{ "media_type": "text", "post_content": "We are in the process of consolidating accounts for a new client and moving them over to Charles Schwab where we custody - all straight forward stuff. The client has an old 401k from a previous employer and filled out the paperwork with that 401k to roll it to Schwab. So about $470k hit her Schwab account last week. And then exactly 7 days later, another $460k hits again. Both from the 401k custodian. But her account was only $470k. I think they messed up royally. Now what???", "post_id": "61ea182bdfa7020032a1a510", "reply_count": 10, "vote_count": 3, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "bowl" }

We are in the process of consolidating accounts for a new client and moving them over to Charles Schwab where we custody - all straight forward stuff. The client has an old 401k from a previous employer and filled out the paperwork with that 401k to roll it to Schwab. So about $470k hit her Schwab account last week. And then exactly 7 days later, another $460k hits again. Both from the 401k custodian. But her account was only $470k. I think they messed up royally. Now what???

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It will reverse itself.

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They'll have a debit on their side and eventually figure it all out. You may want to be proactive and reach out just so you can get on with your allocation.

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This is one of the very few things in our business that doesn't take extra steps, signatures, or really any action at all from us. They 100% will sweep those funds out ASAP. I wouldn't be surprised if the funds were gone in the morning. I'm not sure what your new investment plans are but if you are going into a managed portfolio I would highly recommend placing the duplicate funds under protection. Just to be sure The manager only trades the value your client actually owns. If you're placing into brokerage, just picking some stocks, etc.. I wouldn't worry too much, but as a courtesy, I do agree you should place a call to the 401k management company, give them a heads up on the contribution error. I'm sure they'll have no issue speaking directly to you, being that it regards the receipt of funds. Good luck!

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It will reverse

No wonder the client is moving out! What dysfunction?!

I actually had a client who had twice what she thought she had… two accounts… exact same investment… one paper statement one electronically…inheritance and she never actually realized until one year I asked her about the two 1099’s she was getting at tax time.

Going on two weeks and they still haven’t caught the problem or reached out. Client doesn’t want to call them… it’s both hilarious and a bit concerning.

New.

Still have not carved back the money. Moved it into a separate IRA that is 100% cash for the time being.

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