Frequently asked questions
If your question is not addressed here, please contact support@alooola.com. Questions we receive frequently are added to this page.
Getting started
How long does it take to open an account?
About five minutes. Identity verification usually clears immediately, and the account is open as soon as it does. Open an account walks through it, with a video of the whole thing.
What do I need to sign up?
Your phone, an email address, your date of birth, your address, and your Social Security number. That last one is required of every US brokerage, not just us.
Is there a minimum to open an account?
You can open an account and fund it with whatever amount makes sense to start. The app shows any account-specific minimums before you confirm.
Costs
How much does alooola cost?
A simple advisory fee, debited quarterly, with no hidden costs and no commissions on trades. The exact rate for your balance is shown on the Pricing & Disclosures screen before you open the account, and you can cancel with 30 days' notice.
We do not make money from trades or from selling you products.
Are there transfer fees?
We do not charge to bring an account in. Your current firm may charge a transfer-out fee. That comes from them, and it is on their fee schedule, often listed under "ACAT".
Safety
Is alooola safe?
We use industry-standard encryption, verification codes before any money moves, biometric sign-in, and continuous monitoring. Your investments are held at Apex Clearing, a member of FINRA and SIPC.
More detail: Security & privacy.
Does alooola see my banking password?
No. When you link a bank you sign in on your bank's own screen inside Plaid. Your credentials go to your bank; we never see or store them.
What is SIPC coverage, exactly?
SIPC protects securities customers of its members up to $500,000, including $250,000 for claims for cash. It protects against the failure of a brokerage firm. It does not protect against your investments losing value.
Your accounts
What types of accounts can I open?
- Individual (taxable) accounts
- Joint accounts, owned with another person
- Traditional IRAs
- Roth IRAs
You may open and manage more than one, and you can also connect an employer 401(k) and transfer accounts in from other firms.
A joint account is opened by invitation: you start it and invite the co-owner, who verifies their identity and reviews the agreements before it opens. See Joint accounts.
Can I choose my own investments?
alooola manages curated, expert-built portfolios matched to your goals and risk level. You do not pick individual stocks, but you do choose the strategy your portfolio follows, and you can change it whenever your goals change.
Inside a connected 401(k) you can choose Self-manage and pick from the funds available in your plan.
How long does a transfer from another firm take?
Most settle in five to seven business days, depending on the other firm. You can track every step from your Wealth dashboard.
Can my spouse see my accounts?
Yes, if you invite them. Sharing gives visibility, not authority. They can see balances and holdings but cannot move money or change settings. See Invite a spouse.
Money in and out
How long do deposits take?
Typically one to three business days from your linked bank. You get a notification when the deposit clears and again when it is invested.
Can I withdraw my money anytime?
Yes. Two settlement periods apply, both of which protect your account:
- A seasoning period on newly deposited funds before they can be withdrawn
- A one-day wait after any investment is sold before the cash is available
IRAs are also subject to IRS rules and possible tax consequences. We show the specifics before you confirm.
Can I set up automatic investing?
Yes. Weekly, every two weeks, twice a month, or monthly, on the day you pick. See Deposits and withdrawals.
Investing
What happens if the market drops?
Short-term drops are a normal part of long-term investing. Portfolios are diversified and rebalanced automatically to keep risk in line with the strategy you chose.
If your goals or timeline have genuinely changed, change your strategy. If only the headlines have changed, that is usually not a reason to.
What does "rebalancing" mean?
Over time, whatever has grown fastest becomes an outsized share of your portfolio, which quietly raises your risk. Rebalancing trims it back to the target weights. We do it for you.
Is the retirement projection a guarantee?
No. It is a model built from the assumptions you set: contributions, retirement age, income, spending, and inflation. It is most useful for comparing scenarios, not for predicting a number. Investing involves risk, including possible loss of principal.
For further assistance, email support@alooola.com or call 484-275-5525.