I am an extremely happy client of Longhouse Wealth Management, I have been a client for several years now. They are professional, knowledgeable and trustworthy. I had money coming from various sources, they made the transition easy and worry free.

Adrienne D

Devise long term strategies for money growth without taking unnecessary risks. Would highly recommend.

Mark S, CA

Professionals that invested my money wisely and according to my wishes & values. I’d trust them with my grandmother’s money. The team is smart and efficient!

Madeline C.

187 Calle Magdalena Ste 103 Encinitas, CA 92024

(760) 642-1100

Frequently Asked Questions

Our experts make your 401(k) to IRA transition effortless and tailored to your financial goals

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Seamless Transition: Your Guide to Rolling Over your Vanguard 401(k)

Once the refinery closes, your 401(k) retirement plan with Vanguard will need to be rolled out, There are a few options for you to consider when doing a rollover. The transfer process, "rolling away from Vanguard" can be done over the phone or online, and a check will either be mailed to your new account provider or sent directly to you to deposit into the new account.

We’ve laid out an easy-to-follow, five-step guide to help you roll over your old Phillips 66 Vanguard 401(k):

1. Confirm a few key details about your 401(k) plan
2. Decide where to move your money

3. Initiate your rollover with Vanguard
4. Get a check in the mail and deposit it into the new account
5. Make sure your funds are being invested properly

What is a 401(k) rollover?

A 401(k) rollover is the process of transferring money from an old 401(k) account to another retirement account. Most people who roll over end up transferring their 401(k) savings into a new or existing IRA (individual retirement account).

Let Longhouse Wealth Management handle your 401(k) rollover for you, for free! We’ve made it our mission to make the 401(k)-to-IRA rollover process easy.

Confirm a few key details about your 401(k) plan

You might not think you have much information on your Phillips 66 401(k), but don’t worry: Even a single old statement, or the benefits statement from Vanguard, can help. You’re essentially only looking for the following two pieces of information:

1. Do you have a Traditional or Roth 401(k)? This will determine which type of IRA you’ll need to open (more on this in step 2). A traditional 401(k) is almost always the default; only 12% of 401(k) plans even offer a Roth 401(k) as part of their benefits package, but it’s still worth checking out. The only difference is when you pay taxes; with a traditional 401(k), your contributions are tax-deductible, but when you take a distribution in retirement, you’ll owe income taxes. With Roth accounts, the opposite is true: Contributions are made after-tax, which means the distributions later are tax-free.
2. Is your mailing address up to date? Make sure your mailing address is updated on your Vanguard 401(k) account. They’ll use this address to send you a paper check as part of the rollover process. If you need to update your address, make sure to do so during your phone call authorization (more in step 4).

Step 2

Decide where to move your money

In order to move the money out of your 401(k) account, you’ll first need to have a new retirement savings account opened for that money to move into.

You have two main options:

1. An IRA — an IRA is an “individual retirement account”. As the name suggests, it’s an account you open up on your own and it isn’t connected to an employer.
2. A new 401(k) — you might have an active 401(k) account with a new employer. If so, you may be able to transfer your old 401(k) savings into that new employer’s account. This isn’t always possible though, and you’ll need to check with your current 401(k) provider and an HR person at your new company.
   

Ultimately, most people who roll over an old 401(k) do so into an IRA for a few key reasons:

Think of your IRA as helping you do two key tasks:

1. Receive the money you’ve saved in your 401(k) at previous jobs so you can consolidate your savings and keep track of them.
2. Grow that money by allocating it to investments that will increase over time.

• Not tied to an employer — IRAs are generally easier to keep track of since you open them yourself at your provider of choice, like Longhouse Wealth Management. Even if your new company offers a 401(k), no matter where you work in the future, you’ll have access to your IRA.
• Quicker process — according to the GAO*, rollovers into 401(k)s tend to be more time-consuming and administratively challenging than rollovers into IRAs.
• A wider range of investment options — Most 401(k)s offer only a limited set of investment options — primarily mutual funds. With an IRA, you can invest your money in a wide range of stocks, ETFs, and sometimes even alternative asset classes like cryptocurrency.
  

The good news? Opening an IRA can almost always be done online and should take you less than 10 minutes if you don’t already have one.

What type of IRA should I open?

• If you had a Traditional 401(k) — pick a Rollover IRA. If that’s not available, choose a traditional IRA — or simply IRA. The only exception would be if you’re considering a Roth conversion, but this is an advanced tax planning strategy that most people don’t need to worry about. (If you are considering a Roth conversion, we recommend talking to us first to help ensure you understand the tax implications.)
• If you had a Roth 401(k) — pick a Roth IRA. You’ll need to match the Roth 401(k) to a Roth IRA for tax reasons.
  
• If your 401(k) has mixed assets — you’ll need to open two IRAs, one Roth and one Traditional for their respective assets.

During the process of opening your new account, you may get asked which type of IRA you’d like to open. You might see the following options: Rollover IRA, Traditional IRA, or Roth IRA. Here’s how to pick the right one:

Initiate your rollover with Vanguard

Step 3

Look out for your check in the mail and deposit into your new account

Make sure your IRA is being invested appropriately

Step 5

Step 4

You’re making great progress. You’ve confirmed key details about your 401(k) plan and you have an IRA to transfer your money into. The next step is to initiate your rollover with Vanguard. Vanguard has two methods for requesting a rollover to another institution:

• by calling Vanguard
• through their online portal
  

Authorize via Phone

In most cases, the easiest way to initiate a rollover for your Vanguard account is by calling and speaking with a Vanguard representative. Requesting a rollover over the phone allows you to confirm your information, correct any issues on your account, update your mailing address if needed, and initiate the rollover all in one go. Vanguard’s phone number should be visible on an old account statement, website, or on distribution form.

