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, check out this FAQ.
Step 1: Request your rollover
To get started with your rollover, click on Transfer Money at the top of your Ellevest dashboard and select Transfer External Account. You can then select if you’re transferring a 401(k), 403(b), 457, 401(a), or other plan type. *Right now you can only start a rollover on Ellevest.com.
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
After you tell us your plan type, your estimated balance, and if your plan is still active, you’ll also be prompted to upload a copy of your most recent account statement. (Note: if you have an active plan, meaning you or your employer are still contributing to it, then you cannot roll it over to another provider).
We’ll use the information on your statement to make sure that we open the appropriate IRA account type (such as a traditional IRA or a Roth).
Step 4: Initiate rollover
After we review your statement, we’ll notify you that it’s time to initiate your rollover. You will need to review our recommended investment portfolio and electronically sign our rollover agreement. (Note: if you already have the associated Ellevest IRA, we’ll automatically roll your funds into that account instead of opening a new one).
Step 5: Call your current provider
After you initiate your rollover, the last step is for you to call your current 401(k), 403(b), or other plan type provider. When you call, say that you want to do a direct rollover of your retirement 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 [Your 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. There's no need to endorse the check since it's being made payable to Folio (FBO the client).
The check should be sent to:
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.
Step 6: Sit back and relax!
Once Folio receives the check, we’ll invest the funds in your Ellevest IRA. We’ll also send you an email to let you know that your rollover has been completed!
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