Firstrade today announced a new partnership where it has integrated Capitalize’s leading Rollover API to help its clients effortlessly roll over legacy 401(k)s into Individual Retirement Accounts (IRAs) directly on the Firstrade platform.
By embedding Capitalize’s innovative Rollover API directly into its onboarding process for retirement account members, Firstrade, a leading commission-free online brokerage, said it has transformed the traditionally lengthy process of 401(k) rollovers into a simple, frictionless experience. Firstrade users will now be able to quickly find old 401(k)s and submit rollover requests digitally by using the Capitalize rollover experience, natively.
“This partnership gives Firstrade clients a more streamlined, digital-first way to prepare for retirement. By collaborating with Capitalize, we’re making it easier for investors to consolidate and manage their retirement accounts in one place,” said John Liu, CEO of New York City-based Firstrade. “This is another step in our mission toward building a fully inclusive investment platform that supports our clients throughout their entire financial journey.”
The seamless integration significantly improves the experience by eliminating the hassle of navigating the rollover process without help and allows users to better keep track of and help grow their retirement savings over time in the same place as where they invest.
A joint press release today said the traditional rollover process remains outdated and difficult for most Americans, with almost 75% of savers being unable to complete a rollover on their own contributing to what Capitalize estimates is $2.1 trillion in assets now left behind in 401(k) accounts by job changers. Those who do attempt to roll over often face significant friction and meaningful delays.
“We’re excited to partner with Firstrade to bring our seamless rollover experience to even more savers and investors,” said Gaurav Sharma, CEO and Co-Founder of Capitalize. “Together, we’re making it easier for people to consolidate their old retirement accounts and ensure their savings keep working for them.”
Capitalize’s rollover technology has facilitated billions of dollars in retirement account transfers since 2020 and continues to expand as more providers adopt its APIs.
SEE ALSO:
• Left-Behind 401(k) Assets Hit $2.1 Trillion
• SoFi and Capitalize Extend Partnership to Offer 401(k) Consolidation