After you open an IRA with Marcus Invest, you can begin the process of rolling over your existing IRA, 401(k), or other workplace retirement plan. Your process will depend on which account type you choose to rollover.
- For rolling over an existing IRA, in advance of requesting a transfer, please make sure you instruct your current provider to sell (but not distribute to you) the entire holdings in your account, so it holds only cash. After confirming with your provider that your account is liquidated, on your Marcus Invest account information "Transfer Funds" page, select "Rollover" as the transfer type and answer the questions about your specific type of rollover.
- For rolling over a workplace retirement savings plan such as a 401(k), you’ll need to call your plan provider to initiate the transfer. Please be sure you have first initiated the Transfer request from your account Dashboard by clicking “Transfer” and selecting “Rollover” as the transfer type.
If you’d prefer to initiate the rollover with your plan provider on your own, here’s how to proceed:
First, call your plan provider using the phone number on your statement. You may be asked a few identity-verification questions, including your employee ID number or social security number, so keep that information.
Second, request a direct rollover either by check or wire transfer.
By Check:
Ask your plan provider to make the check payable to “Apex Clearing FBO” followed by your full name and IRA type. For example:
Apex Clearing FBO Michelle Smith Roth IRA
Note: FBO stands for: "For benefit of.” Please make sure the check is made out to Apex Clearing in the manner described above and not to you directly, so the transaction will be considered a “direct” rollover
Further, provide your 8-digit Account Number (located at the top left of your account information screen) and request that your plan provider include this information in the memo section of the check. Then, please mail it to the following address:
Apex Clearing Corporation
Attn: Banking Department
350 North St. Paul Street, Suite 1300
Dallas, Texas 75201
We recommend sending the check by certified mail or a similar tracking service to ensure it’s received.
Note: If the check is mistakenly mailed to you instead of the above address, confirm that the check is made payable to “Apex Clearing FBO…” in the manner described above, and mail it to the correct address within 60 days
By Wire Transfer:
Please include the below information:
ATTN: Apex Clearing
Bank Information: BMO Harris Bank, 111 W. Monroe St, Chicago, IL 60603
ABA: 071 000 288
Account Number: 3713286
Client Name: [Your Full Legal Name]
Apex Clearing Account Number: [Your 8-digit account number, located at the top of your account list]
Apex Account Type: [Your IRA type]
Please ensure we receive your funds within 60 days, and note that the transfer may be subject to wire fees.
We support rollovers to the same account type - a Traditional 401(k) can be rolled over into a Traditional IRA (or SEP IRA); a Roth 401(k) can be rolled over into a Roth IRA; a SEP IRA can be rolled over into a SEP IRA (or Traditional IRA). To help determine which IRA account type you are eligible to rollover funds into, please check here. Every person’s tax situation is unique, so please carefully consider your personal circumstances and needs before deciding to roll over a retirement account. Marcus Invest does not offer legal or tax advice. Please consult a tax professional, or the IRS website for additional information, and click here to learn more about rollovers.
As a reminder, you can schedule a call with us at 1-833-720-6468 for assistance. Our hours of operation are Monday through Friday, 9am – 6:30pm ET.