by Silicon Valley Blogger on 2010-04-05 8

Theres comes a time when you may want to switch to a new discount broker. In an unpredictable market, many people are looking for innovative online brokerages that think outside the box and that take the extra step with service. But how can you possibly face your current broker to terminate your relationship? Unlike personal relationships, you probably wont even need to speak to your broker to end things with them.

Transferring Your Brokerage Account? Switch Brokers With Ease

To switch over to the best online brokers. you simply fill out a few forms and send them in. You wont need to face off with your current stock broker so there should be no worries about confrontations or coercion. Thanks to todays automated application process, you never have to talk to your broker at all. Imagine if affairs of the heart were this easy?

Let The Investment Brokerages Do The Work

Your brokers should do a lot of the work for you. All you need to do is fill out a few forms including an account application, a copy of your current account statement and a transfer authorization form. You can make the transfer process easier by using the same registration and by keeping the same name on the new account as on the old one with matching titles for all the various investments. Your new discount broker should set up your account and contact your current broker to arrange for your assets to be transferred to your new account. As a result, it should be highly unlikely for your current broker to use any intimidation tactics to get you to stay (not that youd expect them to do this).

Discount Brokers and Their Transfer Fee Guidelines

Most stock brokerages charge an account closing fee. While this may seem unwarranted, a decent amount of paperwork is involved to close an account and transfer assets. Commissions must be paid from your account. But it may be better to pay those fees by check in order to avoid having to use your accounts invested funds to make such payments.

Heres a list of our favorite brokers and their transfer fee guidelines. In particular, pay attention to whats involved when closing your account. Note that a few brokers (e.g. check our OptionsHouse promotion code list ) are running promotional offers to entice you to make the switch by waiving or reimbursing any transfer fees.