Can I transfer my child’s investments to another brokerage?
Yes. You can transfer your child’s account to another brokerage using the Automated Customer Account Transfer Service (ACAT).
To get started, contact the new brokerage you’d like to transfer to. They will initiate the transfer on your behalf. Fabric by Gerber Life is not able to start this process.
💡 Important: Once you’ve initiated an ACAT transfer, please do not request a withdrawal or account closure. This can cause delays or errors in the transfer process.
After the transfer is complete, your Fabric account will remain open. To avoid ongoing admin fees or scheduled contributions, you’ll need to return and request account closure separately.
What information will I need to start a transfer?
Your new brokerage may ask for the following details:
DTC Number / NSCC ID: 0158
Child’s account number: 8NU-XXXX
They may request additional information depending on their process.
How long does a transfer take?
ACAT transfers typically take 5–10 business days, though timing can vary depending on the receiving brokerage and whether any additional review is needed.
Are there tax implications?
Transferring assets between custodial accounts (UGMA/UTMA) is generally not a taxable event, as long as the account ownership and registration remain the same. However, tax situations can vary. We recommend consulting a tax advisor if you have specific questions about your situation.
Can I transfer an existing UGMA/UTMA account into Fabric by Gerber Life?
No, we do not currently support incoming ACAT transfers. This means you can’t transfer assets from another brokerage into a Fabric by Gerber Life account at this time.