The Firstrade Capitalize Partnership streamlines digital 401(k) rollovers, helping investors manage their retirement savings efficiently.
The Firstrade Capitalize Partnership streamlines digital 401(k) rollovers, helping investors manage their retirement savings efficiently.
The Firstrade Capitalize Partnership streamlines digital 401(k) rollovers, helping investors manage their retirement savings efficiently. U.S.-based online trading firm Firstrade has integrated Capitalize’s digital rollover technology, enabling clients to seamlessly transfer old 401(k) accounts into individual retirement accounts (IRAs) on its platform.
The initiative aims to address the rising number of abandoned retirement savings accounts, which have nearly doubled in the past decade.
According to Capitalize’s September data, around 31.9 million Americans have left 401(k) accounts with former employers, amounting to approximately $2.1 trillion in assets. The average forgotten account balance has grown to $66,691, up from $56,616 two years ago.
Research by Capitalize and the Center for Retention Research shows that nearly three-quarters of savers struggle to complete rollovers without help due to lengthy paperwork, multiple phone calls, and processing delays that can extend for weeks or even months.
“This partnership gives Firstrade clients a more streamlined, digital-first way to prepare for retirement,” said John Liu, CEO of Firstrade. “By collaborating with Capitalize, we’re making it easier for investors to consolidate and manage their retirement accounts in one place.”
Through the integration of Capitalize’s API, Firstrade users can now locate former employer-sponsored plans and initiate transfers directly within the brokerage’s website or mobile app, eliminating the need for external coordination.
Firstrade joins a growing list of brokerages adopting Capitalize’s technology this year. Public integrated the API in March, Webull followed in February, and SoFi rolled it out in July. Robinhood had earlier partnered with Capitalize in 2023 to simplify 401(k) rollovers.
Since its launch in 2020, Capitalize’s platform has facilitated billions of dollars in retirement transfers. The system leverages data aggregation to identify old accounts and automates much of the required documentation for both 401(k) administrators and receiving institutions.
“We’re excited to partner with Firstrade to bring our seamless rollover experience to even more savers and investors,” said Gaurav Sharma, CEO and co-founder of Capitalize. “Together, we’re making it easier for people to consolidate their old retirement accounts and ensure their savings keep working for them.”
Firstrade’s IRA offerings come with no account minimums, maintenance, or inactivity fees. Established in 1985, the brokerage provides commission-free trading in stocks, ETFs, options, mutual funds, and fixed income securities.
The firm has also extended trading hours and plans further platform upgrades to enhance user experience. Firstrade is a member of FINRA and the Securities Investor Protection Corporation (SIPC).
As job mobility continues to rise, many workers leave behind their 401(k) plans instead of rolling them into new accounts, resulting in administrative challenges and potential disruptions in long-term retirement planning.
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