What is the 401(k) rollover process?

Step 1: Sign up for the waiting list

The first step is to sign up for our waiting list here. Why do we have a waiting list? As a fiduciary, we are required to act in your best interests. One way we do that is by offering a Comprehensive Analysis of your current plan to help you understand whether rolling your 401(k) over to Ellevest could be better for you in the long term. This Comprehensive Analysis takes a fair amount of time as we want to make sure we’re providing you with a personalized recommendation in regards to your 401(k).

Step 2: Upload documents

Once you’re off the waiting list, we’ll send you an email to let you know about your updated status. After that, you’ll need to upload copies of both your most recent 401(k) 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.

Step 3: Comprehensive Analysis

We'll conduct a detailed review of your current 401(k) plan, including what you pay in fees, your investment options, and what advisory services may be available to you. We’ll email our completed Comprehensive Analysis to you and we’ll make a personalized recommendation regarding rolling over your 401(k) balance to an IRA at Ellevest.

Step 4: Confirm rollover

If you decide to rollover your 401(k) to Ellevest, you’ll need to confirm by pressing the “Initiate Rollover Now” button in the email containing your Comprehensive Analysis and personalized recommendation (see Step 3). This will bring you to our site where you can review our recommended investment portfolio and electronically sign our Client Agreement.

Step 5: Call current provider

After you e-sign, the last step is for you to call your current 401(k) provider to initiate the rollover.  When you call, state that you want to do a direct rollover of your 401(k) 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:

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Step 6:  Sit back and relax!

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

 

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