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.
In some cases, you may have already obtained your rollover check or paperwork to complete your rollover. In these cases, all you will need are the delivery instructions to deposit the proceeds of your Rollover into your Wealthsimple Account:
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"
**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.
In cases where the relinquishing institution is unable to place the client name and account number on the check, you will also need to complete the IRA Deposit form attached to this article.
Finally, all the checks should be delivered to the following address:
Apex Clearing c/o BPO
Attn: Treasury Dept
2 Journal Square, 3rd Floor
Jersey City, NJ 07306
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.