IRA Account Question

Discussion in 'Retail Brokers' started by brown, Dec 18, 2008.

  1. brown


    I just set up an account with IB to move my IRA that was being managed by a financial advisor who works for northwestern mutual to a self-managed IRA. My question is, should I just transfer it over through a direct roll over to IB account? I thought that would be the easiest way to do it, but northwest wants to send me a check and have me deposit it to IB. Any help would be great. Thanks!
  2. _PD_


    Good rule of thumb -- Don't touch it.
  3. Call an IB rep. They require proof that the funds qualify, and I think a direct transfer might be required.
  4. _PD_


    Yeah, have IB pull it in, not NWM push it out.
  5. Either way, it works, try google, ira rollover or transfer. It is not tha that difficult.
  6. Surdo


    Sounds like a bowel movement.
    A check payable to IB as custodian for IRA of JOE BLOW works fine.
  7. I did exactly what you're doing. Have your current custodian send the money/check to IB directly. You don't want to mess with delays etc... that could cause you serious tax problems regardless of fault of custodian. As others recommended, you should not touch it.

    Mine was a smooth transfer but still took over 4 weeks to complete with access to trade the account. Your sim account can be activated as soon as the funds are "on the way" so you can get used to the software if you are not already.