What is the IRA transfer process?

You tell us whether you have a Traditional or Roth IRA, your current IRA provider (also known as the custodian), your account number, and estimated account balance — then we take care of the rest.

It is important that you provide us with the correct IRA type, so that we can accurately work with your IRA provider to transfer your current IRA to the right Ellevest IRA! If you currently have a Roth IRA, your assets will be transferred to an Ellevest Roth IRA. If you currently have a Traditional IRA, your assets will be transferred to an Ellevest Traditional IRA. We don’t yet offer the ability to transfer SEP IRAs, or to convert a Traditional to a Roth (or vice versa).

We start by recommending an investment portfolio so that you can see how we plan to invest the transferred funds. After you have given us approval through esign, we begin the transfer. You will notice that the IRA you are transferring will have a balance of $0 on your dashboard, and your Ellevest balance will show a pending transfer of that exact amount.

If your current IRA provider supports electronic transfers (we’ll let you know if they don’t!), then we will coordinate the transfer directly with them. So, in most situations, you will not need to speak with them or initiate a sale of the assets in the account. Once your current IRA provider sells your investments, they will transfer the cash proceeds to us. We will purchase the recommended ETFs for your Ellevest IRA when we receive the funds. There are no taxes or Ellevest fees associated with this process. However, your current IRA provider may charge you fees during the process of selling your investments and transferring your funds to Ellevest. We recommend asking your current provider for details on any fees you may incur while transferring your IRA.

If your current IRA provider doesn’t support electronic transfers, then we’ll let you know right after you esign and send you an email summarizing your next steps.

We don’t offer partial transfers, so it is important that you don’t make any additional contributions to your outside IRA after you have initiated the transfer.


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