Robert Jenkins, CRPC® is a Vice President - Investments at Wells Fargo Advisors. For the past 23 years, he has helped families and individuals with their investments. As a Financial Advisor who holds the Chartered Retirement Planning Counselor designation, his principal areas of focus are retirement planning and overall investment planning. He also assist clients with 529 college savings, life insurance, annuities and direct rollover transfers of employer-sponsored retirement plans to individual retirement accounts (IRA).
Robert earned his Bachelor of Science in accounting and finance from the University of Missouri, Columbia and is an active member of the University of Missouri Alumni Association. He also participated in a finance and marketing program for executives at the University of Pennsylvania's Wharton Business School.
Robert is a native Missourian currently residing in Clayton, Missouri with his wife, Ilene. They enjoy traveling and their two grandchildren. He has been a volunteer at the Scholarship Foundation for the past eight years. He is an Eagle Scout and member of the Boy Scout and Eagle Scout Associations.
Please keep in mind that rolling over your qualified employer-sponsored retirement plan (QRP) to an IRA is just one of multiple options for your retirement plan. Each of the following options are different and may have distinct advantages and disadvantages.
Leave assets in your former QRP, if plan allows
Leave IRA at current custodian/trustee
Move assets to your new/existing QRP, if plan allows
Cash out or take a lump-sum distribution
Each of these options has advantages and disadvantages and the one that is best depends on your individual circumstances. You should consider features such as investment options, fees and expenses, and services offered. Your Wells Fargo Advisors Financial Advisor can help educate you regarding your options so you can decide which one makes the most sense for your specific situation. Before you make a decision, read the information provided in this piece to become more informed and speak with your current retirement plan administrator, and tax professional before taking any action.
When considering rolling over your QRP assets, key factors that should be considered and compared between QRPs and the IRAs include fees and expenses, services offered, investment options, when penalty-free withdrawals are available, treatment of employer stock, when required minimum distribution begin and protection of assets from creditors and bankruptcy. Investing and maintaining assets in an IRA will generally involve higher costs than those associated with QRPs. You should consult with the plan administrator and a professional tax advisor before making any decisions regarding your retirement asset