Guides › Switching Financial Advisors
Updated September 28, 2026. Quick answer: you open an account at the receiving firm and sign the transfer form there; the new firm pulls the account through ACATS. Busey Capital Management, Inc.’s Form ADV Part 2A states “The Investment Advisory Agreement between Busey Capital Management and the client will continue in effect until terminated by either party by written notice in accordance with the terms of the Investment Advisory Agreement.” Busey Capital Management, Inc. names two possible custodians in its brochure, with no single default: Northern Trust Company, and Raymond James Financial Services, Inc.. If you are custodied at Raymond James, budget $125.00 per account, per Steward Partners Investment Solutions, LLC’s own fee schedule for Raymond James-custodied accounts, which states that the fees it lists are the fees charged by Raymond James. No primary-source public fee schedule was located for Northern Trust Company, an honest gap rather than a confirmed figure.
The published numbers
From Busey Capital Management, Inc.’s own Form ADV Part 2A: Firm Brochure (March 2026), Item 5, Fees and Compensation, “Termination of Services” (page 11): “The Investment Advisory Agreement between Busey Capital Management and the client will continue in effect until terminated by either party by written notice in accordance with the terms of the Investment Advisory Agreement. Upon termination, the client shall be responsible for the final month’s fee which shall be pro-rated based upon the number of days remaining in the billing month.” The same brochure names its custodians (Item 4, Advisory Business (page 6); Item 12, Brokerage Practices (page 21); Item 15, Custody (page 26)): “The assets managed through the Traditional Investment Advisory Services are held in accounts at an unaffiliated third-party custodian, currently the Northern Trust Company which will serve as the client’s qualified custodian and maintain physical custody of all client funds and securities. Busey Capital Management uses Raymond James Financial Services, Inc. as the trading platform for all of Busey’s Signature Solutions accounts which are always established through the Outside Money Manager Program (“OSM”).” From Steward Partners Investment Solutions, LLC’s own Fee Schedule (Raymond James): “ACAT Outgoing Transfer 1 $125 $125” No primary-source public fee schedule was located for Northern Trust Company; left as an honest gap rather than assumed to be $0. Busey Capital Management’s own brochure states it charges no termination fee on either advisory track; the confirmed Raymond James $125 figure is the fee that applies to Busey’s Signature Solutions/OSM program specifically, since Raymond James is the platform for that program.
| What | Figure |
|---|---|
| Busey Capital Management’s own exit charge | $0.00 extra: pro-rated refund of any prepaid fee (Form ADV) |
| Full transfer-out at Raymond James | $125.00 (“ACAT Outgoing Transfer”) (Steward Partners Investment Solutions, LLC’s own Fee Schedule (Raymond James)) |
| Full transfer-out at Northern Trust | Honest gap: no comparable line item found |
| ACATS validation and completion window | 1 day to validate, 3 days to complete under FINRA Rule 11870 (measured in business days) |
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Source: WiserAdvisor’s service descriptionThe sequence
1. Pull a current statement for every account, showing the exact registration, account numbers and complete holdings list. 2. Check the holdings for anything that will not move. Ask the receiving firm directly: “Can you hold every position on this statement?” Anything they cannot hold has to be sold, and in a taxable account that is a realised gain in the year you switch: the categories that commonly do not transfer. 3. Open the receiving account and sign the transfer form there. Under FINRA Rule 11870 the delivering firm then has one business day to validate and three business days after validation to complete. 4. Send a dated termination letter for the record: the generator writes it, and confirm in writing that billing has stopped.
Two things to get right
Cost basis. Under IRC §6045A the delivering broker must furnish a transfer statement carrying basis for covered securities within 15 days of the transfer. Keep your final statements anyway, and check the first statement at the new firm for positions showing a missing or zero basis. Retirement accounts move as a direct transfer, trustee to trustee, not as a distribution to you. Why that distinction matters. Whether a transfer fee is worth paying at all is a question of what you are moving to: our benchmark of published adviser fee schedules puts the weighted median annual cost near $2,000 to $2,500 on $250,000: the benchmark. The general mechanics: switching financial advisors.
Want to know what Busey Capital Management charges before you decide whether to leave? See the dollar breakdown from Busey Capital Management’s own fee disclosure.
Sources
- Busey Capital Management, Inc., “Form ADV Part 2A: Firm Brochure” (March 2026): https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1017810
- SEC Investment Adviser Public Disclosure, Busey Capital Management, Inc. firm summary (CRD 128044): https://adviserinfo.sec.gov/firm/summary/128044
- Steward Partners Investment Solutions, LLC, “Fee Schedule (Raymond James)” (July 21, 2025): https://www.stewardpartners.com/files/118678/Fee%20Schedule%20RJ%2098000_20250721.pdf
Methodology. This page was built September 28, 2026, drawing on Busey Capital Management’s own Form ADV/wrap-fee brochure/fee schedule plus each named custodian’s own published fee schedule, with sources linked inline; any figure we could not independently confirm this session on a firm-owned or custodian-owned document is named as an honest gap above rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
Before you decide to leave Busey Capital Management, check whether it owes you a fiduciary duty in the first place.
What does it take to open an account? See Busey Capital Management’s minimum investment, straight from its own Form ADV Part 2A brochure.
Leaving a different firm? See the exit guides for all 189 firms, with the four steps every exit shares.