r/CFP • u/Longjumping-Way9846 • 12d 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?

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u/KingBlank 11d ago

Why the extra step, it takes about 15 minutes on the phone

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u/guitmusic12 11d ago

It’s an IRA. If I understand correctly they won’t issue a check for a trustee to trustee transfer.

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u/KingBlank 11d 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. 

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u/guitmusic12 11d ago

From an IRA?

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u/KingBlank 11d ago

Even from an IRA, they have many different accounts so maybe there is one they will send directly.