Shifting funding accounts from one supplier to a different will be sophisticated. It’s possible 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 bit assist making it occur.
Wherever you might be within the course of, we’re right here to assist. And when you’re able to act, you possibly can simply begin the ball rolling within the Betterment app. The steps differ barely completely different relying in your scenario and the way prepared your outdated supplier is to play ball:
- ACATS — Most taxable accounts, and even some retirement accounts, will be transferred robotically by merely connecting your outdated supplier’s account to Betterment.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 In these circumstances, we offer step-by-step directions for reaching out to your outdated supplier to provoke the method, which frequently takes 3-4 weeks.
And for these contemplating strikes of $20k or extra, our Licensed Concierge staff may also help you measurement up the choice earlier than serving to shepherd your outdated property to Betterment, all for gratis. Right here’s how.
The Betterment Licensed Concierge expertise
Whether or not you’re already offered 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 might be, and the place you need to be
We begin each Concierge dialog by gathering as a lot info as attainable.
- What are your monetary targets?
- How nicely do your outdated accounts align with these targets?
- How a lot danger are you uncovered to?
- How a lot are you at present paying in charges?
We sift by way of statements in your behalf to decode your outdated supplier’s charges. We analyze your outdated portfolios’ asset allocations. And we assist assess whether or not Betterment’s goal-based platform may assist meet your wants.
All of this info offers us and also you the context and confidence wanted to take the following step.
Step 2: You make a name, then we chart a course ahead
Whereas retirement accounts will 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 personalised 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 would take to recoup these prices. We all the time advocate you’re employed with a tax advisor, however our estimate can function an incredible first step in sizing up any tax implications.
Do you have to select to carry your outdated investments to Betterment, we enable you with each step of that journey.
The mechanics of shifting accounts
This contains sussing out which of your outdated property will be moved “in-kind” to Betterment. We’re in a position to 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 outdated property must be liquidated earlier than they’re transferred, we’ll enable you work together with your outdated supplier to make it occur. This contains offering you with a full listing of related property to provide your outdated supplier.
Whether or not transferring property or money, we use the ACATS methodology at any time when attainable 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 take advantage of options like Tax Coordination. Need assistance organising your targets? We’ve got you coated there, too.
As soon as every thing 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 attainable. We commonly 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 very best of our talents.
Prepared, set, change
Shifting accounts to a brand new supplier is usually a trouble, so we attempt to shoulder as a lot of the burden as attainable. 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 outdated property a brand new life at Betterment. As a result of whether or not shifting to a brand new home or a brand new advisor, it by no means hurts to have a bit assist.
