Stock Question (Non Valkyrie Related)

[carolinarider09]

I have not found a solution to the "problem" identified below.  Before I ask someone I don't know, I thought I ask here. 

I purchased a small number of shares in a newly formed stock.  The stock was purchased on-line.  At the time, I was not aware that "Stock Certificates" were no longer issued. 

The stock is in the "hands" of a Stock Transfer company.  I have the data and documents regarding that. 

If I want to "take possession" of this stock, I am told that I the only way is to have it transferred to someone or some company that will "hold" it for me in an account I have established with them.  In other words it has to be done 'electronically". You can no longer be issued "stock shares" on paper. 

So, the question is, can I go downtown and find a person that will be my "stock broker" and have them hold the shares for me.? 

Or is there a better option?

Thanks for your responses. 

Oh, the amount is not a large amount, less than $2,000

[Pluggy]

You should be presently considered the Holder of Record.  You own the stock.  But, if you want to sell it sometime, it will need to be in a stock brokerage account.  If you have an IRA with an investment firm like Fidelity or T. Rowe Price, they can easily set you up with a brokerage account, which is separate from an IRA.  

We now use the statement from the organization holding the stock as proof of ownership.  Paper certificates are probably not available as few people want them.

There may be an investment firm that you can visit locally, and if you prefer that, call around.

[carolinarider09]

You should be presently considered the Holder of Record.  You own the stock.  But, if you want to sell it sometime, it will need to be in a stock brokerage account.  If you have an IRA with an investment firm like Fidelity or T. Rowe Price, they can easily set you up with a brokerage account, which is separate from an IRA.  

We now use the statement from the organization holding the stock as proof of ownership.  Paper certificates are probably not available as few people want them.

There may be an investment firm that you can visit locally, and if you prefer that, call around.

Thank you for the above information.  It is what I thought might be fact but could not prove it.  I will check with the two firms I have "holdings' with one more time about the brokerage account. 

Thanks again.

[Pluggy]

Should be fairly easy.  You can look online to see if they offer a brokerage account.

[0leman]

When my Mom passed in 2021, I got rushed into the real world of stocks.  Half of her stocks were still in paper form other half where with stock broker.  Ended up sending the paper half to the broker, who was on the other half of US.  Tense few days as the stocks went thru the mail.  Once surrendering the paper stocks, splitting the stocks up was a breeze.  The stock broker does send a small amount of dividends 4 times a year. 

[calcruiser]

you are in fact a beneficial owner.  not a holder.  as you are finding out.  you can not hold, unless you have paper certs from way back.  all you can do with those is give them to a holder so you can then become a beneficial owner and sell them.  stocks don't only provide benefits, they also provide losses.  what you really own is the risk associated with the asset, not the asset itself.  you are a risk owner.   it is a colossal scam that ends badly.

[carolinarider09]

you are in fact a beneficial owner.  not a holder.  as you are finding out.  you can not hold, unless you have paper certs from way back.  all you can do with those is give them to a holder so you can then become a beneficial owner and sell them.  stocks don't only provide benefits, they also provide losses.  what you really own is the risk associated with the asset, not the asset itself.  you are a risk owner.   it is a colossal scam that ends badly.

Much as I appreciate you comments and information, and I do understand the changes in how one "holds" "stock" in a company,  your comments about stock being a scam is what I call "balderdash".