Notice of Advisory Agreement Termination
What is happening?
Stackin’ Inc., the parent entity, has made a decision to discontinue the investment advisory component of its platform, Stackin Financial LLC (Stackin’). Stackin’ will no longer open new accounts and will begin the process of closing existing accounts.
When will changes take place?
As of November 9, 2020, Stackin has stopped offering investment advisory services to new clients. Per the Investment Advisory Client Agreement in place, you are being notified that Stackin will also stop offering investment advisory services to existing customers on December 16, 2020. Investment advisory service charges will cease accruing on or before that date.
30 days after November 16, 2020, on December 16, 2020, per the Investment Advisory Client Agreement, Stackin will direct DriveWealth, LLC (“DriveWealth”, the “Custodian”) to liquidate your account holdings. Upon securities trade settlement, Stackin and/or the Custodian will deduct any unpaid fees, including those owed for ancillary services, (e.g. fees for paper delivery of documents, transfer of shares, or physical delivery of shares). Remaining funds will be transferred to your previously linked Funding Account.
What choices do I have with my securities?
You can sell your securities
You can direct the sale of your securities at any time until the trading day prior to December 16, 2020, by utilizing these steps:
Go to the “My Invest Account” section of your account page: https://app.startstackin.com/account/dashboard/stackin_invest/manage_account
Remember you need to login to access your Invest account, if you forget your password select “Forgot your password,” enter the phone number associated with your Stackin’ account and we’ll text you a confirmation code that you can use to reset your password. If you’re still having issues after following these directions you can reach out to the customer support team for more assistance.
Go to "Sell and Withdraw" in the Web App: https://app.startstackin.com/account/dashboard/stackin_invest/transfers/sell_withdraw
Click “Sell & Transfer All Funds" (bottom of the page)
Select "Manage My Account”
Select "Close Account"
Your money will be returned to your linked bank account, which can be found within your account page. Please understand that this process can take up to 10 days and email if you have any questions!
You may be able to transfer securities
You may be able to transfer full shares of securities to another broker dealer of your choosing. If you do not wish your full share holdings to be sold, you must initiate a transfer to another broker dealer immediately, as unless noted in a transfer status on December 15, 2020 with DriveWealth, all securities will be sold on December 16, 2020.
How do I transfer my securities?
Transfers are initiated at the receiving firm. Contact your receiving broker dealer and complete an ACAT (Automated Customer Account Transfer) transfer form, which the receiving firm will process.
What fees might occur when transferring to another broker dealer?
There may be a $50 ACAT fee** from DriveWealth. Your receiving firm may have fees or charges. Contact them for additional details.
**ACAT pass-through fee: $0.10 per position for both inbound and outbound transfers.
What limitations are there?
Fractional shares are not typically transferable to other broker dealers, are illiquid and unmarketable if held outside your Stackin account. For this, and other consideration regarding fractional shares, please read the DriveWealth fractional share disclosure found here (https://legal.drivewealth.com/fractional-shares-disclosure)
What else should I be aware of?
When your securities are sold, this may be a taxable event and may result in a profit or loss. You may want to discuss this with your tax advisor.
Document availability and access may change.
Documents which are statutorily required to be available or provided, such as a 2020 tax form, duplicate brokerage statements or tax forms provided by DriveWealth, will continue to be provided or available as required. Investment Advisory Service statements from Stackin may be available from an affiliated entity or a third party. Note that for all documents, service fees, charges, and methods of distribution (such as electronic access only) are subject to change.
After Stackin Financial has ceased conducting its investment advisory business, and customer accounts have been closed, customers may still access account information through Drivewealth at - https://client.drivewealth.com/. To access your account information with Drivewealth you will need to provide the following information:
Account number (this is the account number starting with “SK”)
Social Security Number or Government Issued ID used to sign up for your account
Date of birth
What should I do now?
You have started down a journey of financial understanding and of learning new skills. This is an opportunity for you to continue down this path by taking a more active role in saving, investing and being fully aware of your financial world.
Do you have all of the statements and documents you may want, downloaded for easy access? If not, now may be an excellent time to inventory, gather and obtain copies.
Is your Funding Account still linked and in good order? Because that is where your securities proceeds will go, you may want to double check that.
Consider where you are today and where and how you might continue your financial quest. Now may be an excellent time to take an active step and open a savings or investment account with another firm.
If you have full shares of securities, consider the potential costs of transferring them to another brokerage firm versus any fees that may apply.
If you choose to transfer your securities, act quickly.
If you choose to sell at a date of your choosing, it must be done prior to December 15, 2020.
If you choose to take no action, your proceeds will be placed in your Linked Bank Account after settlement.
The future is up to you. Be bold.