Please check out this good question from our Daily Live Zoom call. Subscribe to our YouTube Channel to get notifications of our Daily FAQs.
How do I take a solo 401k loan from a brokerage account (Fidelity, Schwab, TD Ameritrade)?
RESPONSE:
Great question – the ability to take a Solo 401k participant loan is one of the top reasons that clients set up accounts with us.
As part of our onboarding process, we clients open accounts for their Solo 401k at the bank or brokerage of their choice such as Fidelity, Schwab, TD Ameritrade, etc.
For example, we prefill the paperwork to say open a brokerage account at Fidelity, Schwab, TD Ameritrade, etc.
When a client wishes to take a loan, they simply complete our online form to provide us with the information that we need to prepare the required Solo 401k loan documents (which we handle as part of our service for no additional charge).
To fund the loan, the solo 401k participant simply transfers the money out of the brokerage account to their personal account.
The funds may be transferred out via check (many of the brokerage firms provide free checkbook access) or by an electronic wire transfer out of the brokerage account.
