It’s straightforward to move your old retirement account over to Ethical Capital. The process usually takes about 10-20 minutes, and we work hard to make sure you’re well supported throughout it.
With that said, the specific process of transferring funds from their old home to their new one is not standardized. That means that whichever firm your assets currently live at has their own unique process. In most cases, these are straightforward. But not all.
Check in with us #
We’ll need to make sure you have an account open that can accept the transfer, so please complete our account transfer form so that we can make sure you experience the smoothest process we’re capable of enabling.
Once you’ve done that, you’ll need to take the next step because we can’t instruct the old firm to execute the transfer on your behalf. But that doesn’t mean you’re on your own. Do not hesitate to contact us at any stage of this (or any) process. That goes double if you encounter roadblocks, confusing jargon, or dead ends.
But with that said, here’s a quick outline of the process to get you started.
Find out how your current provider processes rollovers. #
Generally the likeliest path to a successful account rollover is to call your provider, but we understand that many of our clients would strongly prefer not to spend time on the phone.
If that describes you, the first step you should take is to find out if your current firm allows you to request a rollover online. If you’ve got your login details, navigate to your portal and look for words like “rollover,” “withdrawal,” or “distribution” to find the forms you need. Follow any steps that it asks to compete the request.
If this gets confusing, it’s probably time to call your provider.
To make things a little less intimidating, here is a list of firms we understand to support online rollovers As of November 1st, 2023:
- American Funds
- Capital Group
- Cuna Mutual
- JP Morgan Chase
- T.Rowe Price (In certain cases)
- Transamerica
- Vestwell
If you don’t see your firm listed above or a path to initiating the rollover is not revealing itself on the online portal, give them a ring.
Collect relevant information #
Whoever picks up the phone will need to verify your identity, so it can be useful to have your SSN handy if you don’t have it memorized. It also usually helps to know your account number, which can be found on any statement you’ve received.
Make the call #
We’ve pasted toll-free numbers from some of the most common retirement plan custodians to help you get started. If you don’t see your institution’s number, you can usually find it in a quick Google search.
- Charles Schwab (1-800-724-7526)
- E*Trade (1-800-387-2331)
- Edward Jones (1-800-441-2357)
- Merrill Lynch (1-800-228-4015)
- USAA (1-800-531-8722)
- Vanguard (1-800-523-1188)
Firm-specific notes #
- Fidelity (1-800-343-3548) Note: Fidelity typically will not send a check directly to your account at Altruist. They will instead send it to you directly. You can then forward it on to altruist.
- TIAA-CREF (Get started online here) Note: It’s possible to initiate this process online. Click “Set Up Rollover” to get started.
Request a Direct Rollover #
Once you get someone on the phone, request a “direct rollover” from your old account into your new one. They will ask what form you’d like the transfer to take, and usually offer two options:
- Sending a check
- Initiating a wire
Sending a check generally costs less or nothing, but can take as long as a month. Wires can come through the next business day, but your funds’ former home will often charge a fee of around $25 for sending the transfer that way.
Note: Once you begin the transfer process, all funds must find their way back to a retirement account within 60 days in order to avoid an early withdrawal tax penalty.
Let us Know How it Went #
Once you’ve made it through all of these steps, please check in with us again so that we can make sure and keep an eye out for your check or wire. We’ll also be very interested in any details that might make transfers easier for others in the Ethical Capital community.
