How to Transfer a Roth IRA from Fidelity to Ally Invest

Retirement savers sometimes reassess their investment platforms to better align with evolving financial goals. If you’re considering transferring your Roth IRA from Fidelity to Ally Invest, the process can offer an opportunity to explore different investment options or service structures. Whether the decision is based on fees, platform features, or personal preference, understanding the transfer process is key to moving your retirement savings smoothly and maintaining their tax-advantaged status.

At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward. 

Step 1: Understand Your Roth IRA Transfer

Moving your Roth IRA from Fidelity to Ally Invest requires careful planning and attention to specific details. A direct, trustee-to-trustee transfer allows you to move retirement funds between institutions while preserving the tax-advantaged status of your account.

What You’ll Need:

✅ Your current Fidelity Roth IRA account number

✅ Personal identification documents

✅ Most recent IRA statement

✅ Access to online banking for both Fidelity and Ally Invest

✅ Accurate personal information matching both accounts

Step 2: Initiate the Transfer Process

Contact Ally Invest to begin the transfer. They typically provide an IRA Transfer Request Form and coordinate directly with Fidelity to facilitate the process.

✏️ Hypothetical Example: John initiated his transfer by submitting Ally Invest’s IRA Transfer Request Form, listing his Fidelity account details. The transfer completed within approximately 5-7 business days.

Step 3: Prepare Your Documentation

Gather the necessary documents before starting the transfer:

✅ Most recent Roth IRA statement
✅ Government-issued identification
✅ Updated contact information

📝 Pro Tip: Ensure your name, address, and Social Security number are consistent on all documents to help avoid processing delays.

Step 4: Understand Transfer Methods

You’ll want to pursue a direct trustee-to-trustee transfer. This method ensures that your Roth IRA assets move directly between custodians without you personally receiving the funds, helping you avoid potential tax complications.

Step 5: Handle Investment Assets Carefully

If your Fidelity Roth IRA contains specific investments, be prepared for potential limitations. Proprietary mutual funds might require liquidation before transfer. Work with both institutions to understand how your specific investments will be handled.

Step 6: Transfer Fees and Costs

While most Roth IRA transfers are free, it’s important to confirm:

Step 7: Tax Considerations

A direct Roth IRA transfer does not trigger taxable events if executed correctly. Your contributions and earnings remain protected, maintaining the tax-advantaged status of your retirement account.

📝 Important: Consult a tax professional if you have complex holdings or prior IRA rollovers.

Step 8: Final Transfer Verification

After initiating the transfer:

✅ Monitor both your Fidelity and Ally Invest accounts.
✅ Confirm that the total transferred amount matches your original balance.
✅ Verify that any investments transferred in-kind are reflected properly.

📝 Reminder: Most transfers finalize within 5–7 business days, although some cases involving complex assets may take longer.

Final Thoughts on Transferring Your Roth IRA

Transferring a Roth IRA from Fidelity to Ally Invest is a strategic process that requires preparation and attention to detail. The key takeaways include understanding the direct trustee-to-trustee transfer method, gathering all necessary documentation, and verifying any applicable transfer fees.

A properly executed transfer preserves your Roth IRA’s tax-advantaged status and helps ensure a smooth transition between custodians.

The most important next steps are:
✅ Initiating the transfer through Ally Invest
✅ Confirming that personal and account information matches exactly
✅ Monitoring both accounts to verify that all assets transfer correctly

Most transfers are completed within approximately 5–7 business days, and investors should be aware that potential fees may apply. Always review the latest fee schedules and consider consulting a financial professional if you have questions about your specific retirement strategy.

📌 Want to dive deeper? Here are some other helpful resources:

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Disclaimer:

The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.

The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.

To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).