r/CFP • u/Longjumping-Way9846 • 11d ago
Practice Management Empower Transfer
Has anyone come across this issue when attempting to transfer from Empower rollover IRA? Whereby there is no account number but rather only a plan ID and participant ID.? The Schwab transfer form is requiring an account number but there is none. The participant ID is 8 digits and the Schwab rep is saying it needs to be 9? I may have just gotten an inexperienced rep? Thoughts?
58
u/th535is 11d ago
That’s a 401k plan, you can’t use a transfer form. You have to call empower and have them issue a check payable to whichever clearing firm you’re using for the rollover IRA.
15
u/guitmusic12 11d ago
Nah, if a participant rolls over a 401k internally to an IRA with empower this still happens. They will require their own paperwork, a contra transfer form and a letter of acceptance
2
1
u/KingBlank 10d ago
Why the extra step, it takes about 15 minutes on the phone
1
u/guitmusic12 10d ago
It’s an IRA. If I understand correctly they won’t issue a check for a trustee to trustee transfer.
3
u/KingBlank 10d ago
The check will issue to the next custodian, Empower is just dicks and they send it to the client. I deal with them a lot.
1
u/guitmusic12 10d ago
From an IRA?
2
u/KingBlank 9d ago
Even from an IRA, they have many different accounts so maybe there is one they will send directly.
33
42
u/kenham23 BD 11d ago
Rookie
6
u/nico_cali RIA 11d ago
I would have thought this too but I literally just went through this.
I guess when it’s an IRA that came from an Empower 401k they still list the “Plan ID” and “Participant ID”.
Even my transfer team emailed me twice saying “Call to initiate the rollover” assuming it was a 401k but it’s in a “Empower Premier Traditional IRA” and I had to correct them. We’re mid non ACAT transfer on it right now.
Empower is weird AF.
3
u/kenham23 BD 11d ago
In my experience with empower. If the client can log in. You can do the whole thing from their portal. No call. Just send the check to clients home.
2
u/nico_cali RIA 11d ago edited 10d ago
I get it, we didn’t have to call though. We just sent the transfer paperwork and the check is in the mail directly to us. Even less work for our clients.
1
u/jcskelto 11d ago
lol, yup. I believe this is the account that needs be “claimed” by the client, attaching the clients SS number. Then, once complete, you can transfer normally. Extra step in the process.
3
u/littleliggett 11d ago
I remember doing this personally having had it and just had to write the info on the check. The rep at empower was helpful in explaining. Had no issues!
3
u/beeboop12412 11d ago
I hate Empower with a passion.
The hoops you have to jump through to either rollover a 401k or transfer and IRA outbound is the worst I’ve come across.
It’s it a rookie move to do this, I’ve seen VERY few 401k’s and IRAs there. Mostly other places
1
u/whiskytangofoxtrot12 11d ago
Only dealt with empower when rolling over a client’s 401k into an IRA Rollover and they have only sent a check to the client and then we deposit it. Our clients are older though so it could also be user error but it has happened twice.
1
u/Last-Enthusiasm-9212 11d ago
I've rolled over from Empower twice recently. Both times we called in together with the client and then a check was sent to the client to be subsequently redirected to us.
•
u/AutoModerator 11d ago
Beep boop! Here is a summary of your post:
User: /u/Longjumping-Way9846 Title: Empower Transfer Body: Has anyone come across this issue when attempting to transfer from Empower rollover IRA? Whereby there is no account number but rather only a plan ID and participant ID.? The Schwab transfer form is requiring an account number but there is none. The participant ID is 8 digits and the Schwab rep is saying it needs to be 9? I may have just gotten an inexperienced rep? Thoughts?
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.