Brokerage accounts cannot simply be retitled like most bank accounts. Instead, a brand new account with an updated title must first be opened and then the assets are “journaled” from the old account to the new account.
We have not yet automated journaling so we currently do not support moving positions in-kind from one Wealthfront account to another. Journaling is more complicated than it might appear because it requires not only transferring the securities held in an account, but all transaction history and open tax lot data as well. If not done correctly it can cause numerous issues for our clients, particularly those employing our Daily Tax-Loss Harvesting and Tax-Optimized Direct Indexing strategies. We plan to automate journaling between Wealthfront accounts by the end of 2018. We'll update this FAQ as soon as this service is available.
Please contact us if you absolutely must make this change due to a legal requirement or other pressing need (typically because of a death or divorce) and we'll handle your case in the order in which it was received.
Nothing in this blog should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security. Financial advisory services are only provided to investors who become Wealthfront Inc. clients pursuant to a written agreement, which investors are urged to read carefully, that is available at www.wealthfront.com. All securities involve risk and may result in some loss. For more information please visit www.wealthfront.com or see our Full Disclosure. While the data Wealthfront uses from third parties is believed to be reliable, Wealthfront does not guarantee the accuracy of the information.