My client has a Solo(k) at another brokerage and wants to move it to my firm. Can Aboon help?
My client has a Solo(k) at another brokerage and wants to move it to my firm. Can Aboon help?
Yes, as long as: (1) the plan qualifies as a Solo(k), (2) all plan assets will be held in your firm’s brokerage accounts, (3) the plan is currently in compliance, and (4) all protected benefits of the plan continue. You will need to help your client with the account transfer.
What happens to my client's current plan document when it is moved to Aboon?
What happens to my client's current plan document when it is moved to Aboon?
Aboon will move the plan onto our IRS pre-approved document. This continues the existing plan, rather than starting a new one. Many plan documents provided by financial institutions require that assets be held at that institution. When assets move out, the document is no longer supported.
Will the transfer cost my client anything? Are there tax consequences?
Will the transfer cost my client anything? Are there tax consequences?
A trustee-to-trustee transfer is generally not a taxable event. Your client's current provider may charge an account closure or transfer fee — they should check with that provider.
My client’s current plan has both pre-tax and Roth money. How is that handled?
My client’s current plan has both pre-tax and Roth money. How is that handled?
Separate sub-accounts should be opened for each money type (pre-tax and Roth). Your client is responsible for identifying which assets are pre-tax and which are Roth during the transfer process. You will need to help your client with the account opening and transfer.
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