What to Expect
Solo 401(k)
- Submit your application on our app
- The application will go into a queue to be reviewed. A new account specialist will call you within 3-5 business days if items are missing, filled out incorrectly, or need further follow up.
- Once the application is complete and correct, an account number will be assigned within 3-5 additional business days. The account number will be emailed to you by [email protected].
- The transfer form will be submitted to the Transfer Department, or instructions to complete a Rollover or contribution will be emailed to you with your account number.
- Fund your Solo 401(k)
If you selected Rollover on your application, please contact your previous custodian to ask them to rollover or send funds to IRAFTC. Please complete a Deposit Form on our app and provide a current statement from the other custodian to accompany the incoming wire or check. The funds will be on hold until we receive them. If a Letter of Acceptance is needed, IRA Financial can provide upon request.
If you selected Contribution on your application, please send a deposit form when you wire funds or send a check to your Solo 401(k) as a current year or previous year contribution.
- Open and fund your bank account
Complete Care Checking Account
Opened at Capital One
Can be opened in 24 hours
No fees
$1 minimum balance requirement
No checkbook/debit card
We handle all wires/banking transactions
- Invest your 401(k) funds
- After you are notified that your new Solo 401(k) account has been funded, please complete the 401(k) Transfer form through our app to enter the investment info and funding instructions so IRA Financial can fund your Solo 401(k) investment.
- Compliance will review the investment within 3-5 business days of receiving it.
- An IRA Financial team member will call for verbal verification before we send the funds. The number will come from a 605-area code.
- The Solo 401(k) investment is funded.
