by MGoAzul
Just received the below email from Divy saying they are shutting down their consumer-facing fractional share brokerage and focusing on the commercial business. Cool idea, shame it’s closing down:
Dear Client:
We are making some changes to our business at Divy Equities as our parent company, Divy Inc., turns its primary focus from consumer-clients to serving other broker-dealers and new businesses in the investing space.
We believe long-term this will enable us to serve a larger base of fractional-share investors. As we make this shift, unfortunately we will no longer be able to maintain our direct-to-consumer offering, and will be closing all client brokerage accounts by June 15th, 2018.
You have until June 8th to do one of the following:
- Sell all your holdings, and transfer your cash balance back to your bank, or for accounts with no positions, transfer any available cash back to your bank. Any outstanding cash balance as of June 15th, will be returned by check or direct deposit to your bank account. (Normal commission rates apply. No cost to transfer funds back to your bank.)
- ACAT transfer any full share positions to the Broker-Dealer of your choice.
- Call your receiving brokerage firm for instructions, and they will implement the transfer, and advise of any additional fees charged by them which may exist. Apex Clearing will assess a $75 fee to transfer.
*Full share positions can be viewed on your account statement PDF – accessible through the E-Documents tab on divy.com or through the Divy app menu.
*Sell all your Fractional positions, and transfer your cash balance back to your bank. Any outstanding cash balance as of June 15th will be returned by check, or direct deposit to your bank account.
Please note:
No new purchases will be accepted after May 31st, 2018.
To sell your entire position, select “Sell All” when executing your transaction.
Brokerage firms will not accept fractional share transfers.
All transaction and account statements will continue to be available at Divy.com. Apex Clearing will issue your tax documents at the appropriate time for your 2018 tax year returns.
Divy Equities continues to respect your privacy in connection with any action that will be taken in response to this letter.
We regret that we may no longer offer you Divy Equities unique investing model, and apologize for the inconvenience.
It has been our pleasure to have you as a client.
Sincerely.
The Divy Equities Team