Shifting funding accounts from one supplier to a different might be difficult. Chances are you’ll be within the early days of mulling over a transfer. Or possibly you’re able to make a change and easily want a little bit assist making it occur.
Wherever you’re within the course of, we’re right here to assist. And when you’re able to act, you’ll be able to simply begin the ball rolling within the Betterment app. The steps range barely completely different relying in your state of affairs and the way prepared your previous supplier is to play ball:
- ACATS — Most taxable accounts, and even some retirement accounts, might be transferred routinely by merely connecting your previous supplier’s account to Betterment. You keep invested, and your entire course of typically takes lower than per week.
- Direct rollover/switch — Some retirement account suppliers, in the meantime, require a test be mailed to both you or your new supplier. In these instances, we offer step-by-step directions for reaching out to your previous supplier to provoke the method, which frequently takes 3-4 weeks.
And for these contemplating strikes of $20k or extra, our Licensed Concierge staff might help you measurement up the choice earlier than serving to shepherd your previous property to Betterment, all for gratis. Right here’s how.
The Betterment Licensed Concierge expertise
Whether or not you’re already bought on a change or need assistance weighing the professionals and cons, our Concierge staff makes use of a three-step course of to assist information your considering.
Step 1: Assess the place you’re, and the place you need to be
We begin each Concierge dialog by gathering as a lot info as doable.
- What are your monetary targets?
- How nicely do your previous accounts align with these targets?
- How a lot threat are you uncovered to?
- How a lot are you at the moment paying in charges?
We sift via statements in your behalf to decode your previous supplier’s charges. We analyze your previous portfolios’ asset allocations. And we assist assess whether or not Betterment’s goal-based platform might assist meet your wants.
All of this info provides us and also you the context and confidence wanted to take the subsequent step.
Step 2: You make a name, then we chart a course ahead
Whereas retirement accounts might be rolled over with out making a taxable occasion, that’s not all the time the case with taxable accounts. So in these situations, we offer a customized tax-impact and break-even evaluation. This reveals you ways a lot in capital beneficial properties taxes, if any, a transfer could set off, and the way lengthy it’d take to recoup these prices. We all the time advocate you’re employed with a tax advisor, however our estimate can function an awesome first step in sizing up any tax implications.
Must you select to convey your previous investments to Betterment, we enable you to with each step of that journey.
The mechanics of transferring accounts
This contains sussing out which of your previous property might be moved “in-kind” to Betterment. We’re capable of simply settle for these property, and both slot them into your shiney new Betterment portfolio as-is, or promote them in your behalf and reinvest the proceeds.
If any previous property have to be liquidated earlier than they’re transferred, we’ll enable you to work together with your previous supplier to make it occur. This contains offering you with a full listing of related property to provide your previous supplier.
Whether or not transferring property or money, we use the ACATS technique at any time when doable to assist your funds transfer and settle faster.
Step 3: Shifting day!
Making a transfer is thrilling. Unpacking? Not a lot. So we assist arrange and optimize your Betterment account to profit from options like Tax Coordination. Need assistance establishing your targets? We have now you coated there, too.
As soon as all the pieces is so as, we’ll start implementing your switch plan. We’ll talk all of the steps concerned, the anticipated timeline, and deal with as a lot of the heavy lifting as doable. We usually check-in and, as soon as your property or funds arrive on our finish, we’ll ship you a affirmation ensuring all of your transfer-related questions are answered to the most effective of our skills.
Prepared, set, change
Shifting accounts to a brand new supplier could be a problem, so we attempt to shoulder as a lot of the burden as doable. It begins with a easy step-by-step course of within the Betterment app, and for these exploring strikes of $20k or extra, extends to our devoted staff of Concierge members. They’re standing prepared to assist in giving your previous property a brand new life at Betterment. As a result of whether or not transferring to a brand new home or a brand new advisor, it by no means hurts to have a little bit assist.
