Wealthfront account number and possibly the clearing firm (it is RBC Clearing & Custody).
(3) Sit back and wait for your securities to show up in your new account. Because Wealthfront’s robot doesn’t buy fractional shares, you won’t have to worry about any partial shares being liquidated. If your Wealthfront account holds WFRPX (the Wealthfront Risk Parity Mutual Fund), the position will be sold and converted to cash before the transfer takes place.
Wealthfront does not permit partial transfers in some situations, so you should do a full account transfer. If you want your Wealthfront account to be closed, you must do a full account transfer.
Learn more in How to transfer from Wealthfront to Webull.
How to Transfer an IRA
The process to transfer a non-taxable account is similar. The primary difference is that you’ll need a medallion signature guarantee. Upload the final paperwork through Wealthfront’s website using the Documents link that appears at the top of the dashboard.
To start the transfer, begin with the Transfer Funds link and follow the instructions. You won’t have to call in this time because no securities will be sold and no withdrawals will be made. With a transfer, securities are simply moved into a new account.
Except when they’re not. If your new brokerage firm doesn’t accept ACAT transfers, your Wealthfront account must be liquidated first, the cash position then transferred to a bank account, and the cash moved again into your new brokerage account. This is true for both taxable and non-taxable accounts. You can avoid this extra hassle by choosing an ACAT-eligible broker.
Updated on 4/17/2024.
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