Watch the video below to learn about the lengths that we go through to help you!
Tony in the Trenches:
“I hear you make the statement that the financial world is more excited to get our money than they are to give it back… What do you mean by this and do you have an example of this?”
A GREAT question with a very simple answer:
When it comes to rolling over a client’s 401(k), it can sometimes become tricky to get the money where the client wants to move it. That is why we have a full-time salaried fiduciary, Trey, who oversees the on-boarding process in our Louisville office.
Trey assisted a client with a situation like this very recently. In this rollover, Trey discovered that this client’s 401(k) was entering into a migration over to a new custodian that caused for a VERY drawn out and frustrating experience for the client – thankfully, we had an expert to help them along the way.
Steps to Rollover the 401(k):
Call #1 The Original Custodian
- Found out that they had already started moving the 401(k) somewhere else.
Call #2 The Employer
- This is to make sure the transfer is legitimate.
- Learned that there is a “blackout” period between custodian transition.
Call #3 The New Custodian
- This new custodian did not know much information on the subject.
Call #4 The Original Custodian
Call #5 The Employer
- This was done to find out more information on the blackout period.
Call #6 Account Firm Overseeing Transition
- There was a misaddress on one of the documents, this led to a long list of other calls to get that cleared up.
Call #7 The New Custodian
Call #8 Accounting Firm/Email to the Accounting Firm
Call #9 The New Custodian (Again)
- To clear up the error in address.
- Conference in accounting firm to confirm address error.
- Set up authentication and online portal.
As you can see, don’t go-it-alone when it comes to trying to rollover your money from the ‘Financial World’ sometimes they’re not very excited to see it go!
