You can open a retirement account and initiate a rollover with Ellevest at the Plus or Executive membership levels. If you would like to upgrade your plan from Ellevest Essential, contact the Concierge team at email@example.com.
Step 1: Request your rollover
To get started with your rollover, click on Transfer External Account at the top of your Ellevest dashboard and then select 401(k) or 403(b).
Step 2: Review your benefits
It’s important to compare the costs and benefits in your current plan to a membership at Ellevest. Benefits at Ellevest include money management advice, goal planning, personalized investment plans, forecasts, deposit recommendations, and ongoing management.
Step 3: Confirm rollover information
You’ll tell us your plan type, your estimated balance, and your plan is still active. You’ll also be prompted to upload a copy of your most recent 401(k) or 403(b) plan statement.
We’ll use the information on your statement to make sure that the we open the appropriate IRA account.
Step 4: Initiate rollover
After we review your statement, we’ll send you an email with a link to initiate your rollover. This will bring you to our site, where you can review our recommended investment portfolio and electronically sign our client agreement.
Step 5: Call your current provider
After you initiate your rollover, the last step is for you to call your current 401(k) or 403(b) provider. When you call, say 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:
The check should be made payable to:
“Folio Investments FBO [Full Name] [IRA Type] [Folio Account Number]”
You can find your Folio account number and IRA type by clicking on the user icon in the top right-hand corner and then selecting Login & Security from the dropdown menu.
The check should be sent to:
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.
Step 6: 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.