Betterment uses a direct transfer process to transfer existing IRAs into Betterment IRA accounts. These transfers are non-reportable transactions, which avoids any tax consequences for the client. In a direct transfer, the current IRA provider generally sends Betterment a check or wire for the value of the account. When possible, Betterment will use ACATS to make the transfer process even more efficient. Review the IRAs we currently support with ACATS here.
To get started, your client will click "Roll over an IRA or 401(k)" at the top right hand side of the Rollovers section of the Transfer tab. After answering a few questions, and if we support the IRA provider for a 60-second rollover, your client will be taken through an automated process to submit and sign all required paperwork. Otherwise, they will receive alternative instructions and paperwork to complete the IRA transfer, based on the provider’s requirements. The client will need to sign transfer paperwork that we provide to initiate the transfer.
Additionally, if you have a special retirement plan like an inherited IRA, then please contact us at firstname.lastname@example.org and we can guide you the process.