Transfer Ally Invest to Sofi OR Sofi account to Ally Invest in 2022


How to move Ally Invest stocks to Sofi or vice versa (ETFs, IRA, brokerage assets, and money). How much does a transfer cost and how long does it take.


Transferring Brokerage Accounts Between Sofi and Ally Invest


If you’ve been considering moving a brokerage account from Ally Invest to SoFi Invest, or from SoFi Invest to Ally Invest, we’re here to tell you that it’s possible. Moreover, we’re going to explain in very plain English exactly what you need to do to get your account where you want it.


Moving from SoFi Invest to Ally Invest


Mutual funds are only one reason why you might want to walk away from SoFi Invest and give Ally Invest a try. Before you do, though, you need to be aware of what a transfer will cost. SoFi Invest charges $75 to move a self-directed account to a rival broker. Ally Invest will reimburse this fee if your transfer has assets totaling $2,500 or more.

If that sounds like a good deal to you, it’s time to move forward with an electronic transfer of securities. And we do mean securities. If you have any cryptocurrencies at SoFi Invest, these cannot be moved at all.

What to do with digital currencies if you have them? You can (1) sell them and transfer the cash; (2) do a partial transfer and leave them in your SoFi account; or (3) move them into a secondary SoFi account not connected to your proposed transfer.

Other issues inside your SoFi Invest account will need to be taken care of as well. If you’re going to do a full transfer, you’ll want to (1) close out open orders; and (2) let all trades settle.

Fractional shares inside a SoFi Invest account will be converted into cash by SoFi before a transfer commences. There’s nothing you need to do.

Although you do need to get that new Ally Invest account open. An old one will work if it is of the same account type (SoFi Invest offers IRA, joint, and individual accounts) with the same name on it. If these parameters aren’t met, you will need to open a new account. It can be either a self-directed or digitally-managed account. If you opt for the latter version, you’ll only be able to transfer in cash.

Speaking of robo vs self-directed, you can transfer either account version from SoFi into Ally Invest.

When both accounts are ready to go, it’s time to request an e-transfer. This application is always made with the receiving brokerage house. Because Ally Invest has a user-friendly online transfer form, it’s super easy to make this request.

Inside your Ally Invest account, hover over the My Accounts tab. It’s located in the upper-left portion of the website. Select Transfer an Account. You’ll next be presented with the appropriate transfer form.


Transfer Sofi to Ally Invest


At this point, you can choose either full or partial transfer. The former type will close your SoFi Invest account and move all assets over, while the latter will leave the SoFi account open and let you choose what assets stay and what assets leave.

On Ally’s transfer application, for the outgoing brokerage firm, type in SoFi and select it. You’ll need to supply your account number and a few other particulars. At that point, Ally Invest will take over. It will notify SoFi Invest, who will send over the requested securities.


Open Ally Invest Account



Open Ally Invest Account



Moving from Ally Invest to SoFi Invest


If you happen to be in the opposite situation, you have a similar journey, although there are some important differences. Ally Invest, for example, charges just $50 for a transfer. Once again, a refund is available; however, this time you must transfer at least $5,000 in assets.

On top of its transfer fee rebate, SoFi Invest also routinely has stock bonus programs that give away fractional shares of free stocks for making small purchases or meeting other requirements.

If the numbers look good to you, it’s time to move forward with the transfer preparations. If you haven’t opened that SoFi Invest account, it’s definitely time to do so. You can open either a self-directed or managed account on the broker’s website. Just follow the user-friendly links, being sure that the account names and types match what you have at Ally.

If you go with the automated account version, keep in mind that any products that SoFi Invest doesn’t offer will have to be liquidated before starting the transfer. These include option contracts, bonds, and mutual funds. Because these products aren’t available in self-directed mode, either, it’s probably best to sell them before making a transfer request (this is not required, however).

Remember that SoFi doesn't offer forex trading, so if you have any traditional currency investments in your Ally Invest account, these will need to be handled in one of the three ways mentioned in the previous section. The same is true with over-the-counter securities.

Another issue is really important in this direction: margin. SoFi Invest does not permit margin trading in either robo or self-directed mode, so if you have any margin balances inside your Ally account, these cannot be transferred at all.

If you plan on doing a full account transfer, it’s best to close out open orders and allow all trades to settle before pulling the trigger on the transfer.

This of course will be done on SoFi Invest’s website. Click on the Transfer money link at the top of the SoFi Invest website. On the next page, click on Additional transfer options. This link will give you a form with another link, View other transfer options. Click on this, and you’ll see a final link for Transfer existing brokerage account.


Transfer Ally to Sofi Invest


Now, you’ll be able to link your Ally Invest account to your SoFi Invest account via Plaid. Remember that Ally Invest used to be TradeKing, so don’t worry if you see TradeKing’s name next to Ally Invest. Enter your login credentials to continue the process. If you don’t’ want to do that, you can close out the Plaid pop-up window and manually enter your Ally Invest details, such as account type and number.

Although the quantity of steps does sound excessive, the whole process should take less than 10 minutes. Once SoFi Invest receives your request, the transfer will begin.


Open Sofi Invest Account



Open Sofi Account


How Long Does a Transfer Take?


An electronic transfer of brokerage assets usually takes between 6 and 10 business days from the time the transfer request is made. This estimate assumes no mistakes in the digital paperwork and no additional legwork on the part of either brokerage firm. If a transfer has any special circumstances or assets, there could be a delay.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.
Updated on 6/14/2022.