What is the rollover process?

Step 1: Open a Retirement Goal with Ellevest

The first step is to open a Retirement goal with Ellevest (if you haven’t already). If you’re already an Ellevest client, you can add a Retirement goal by selecting Add/Delete Goals from the left hand menu.

If you’re not yet a client, you can add a Retirement goal by selecting Start Over from the left hand menu - don’t worry, we’ll save all the information you already entered!

Here, you'll be able to click and drag the Retirement Goal up to your active goals list and prioritize among your existing goals.

Step 2: Request your rollover

Once you have your Retirement goal, you can click the teal Transfer Money dropdown to choose Roll Over. On the next page you’ll select whether you’re rolling over a 401(k) or 403(b) and enter your account balance.

Step 3: Upload documents

The next step is to upload copies of both your most recent 401(k) or 403(b) plan statement and disclosure via our Secure Document Uploader. Please note that you’ll need to be logged in to your Ellevest account to access the page. If you need any assistance finding your plan disclosure document, click here for some helpful tips.  

Step 4: Review your detailed analysis

We'll conduct a detailed review of your current 401(k) or 403(b) plan, including what you pay in fees, your investment options, and what advisory services may be available to you. We’ll email our analysis to you as to whether rolling over your 401(k) or 403(b) balance to an IRA at Ellevest may be in your best interest.

Step 5: Initiate rollover

If you decide to roll over your 401(k) or 403(b) to Ellevest, you’ll need to confirm by pressing the “Initiate Rollover Now” button in the email containing your analysis and personalized recommendation (see Step 4). This will bring you to our site where you can review our recommended investment portfolio and electronically sign our Client Agreement.

 

Step 4: Call current provider

After you e-sign, the last step is for you to call your current 401(k) or 403(b) provider to initiate the rollover.  When you call, state that you want to do a direct rollover of your 401(k) or 403(b) account to an IRA at another provider and ask them to send a check to Folio Investments with the instructions below:

  • Check should be made payable to “Folio Investments FBO [Full Name] [IRA Type] [Folio Account Number]”*
  • Check should be sent to:

Folio Investing
8180 Greensboro Drive, 8th Floor
McLean, VA 22102

It’s very important that the check is made out to Folio Investments, and not you directly, to ensure that the transaction is considered a direct rollover. Additionally, if your provider won’t send the check to Folio directly, then you’ll need to ask them to send it to you; when you receive the check, you’ll have to send it to Folio.

*To find your account number, please log into your Ellevest dashboard, click on the top lefthand toolbar, click on “Profile”, and then scroll down to the bottom of the “Login” tab until you see the screen below:

Screen_Shot_2017-11-17_at_3.28.08_PM.png

Step 7:  Sit back and relax!

Once Folio receives the check, we’ll invest the funds in the recommended portfolio for your Ellevest IRA. We’ll send you an email to let you know that your 401(k) or 403(b) rollover has been completed, and you’ll see your retirement accounts on your Ellevest dashboard.

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