Closing an investment account with an SEC-registered advisor involves two distinct phases: Liquidation (selling your holdings) and Account Closure (finalizing the relationship). Because Manzil acts as your fiduciary, this process is regulated to ensure you receive your funds correctly and that tax records are preserved.
Step 1: Cancel Scheduled Activity
- Log in to the Manzil Invest app or website.
- Navigate to Settings or the specific Account/Goal you wish to close.
- Cancel any Recurring Deposits (Auto-Invest) to prevent new funds from being pulled from your bank during the closure process.
Step 2: Liquidate and Withdraw
You cannot close an account that holds assets (stocks/ETFs). You must first convert them to cash.
- Select the "Withdraw" option on your dashboard.
- Choose "Full Withdrawal" or enter the total dollar amount of your portfolio.
- Confirm the Transaction.
- What happens next? Manzil will sell your holdings
- Settlement Period: U.S. market rules (T+1) generally require 1 business day for trades to settle. After settlement, the cash is transferred via ACH to your linked bank account (typically 1–3 additional business days).
Step 3: Formal Account Closure
Once the balance is $0.00, the account is technically "empty" but still "open." To formally close the account relationship:
- Reach out to: support@manzil.us
- Subject Line: "Request to Close Account - [Your Account Number]"
- Body: State clearly that you have withdrawn all funds and wish to permanently close the advisory relationship and custodial account.