: How long should I keep financial records for closed brokerage accounts? For example, if I close a brokerage account and move the monies to an account with a separate company, is there a reason to keep records beyond the tax

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I recently closed a brokerage account and the brokerage company charged me a fee for closing the account because they have to keep records for 7 years. Forbes states to

keep brokerage statements indefinitely for taxable accounts. You are
responsible for reporting the cost basis of any security you sell to
calculate the capital gains tax.

So in today's world with being able to have electronic copies of everything, it shouldn't be hard to keep a copy somewhere.