How long does an account take to open?

Created July 09, 2021 16:45

Rocket Dollar Gold gives you Expedited account fulfillment. This means the prioritization of your account, and that your Self-Directed IRA or Solo 401(k) will be opened and funded in 15 days. Rocket Dollar Gold costs $600 at checkout and $30 a month.

Why would I need expedited service and Rocket Dollar Gold?

Many of our customers are trying to meet investment deadlines and deal closings. That dream rental property might be available but could slip away soon. Rocket Dollar Gold will help you breathe easier. Whether it's opening your investment

From zero to funded, non-expedited IRAs can take 3-4 weeks. We have to open your account, trust, and your bank accounts for the first two weeks. In the 3rd week, we are waiting for a transfer from your current custodian.

From zero to funded, non-expedited 401(k)s can take 3-4 weeks. We can open a 401(k) quickly, usually within 1-2 weeks, but must wait for a transfer from your current custodian. 401(k) transfers from some custodians can take a long time, and sometimes may be antiquated, requiring forms from your HR department or physical checks through snail mail.

What benefits do I get from expedited service?

Self-Directed IRAs can be opened in 14 days

Self-Directed Solo 401(k)s can be opened in 14 days

First in line for account fulfillment actions
Assistance calling your current custodian for support during transfers
Prioritization and the extra mile for any communication needs that may be delaying your account.

Why do accounts sometimes take so long? Why can't all accounts be opened that fast?

Waiting for transfers from other custodians is usually the longest part of the process. It can involve multiple rounds of paperwork and communication between you, your current custodian, and Rocket Dollar. Working through transfers is one of the most frustrating and antiquated parts of retirement, and we are working hard to improve this experience for you!

There are also three parts to every IRA: An IRA structure, a trust, and trust bank account. Earlier clients will have the IRA LLC structure for those who purchased prior to 2024. For a Solo 401(k), there is a Solo 401(k) plan document, trust(s), and trust bank account. This structure helps you gain checkbook control over your retirement dollars.

You can utilize our transfer tool from the Rocket Dollar Customer Dashboard if you have purchased an IRA product. We will continue to work on making Solo 401(k) transfers inside our customer dashboard well. 401(k) customers can contact support by logging into their dashboard to execute or get help on a transfer.

Why are transfers in retirement dollars so slow?

Money transfers are an area where financial companies are not too incentivized to innovate. Money leaving the door is money and revenue lost. Retirement dollars add on a layer of compliance and complexity, and some structures of retirement money transfer have lagged behind the innovation of cash payments.

IRAs, assuming no issues should come in over in 4-5 days.

Old 401(k)s from a modern broker, assuming no issues, should come over in 5-7 days.

Old 401(k)s from an old-fashioned broker can often hit snags while sending physical checks and outdated forms.

With Rocket Dollar Gold, our support team is personally working with all parties involved to fulfill your transfers as quickly as possible.

Is there anything I can do to speed up the time it takes to get my account opened?

Sign all paperwork as soon as it becomes available.
Gather your financial statements ahead of time... you can upload these to the transfer tool in the Rocket Dollar IRA Customer Dashboard. It's hard to find those old passwords! Financial companies often need extra identity verification steps to retrieve online and reset passwords.
For 401(k) rollovers, call your old custodian right away for your 401(k) and ask for the rollover process, and if there are rollover/distribution papers that need signing. Sometimes there is a form that your old boss or HR might need to approve.