How to Transfer a Traditional IRA from Fidelity to Ameriprise

Retirement accounts can feel like complex financial ecosystems, each with its unique landscape of potential investment options, fees, and performance. For many investors, the decision to move a traditional IRA isn’t just about switching platforms — it’s about finding the right environment for potential long-term financial growth.

Transferring a traditional IRA from Fidelity to Ameriprise might seem complicated, but with the right steps, you can help preserve your hard-earned retirement savings while potentially accessing a broader range of investment choices. 

At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform.  This guide breaks down the steps to transfer your traditional IRA from Fidelity to Ameriprise smoothly and penalty-free. 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: Understanding Your IRA Transfer Strategy

When moving a traditional IRA from Fidelity to Ameriprise, you’ll want a direct trustee-to-trustee transfer to preserve your retirement funds’ tax-deferred status. This process involves moving assets between financial institutions without creating a taxable event.

✅ Your primary goal is a seamless “trustee-to-trustee” transfer

✅ Maintain the tax-deferred nature of your retirement savings

✅ Avoid potential early withdrawal penalties

Step 2: Preparing Your Accounts

Before initiating the transfer, you’ll need to open your new account with Ameriprise. Ensure the new account is designated as a traditional IRA, matching the account type you currently hold with Fidelity.

✏️ Hypothetical Example: John verified his new Ameriprise account was specifically set up as a traditional IRA before starting his transfer.

✅ Open a traditional IRA with Ameriprise

✅ Confirm the account type matches your current Fidelity IRA

✅ Gather necessary personal identification documents 

Step 3: Gathering Essential Documents

Having the right documentation ready can help streamline the process and reduce delays.

✅ Your Fidelity traditional IRA account number

✅ Valid personal identification (e.g., driver’s license or passport)

✅ Your most recent IRA statement

✅ Basic personal contact information

✅ Ameriprise account details

📝 Pro Tip: Double-check all document details for accuracy to prevent delays.

Step 4: Initiating the Transfer Request

Contact Ameriprise to begin the transfer. In most cases, they’ll handle the paperwork by submitting a direct transfer request to Fidelity on your behalf.

✏️ Hypothetical Example: Sarah called Ameriprise, and their team contacted Fidelity to initiate a trustee-to-trustee transfer of her IRA funds.

Key steps:

✅Request a trustee-to-trustee transfer

✅Provide your current Fidelity account information

✅Confirm transfer method with both financial institutions

Step 5: Understanding Potential Transfer Fees

It’s always wise to check with both providers, as fees may vary depending on your account type or the specific investments involved.

Fidelity: Fidelity does not charge a fee to transfer assets out of your account. However, a $50 account close-out fee may apply if you close your IRA entirely.

Ameriprise:  Ameriprise doesn’t charge a fee to accept incoming IRA transfers. However, third-party fees may apply depending on the type of assets being moved. Additionally, Ameriprise charges a $75 annual custodial fee for IRAs.

Other potential fees may include:

📝 Important: Ask both institutions whether assets need to be sold before transfer, especially if you hold non-transferable investments.

Step 6: Transfer Timeline and Expectations

Most IRA transfers are completed within 5–7 business days, but transfers involving complex assets may take longer.

✏️ Hypothetical Example: Michael’s straightforward mutual fund transfer took 6 business days from request to settlement.

Typical transfer timeline:

Step 7: Tax Considerations

A direct trustee-to-trustee transfer avoids taxation and reporting requirements in most cases. It’s the preferred method for maintaining your IRA’s tax-advantaged growth.

Key tax points:

📝 Recommendation: Always consult with a qualified tax professional for personalized guidance, especially if you’re unsure about the tax implications of your specific situation.

Step 8: Final Transfer Verification

Once the transfer is complete, review your new Ameriprise IRA account to ensure all assets have transferred correctly.

Final verification checklist:

Final Thoughts on Transferring Your Traditional IRA

Moving your traditional IRA from Fidelity to Ameriprise is a strategic financial decision that requires careful planning and clear documentation. The key takeaways are straightforward: prioritize a direct trustee-to-trustee transfer to preserve your IRA’s tax-deferred status and avoid unintended tax consequences or early withdrawal penalties. 

Always verify account compatibility, gather necessary documentation, and confirm any potential transfer fees with both financial institutions.

Your next steps should focus on:

As always, each investor’s situation is unique. Consulting a qualified tax or financial professional is generally recommended when making changes to your retirement strategy.

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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/).