How to Transfer a Traditional IRA from Merrill Edge to Edward Jones

Retirement savings are deeply personal. There are many reasons you might consider transferring your Traditional IRA—whether due to changing financial goals, evolving service preferences, or a desire to consolidate accounts. If you’re moving your account from Merrill Edge to Edward Jones, it’s important to follow the proper steps to help ensure a smooth and tax-efficient transfer.

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 Merrill Edge to Edward Jones 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: Prepare Your Transfer Strategy

Moving your Traditional IRA from Merrill Edge to Edward Jones requires careful preparation to help ensure your retirement funds retain their tax-advantaged status. 

Before beginning the process, decide whether you’re transferring the full balance or just a portion. While partial transfers are possible, full transfers may reduce administrative complexity.

What You’ll Need:

✅ Social Security Number

✅ Government-issued photo ID

✅ Most recent Merrill Edge IRA statement

✅ Edward Jones Traditional IRA account details 

✅ Contact information for both financial institutions

Step 2: Open Your New Edward Jones Account

Contact Edward Jones and initiate the process of opening a Traditional IRA. During this step, you’ll complete new account paperwork that specifically identifies the account as a rollover from your existing Merrill Edge Traditional IRA.

✏️ Hypothetical Example: John contacted Edward Jones to begin the process and completed the required forms with assistance from a representative in under an hour.

📝 Note: Make sure the new account is registered the same way as your current Merrill Edge Traditional IRA to avoid potential processing or tax issues.

Step 3: Initiate the Transfer Request

Edward Jones typically provides a transfer authorization form to start the process. This form allows them to initiate a request for funds from Merrill Edge. Most institutions support direct transfers, which are generally preferred for their simplicity and tax efficiency.

Key transfer options include:

✏️ Hypothetical Example:  Sarah selected a direct transfer, allowing funds to move electronically without her taking possession of them.

Step 4: Document and Submit Transfer Paperwork

Ensure you have all required documents prepared for submission:

✅ Completed transfer authorization form

✅ Copy of your government-issued ID

✅ Recent IRA statement from Merrill Edge

✅ Signed Edward Jones account agreement

📝 Note: Double-check forms for accuracy to minimize delays.

Step 5: Understanding Transfer Fees

Merrill Edge currently charges a $49.95 fee for full account transfers. While this might seem inconvenient, many investors find the fee reasonable compared to potential tax implications of improper transfers.

Edward Jones typically does not charge a fee to receive incoming IRA transfers.

It’s important to account for fee structures in your transfer planning. 

✏️ Hypothetical Example: A $49.95 fee represents a small percentage of most retirement account balances and can be viewed as a standard processing cost.

Step 6: Tax Considerations

A direct transfer between Traditional IRAs is generally not taxable. Funds remain in a tax-deferred account and maintain their retirement designation. Be sure to transfer between accounts of the same type to preserve tax status.

📝 Note: Consider speaking with a tax advisor for guidance tailored to your specific financial situation.

Step 7: Transfer Timeline and Expectations

Most Traditional IRA transfers typically take 5-10 business days. However, the timeline can vary based on account complexity and completeness of submitted documents.

Typical transfer timeline:

Step 8: Final Verification

Once the transfer is complete, review your Edward Jones account statement to confirm the transferred amount matches your Merrill Edge balance. Contact either institution promptly if you notice any discrepancies.

📌 If you’re looking for more guidance, these resources may help:

Wrapping It Up

Transferring a Traditional IRA from Merrill Edge to Edward Jones is a structured process that benefits from thoughtful planning and accurate documentation. Key steps include opting for a direct transfer to help avoid unintended tax consequences, preparing all required paperwork, and double-checking details throughout the process. 

While most transfers do not incur fees, completing the necessary authorization forms and confirming your final account balance remain essential parts of a successful transfer.

📌 Want to dive deeper? Here are some other helpful (and free) 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/).