As you knew FSM launched the Auto-Sweep in the Cash Solutions. Have anyone any idea how or when does the profit being shown up in the system? Our usual Cash Solution accounts deposits interest on the 1st every month on remaining balances. How about this Auto Sweep?

Thanks in advance should you have any information.

My bad I missed this! Thank you so much for sharing

Trying my luck to find someone who has done transfer-out from FSM to other platforms. What's the lead time taken for this activity like in actual? I was told 4-6 weeks and that's quite long.

That's long~and seems like FSM didn't really change their process since it's been sometime.

Finally I got the answer from experience, and would like to share it here. The process to transfer-out from FSM is completely manual as below

1. Print out the transfer-form, fill up together with IC and send it back to the FSM office. Make sure you use a fast postage like NinjaVan or Poslaju. Eta ~2 work days
2. Once FSM received the form, someone will call for verification based on what you had written in the "reason of transfer out". Make sure you have USD $2 / counter filled in the form in your Cash Account (and not the Sweep Account). Eta ~5 work days
3. Once you noticed USD has been deducted from your Cash Account, that's when the start of the position transfer to the DTC. Be prepared for another ~10 work days.
4. Receiving broker will verify the incoming positions. ETA ~5 work days.

Summing up these ETAs, it's no wonder taking 4-6 weeks as listed in their process. 4-6 weeks indeed quite a long process because we could have not wanting to hold on to the positions or missed out the dividend reinvestments offered by the receiving broker.

On the same day, I had also submitted a transfer-out from another broker, the whole process got completed within 2 weeks.

Hopefully this is insightful for those needed the information.

This post has been edited by guanteik: Jun 13 2024, 11:30 AM

You're spot on.


ioncarlsberg
There are charges when liquidating with FSM platform. Not to mention the charges are even higher when I am holding huge positions within FSM. I won't elaborate much on this, please experience the trx on your own.