My REITs seemed to move to Schwab, then back to Kestra. What is up? Where are my REIT investments?
Real Estate Investment Trusts are considered alternative investments that require special handling when moving from one brokerage firm’s account to a different brokerage firm’s account. We asked that ALL holdings in each client’s account be transferred. Charles Schwab & Co. sent the request for transfer of ALL holdings. Kestra Financial (and NFS), in particular, and possibly LPL Financial, attempted to send all assets. When received, Schwab did not receive a specific required document from the prior firm authorizing the move of the REITs and rejected those specific REIT positions. So, temporally those positions remained at the prior firm waiting on a specific form to be included with the REIT transfer requests. The addition of this form and the follow-up transfer request of the REIT positions has/is being processed. The Gaddis Premier Wealth Advisors team became aware of this glitch and has been keeping a close watch to assure all REIT positions end up transferred as requested. This slowed the process of gathering ALL holdings, but it was a short term pause which has now been completed for most clients and for those not complete yet, we are watching and reconciling the accounts to verify everything came over properly.