Any broker auto-liquidates stocks for withdrawals?

[johndr]

(I searched and could find a relevant answer)
I know Fidelity auto-sells money market funds to cover withrawals, ATM, checks etc, but does not sell other positions (stocks, non MM funds). Is there a broker out there that would do that?
Thanks

[secondopinion]

For tax reasons, I would not want this feature.

[DeliberateDonkey]

Not that I'm aware of, and the mechanics of such a feature would be a mess if they did, not to mention the liabilities. Are you looking to have them liquidate for ACH withdrawals? Checks? Debit card transactions?

[galawdawg]

Vanguard offered an automatic withdrawal plan that did just that when I used VG. I'm not sure whether they still offer that option or if other brokerages do that or not.

[dukeblue219]

I can imagine this would be more likely on "full service" wealth management accounts where an advisor would actively determine the components to sell to meet periodic check withdrawals.

[123]

I would think most brokers would not want to do any auto-liquidation of stocks because the account holder might dispute the selling share price and whether it was reasonable or appropriate. For taxable accounts the broker would also be causing a taxable gain or loss. On an overdue margin call they have the appropriate authority to sell for purposes of the margin requirements.

Edited to add:
An option would be to add a margin loan feature to the account. Then overdrafts would be handled as a margin loan which you could then pay off by liquidating positions at your leisure. Of course the margin loan incurs interest expense.