You can rollover 401ks and similar employer-sponsored accounts directly into a Wealthsimple IRA account so long as your employer is no longer making contributions to the plan. The process involves reaching out to the relinquishing institution to request the rollover, filling out rollover paperwork (if applicable), and having the relinquishing institution send a check to our brokerage.
The process typically involves calling your plan provider to verify your identity and then start the rollover process. Once you've uploaded a statement of your 401k or similar account to your account using this secure link, follow the link below to arrange a conference call with our rollover team and your plan provider so we can guide you through the process.
If you have already obtained your rollover check or paperwork to complete your rollover all you will need are the delivery instructions to deposit the proceeds of your Rollover into your Wealthsimple Account:
Wire (Fastest Method)
If your qualified plan rollover is wire eligible, the wire can be sent to your Wealthsimple account using the following instructions:
Receiving Bank: BMO Harris Bank
Bank Address: 111 W Monroe St Chicago, IL 60603
Bank Account Number: 3713286
Beneficiary: Apex Clearing
Memo/FCC/Note: Your name and account number. You can find your account numbers at any time in the My Documents section of our website. They are listed in each of your trade confirmations, monthly statements, and Investor Policy Statement.**
Check (Most Common)
Checks for your 401k or similar employer-sponsored account rollovers should be made payable to our brokerage "Apex Clearing" for the benefit of (FBO) your account.
Example: "Apex Clearing FBO - Client Name Account Number"
You will also need to complete the IRA Deposit form attached to this article. Once completed, you can upload securely to your account using this link.
Finally, all the checks should be delivered to the following address:
Apex Clearing C/O BPO
Attn: Treasury Dept
2 Gateway Center, 16th Flr, 283-299 Market St
Newark, NJ 07102-5005
Your rollover will be deposited into your account within 48 hours of receipt
If you have any questions about this process, or you require further assistance, please contact us.
**Note: Since 401k rollovers go into a personal IRA with Wealthsimple, you will need to open a Traditional IRA for an employer plan that contains pre-tax contributions or a Roth IRA for a plan that contains Roth contributions. Your account number(s) will become available on your Investor Policy Statement within 24 hours of opening a new IRA.