How to transfer Roth IRA from bank to brokerage firm
What is the best time of year, way and procedure to transfer my Roth IRA account at a bank to a brokerage firm and can my financial advisor take care of it or should I?
What is the best time of year, way and procedure to transfer my Roth IRA account at a bank to a brokerage firm and can my financial advisor take care of it or should I?
Permalink Submitted by Alan - IRA critic on Sun, 2015-08-09 00:03
There are three basic ways to transfer IRAs. The first two are by direct transfer in which the transfer can either be initiated by the holding firm or by the new firm. I suggest establishing a Roth IRA account at the brokerage and complete paperwork authorizing them to order the transfer from the bank to your Roth at the brokerage firm. The third way is to take a distribution and do a 60 day rollover yourself, but that method has more risks and disadvantages. Talk to your advisor and determine whether the advisor needs to be involved or not.