In order for your call to go smoothly, follow these tips:

1. Set aside 30 minutes and a quiet space in which to make the call. Most of the time the call itself will take around 10 minutes, but there can often be a waiting time before you’re connected to an operator.
2. If you have an old 401(k) statement, keep it handy. No worries if not — you’ll be asked for your social security number and some other personal details to verify your identity.
   
3. Before you do the call, log into your new Longhouse Wealth Management IRA account(s). Note down the following information:
   - Your IRA account number(s) (UXXXXXXXX)
   - Any other check-related instructions. These details are found on the IBKR.com website under the "Transfer & Pay” section and we can assist you at this stage if needed. Check should be made out to "Interactive Brokers LLC FBO Your First and Last Name"
   

Now you’re ready to make the call! Once again, don’t forget to confirm your mailing address during the call. Vanguard will likely mail your rollover check to the address they have on file. If you need to update your address with them, just let the rep know during the call and provide your current address.

Authorize Online

In some cases, you may be eligible to submit a rollover request online through Vanguard’s online portal. Rolling over online allows you to avoid a phone call, but it’s important to make sure you have the proper details for your destination IRA account. If you’ve confirmed that your mailing address and contact information on your account is correct and that your plan is eligible for a rollover, initiating your rollover online is worth considering. If you aren’t sure, you may want to initiate your rollover over the phone to avoid any issues during processing.

Log into your Vanguard account online and look for the “Options if I leave my employer” link. Follow the instructions from there to initiate your rollover.

What do I request on the call?

After your identity is verified, you’ll be able to tell the customer service representative that you want to do a direct rollover. A direct rollover is where your funds are directly transferred to your new IRA at Longhouse (rather than being taken out in distribution form and then redeposited). It means you’ll receive a check that is made out in the name of our broker/dealer but “for the benefit of ” (FBO) you. This is generally the simplest approach, and the one least likely to lead to an early withdrawal penalty.

An indirect rollover is where funds are first transferred to you, or a check is made out in your name. You deposit the funds in one of your own accounts, but then you have 60 days to send that money on to your IRA account if you want the rollover to be tax-free (and to skip the 10% early withdrawal penalty). This can create a little extra work for you, which is why most people opt for a direct rollover.

Have a rollover expert on the call with you! Longhouse can handle your 401(k)-to-IRA rollover for you and set up a call with Vanguard walking you through each step along the way. Get started

Usually, Vanguard will only distribute your 401(k) funds directly to you, using the mailing address they have on file for your account. Once you get the check, it’s then up to you to deposit that check by sending it to us at Longhouse by way of Interactive Brokers.

Currently, physical checks can be:

Send the check by mail — send the check by mail to Interactive Brokers using the address you received from us or the address you have on your rollover notification funding instructions. Funds that are mailed can take up to 15 business days to show up in your account.

What if my check gets misplaced or lost in the mail?

You should deposit the check you get right away. Even if the check is made out to Interactive Brokers (and thus not an “indirect rollover”), you should do it within 60 days of receiving it.

How long do I have to deposit the check?

Remember there are two goals of rolling over an old 401(k) into an IRA — the first is to consolidate your 401(k) assets, and the second is to grow those assets by allocating them into investments that will increase in value over time.

This unfortunately does happen every once in a while, but don’t worry — your money hasn’t disappeared. If your check doesn’t arrive then you’ll have to call Vanguard again and ask them to issue a new one. They’ll place a stop on the first one, and nobody will be able to cash the first (lost) check since it’s generally made out to you or Interactive Brokers and will always stipulate that it’s “for the benefit of” or FBO, your name.

At Longhouse Wealth Management, we ensure that our clients' Individual Retirement Accounts (IRAs) are invested appropriately through a personalized and transparent approach.

Personalized Investment Strategies: We take the time to understand each client's unique financial journey, goals, and challenges. This allows us to tailor investment strategies that align with individual objectives, risk tolerance, and values, rather than relying on generic, one-size-fits-all portfolios.

Fiduciary Commitment: As a fiduciary firm, we are legally and ethically obligated to act in our clients' best interests. This commitment ensures that all investment decisions are made with the utmost integrity and transparency.

Flat, Transparent Fee Structure: We offer an all-inclusive fee of 1.25% of assets under management (AUM). This fee covers comprehensive wealth management services, including investment management, tax strategies, retirement rollovers, and estate planning, ensuring there are no hidden costs.

Direct Access to Advisors: We believe in building real relationships with our clients. Instead of automated call centers, clients have direct access to our advisors and investment officers, ensuring prompt and personalized service.

By focusing on these core principles, Longhouse Wealth Management strives to ensure that each client's IRA is managed in a manner that is both appropriate and aligned with their personal financial goals.

Take control of your retirement today—contact Longhouse Wealth Management to initiate your 401(k) rollover and experience the difference of personalized, professional financial guidance.

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