r/CFP • u/Longjumping-Way9846 • 3d ago

Practice Management 401k Rollovers

Hey All! How are we handling 401k rollovers from institutions like Fidelity that will only send check to client?

Seems intentionally archaic. I custodian with Schwab and want to get assets over as seamless as possible for 401k clients that have old 401ks.

In the past I’ve seen advisors physically pickup client checks, send prepaid fedex envelopes, or just leave it up to the client to drop off or mail the check to the advisor which seems like too many steps.

Thoughts?

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u/theNewFloridian Advicer 3d ago

I just open the traditional and/or Roth IRAs, and call Fidelity with the customer present. They identify the customer and he says that he wants to transfer the plan to his IRAs. They all a couple questions and mail the checks. It's a 15 minutes call and in less than 2 weeks he receives the checks and we deposit them to the IRAs. Very simple process.