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.
2. Choose "401k or similar rollover" and walk through the step-by-step process flow.
3. Follow the rollover wizard instructions to tell us about the retirement plan you're rolling over until you get the following page:
4. To submit a rollover, call the phone number on your retirement account statement or log in to your institution's online portal and request a rollover distribution using the information provided by the rollover wizard. If you need assistance, feel free to book a call with a rollover specialist.
5. Once your institution has given you confirmation that your rollover request has been initiated, click "I've initiated my rollover" to notify us! You can review your rollover instructions again at any time.
6. Once we receive your rollover via check or wire, the funds will be deposited into your account right away!
Finally, we'll reimburse any transfer fees that your institution charges you. Simply send us a statement or receipt showing your fee after the rollover is complete and we'll get the reimbursement into your account right away!