Betterment & Wealthfront Accounts

Moving Here
1

Hello,

After reading through the posts, leaving my 401k here in the US seems like an option.

However, I’m wondering if anyone has had any experience with Betterment and WealthFront accounts. Do you guys know of any similar options available in Canada and if so, what is the best way to transfer my stock etc. there? If not, are there any options you guys recommend here in the US that will accept a non-resident alien?

Thanks!

3 Likes
3

Hey,

I’m curious what you ended up doing? Did you transfer balance to invest in Canada or open another brokerage account (that would let you) and invest there?

Thanks!

4

Hi, Wealthfront said I should either transfer my account in kind or liquidate within 30 days. I don’t want to liquidate since it will be a taxable event. I tried moving the account in kind to questrade but they don’t support ACAT transfer which Wealthfront needs. Any other options? Please let me know, thanks!

5

If you have a 401k account with your employer and you are unsure about the convenience of managing the account with them in the future, it may be a better option to transfer your funds to a rollover 401k account with another provider. While it is possible to keep your account with your employer, transferring your funds to a different provider may provide you with more flexibility and control over your investments.

One option you may consider is using a service like Betterment, which offers a no-fee rollover 401k account. While their investment options may be limited, they can still provide you with a solid investment strategy. Alternatively, you could also consider opening a retirement account with a financial institution like Chase, which offers a free retirement account. Regardless of which provider you choose, it is important to carefully consider your investment options and fees before making any decisions.

6

You can request a check from your provider if they don’t offer an ACAT transfer. However, it is important to note that this will be considered a taxable event by the IRS, and you will be required to pay taxes on the amount withdrawn.

One way to avoid taxes is to use the 60-day rollover rule. This means that you have 60 days from the date you receive the check to deposit the funds into another qualifying retirement account. By doing this, you will not be required to pay taxes on the amount withdrawn, as it will be considered a rollover instead of a distribution.