How to Transfer a Roth IRA from Fidelity to SoFi Invest

Retirement accounts are meant to evolve alongside your financial goals. Sometimes, moving your Roth IRA to a different platform can help you align better with your investment strategy. Whether you’re seeking lower management fees, different investment options, or a more streamlined platform experience, transferring your Roth IRA can be a smart move.

A direct transfer between Fidelity and SoFi Invest allows you to move your retirement funds without triggering taxes or early withdrawal penalties. This guide walks you through the steps to complete your transfer efficiently and protect your hard-earned savings.

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 Transfer Options

Moving your Roth IRA from Fidelity to SoFi Invest works best through a direct transfer, which means you won’t trigger any tax events or penalties. This method keeps your retirement funds protected and smoothly transitions between investment platforms.

The most critical aspect is executing a trustee-to-trustee transfer. This means SoFi will handle the transfer directly with Fidelity, ensuring your funds move safely without you touching the money personally.

Step 2: Prepare Your Current Fidelity Account

Before initiating the transfer, review your current Roth IRA’s holdings. Some investments might require special handling:

✅ Check for proprietary mutual funds that cannot transfer directly

✅ Verify your current account balance

✅ Review any pending transactions or scheduled investments

✅ Ensure no outstanding trades are in progress

Step 3: Gather Necessary Documentation

Smooth transfers require precise documentation. Here’s what you’ll typically need:

✅ Your Fidelity Roth IRA account number

✅ Government-issued photo identification

✅ Most recent IRA statement

✅ Social Security Number

✅ Contact information for both Fidelity and SoFi

📝 Quick Tip: Digital copies of these documents can help speed up the transfer process significantly.

Step 4: Initiate the Transfer with SoFi

SoFi recommends starting the transfer through their platform. Here’s how:

1. Log into your SoFi Invest account

2. Navigate to the “Transfer an Account” section

3. Select “Roth IRA” as your account type

4. Provide your Fidelity account details

5. Confirm transfer preferences (in-kind or cash transfer)

📝 Note: Most users complete this process online in about 15-20 minutes.

Step 5: Choose Your Transfer Method

You have two primary transfer options:

📝 Important Note: In-kind transfers preserve your current investment positions and avoid potential market timing issues.

Step 6: Understand Transfer Timelines

Typical transfer timeframes:

📝 Reminder: Avoid buying or selling securities during this period to prevent complications.

Step 7: Consider Potential Transfer Fees

Fidelity may charge a $50 account closeout fee when you fully close your Roth IRA account.

SoFi Invest does not charge fees for incoming transfers. It will reimburse up to $75 of any ACAT outgoing fees you may incur from your current brokerage firm, provided the transfer is for $5,000 or more.

It’s always best to confirm current policies directly with each institution.

✏️ Hypothetical Example: While most transfers are free, some specialized investment products might incur minimal processing fees.

Step 8: Final Verification & Confirmation

After submitting your transfer request:

✅Monitor both Fidelity and SoFi account portals for updates

✅Confirm the full balance has transferred correctly within 7-10 days

✅Verify total transferred balance matches original account

✅Update any automatic investments or contributions

📝 Quick Tip:  Save screenshots or confirmation emails as part of your transfer records.

Final Thoughts on Transferring Your Roth IRA

Transferring your Roth IRA from Fidelity to SoFi Invest is a straightforward process that just takes a little careful planning. The most important steps are choosing a trustee-to-trustee transfer to avoid tax issues and gathering all your necessary documentation before starting.

✅ Expect the transfer to take about a week
✅ Avoid making trades or changes during the process
✅ Double-check account details to prevent any delays
✅ Verify your transferred balance once the process completes

With a little preparation and attention to detail, you can move your retirement savings confidently and keep your investment strategy moving forward.

📌 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/).