FAQ
RichLife Advisors Transition to Altruist
GENERAL QUESTIONS
1. Why is the firm changing custodians and money managers?
This transition allows us to provide you with improved service, lower fees, and enhanced technology through Altruist. We’ve selected them because they align with our goal of offering the best possible experience for you.
2. Who is Altruist?
Altruist is a trusted, cutting-edge custodian that provides low-cost investment management with an easy-to-use platform. They offer enhanced security and streamlined tools to help us serve you better. Learn more about Altruist’s strength, stability and protection.
3. How will this change affect my investments?
Your overall investment strategy remains the same, but this transition allows for a more efficient way of managing your portfolio, with improved access to your account and better reporting.
4. Are there any fees associated with this transition?
No, the transition is free for you. While there are no costs for switching custodians or opening a new account through Altruist, Schwab may charge outgoing Transfer of Assets (TOA) fees, which we will credit back to your account.
TRANSITION PROCESS
5. What do I need to do to complete the transition?
The transition involves two steps:
1) Signing a new advisory agreement through DocuSign, and
2) Setting up your new Altruist account via a link we’ll send to you.
All instructions for setting up your account are here.
6. How long will it take to transition my account?
The process is quick! Once you’ve completed both steps (DocuSign and account setup), your account will be transitioned within a few business days.
7. What if I don’t complete the steps in time?
We’ll follow up with reminders, but it’s important to complete the steps promptly to avoid any disruptions in managing your portfolio. Please contact us if you need assistance by calling or text (770) 249-7424.
8. Can someone help me with the DocuSign or account setup process?
Yes, we’re here to help! Feel free to reach out to our team, and we can guide you through each step of the process, whether in-person, via phone, or video.
REQUIRED MINIMUM DISTRIBUTIONS (RMDS)
9. What if I haven’t taken my 2024 Required Minimum Distribution (RMD) yet?
If you haven’t yet taken your 2024 RMD, our staff will reach out to assist you in completing this before the transfer to Altruist occurs. It’s important to take care of this step to avoid any penalties, and we’ll help ensure it’s handled smoothly during the transition.
ACCOUNT AND SECURITY CONCERNS
10. Is my account and personal information secure with Altruist?
Altruist uses industry-standard encryption and security protocols to protect your personal and financial information to help ensure that your data will remain safe throughout the transition. For more information, read “How Altruist protects client information.”
11. What happens to my existing account?
Your existing account will be transferred to Altruist. You’ll need to sign a new advisory agreement via DocuSign and accept setting up your new account with Altruist to complete the transition.
12. Will I need to provide any new information to set up my account?
Most of your information will transfer automatically, but you may be asked to confirm a few details when opening your new account.
13. Will there be any downtime where I can’t access my account during the transition?
There may be a short period where account access is limited while we complete the transition. We’ll keep you informed about any potential delays or disruptions.
14. Will my beneficiaries carry over to the new custodian?
Most beneficiary designations will transfer over, but we recommend reviewing your beneficiary information to ensure everything is accurate and up to date. Our team can assist with this during the transition process.
15. Will I lose access to any tax-related information or history from my old account?
No, we will ensure that all your past transaction history and tax documents are transferred to the new platform. If you need access to any specific historical documents, we can provide them upon request.
POST-TRANSITION QUESTIONS
16. How will I access my account once the transition is complete?
You’ll receive an email with instructions to access your new Altruist account, where you can view your portfolio, track performance, and download statements. You can also download the Altruist mobile app from iTunes or Google Play.
17. Will my account numbers or statements change?
Yes, your new account will have a different account number, and you’ll start receiving statements from Altruist. These will be available online, and you can opt for digital or paper statements.
18. What happens to my current direct deposits/withdrawals?
As part of the transition, any existing automatic transfers or withdrawals will be moved to the new platform. If we need additional information, we’ll contact you directly.
19. Can I still use my existing banking information for contributions and withdrawals?
Yes, your linked bank account can still be used for deposits or withdrawals. However, for compliance reasons, these instructions won’t automatically carry over to the new custodian, so you’ll need to re-establish them during the setup process. Please speak with a member of the RichLife team for assistance.
TROUBLESHOOTING AND SUPPORT
20. What happens if I lose the email to complete the account setup?
No worries! Just let us know, and we can resend the link or help you through the setup process directly.
21. What if I have trouble completing the steps?
Please contact us immediately if you encounter any difficulties. Our team is available to assist you with any part of the process.
22. Can I complete this process in person?
Yes! If you prefer, you can schedule a time to come into our office, and we’ll walk you through the paperwork and account setup in person.
23. When will I receive confirmation that my account has been successfully transitioned?
You’ll receive a confirmation email once your account has been successfully transitioned.
24. What if I don’t want to move my account to Altruist?
We believe this transition is in your best interest, but if you have concerns, please contact us to discuss your options.