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Open an account

You open an account in the alooola app. Have your phone, your email address and your Social Security number ready.

Did we email you a temporary password?

Then your account already exists. Sign in for the first time instead of opening a new one.

Video: opening an account after you sign in, 49 seconds, no sound. The steps below say the same thing.

How do I create my login?​

  1. Get the app. Download alooola from the App Store (iPhone) or Google Play (Android).
  2. Tap Create an account. You can also tap Continue with Apple (iPhone) or Continue with Google.
  3. Enter your phone number. Tap Send Code, then type the code we text you and tap Verify.
  4. Enter your name. Tap Continue.
  5. Choose an email address and password. If a friend referred you, enter their code in Referral code. Tap Create Account.

What does the app ask next?​

A few questions about you. Each one is on its own screen.

  1. About you. Your date of birth, Social Security number and industry. If you work in healthcare, we also ask your role, career stage and specialty.
  2. Your 401(k). If your employer's plan works with alooola, you'll see We found your 401(k). Tap Set up your 401(k) or Maybe later. See Connect your 401(k).
  3. Accounts at other firms. Tap Yes, transfer them to move them now, or Not now. See Transfer an account from another firm.

How do I choose and open an account?​

  1. Pick one or more accounts. Choose Individual, Roth IRA, Traditional IRA or Joint, then tap the button, for example Open 2 accounts.
  2. Add your details. Your home address and employment. For a Roth IRA, also how you file taxes and your income.
  3. Answer six questions. They ask about your timeline, your experience, and how you'd feel if the market dropped.
  4. Choose a portfolio. Swipe through the five strategies. One is marked Recommended based on your answers. You can choose it or another.
  5. Review the fees and agreements. Pricing & Disclosures shows the advisory fee and links our Form CRS and Form ADV. Read them, tick the box, then sign the advisory agreement and accept our clearing firm's disclosures.
  6. Finish the account details. For an IRA, we ask about IRS backup withholding. For a Joint account, we ask for the co-owner's name and email.

We skip any question you've already answered.

How is my identity checked?​

Our clearing firm, Apex Clearing, checks it when you open the account. It usually clears right away.

If Apex needs more, the app asks for a photo of your ID and a selfie. The account shows Being approved until it clears.

What happens once the account is open?​

The app offers to set up a monthly deposit. Tap Set Up Monthly Deposit, or Not Now to do it later.

See Deposits and withdrawals. You may also want to add beneficiaries.

Which accounts can I open?​

AccountWhat it is
IndividualA taxable account in your name
JointA taxable account you own with one other person. See Joint accounts
Traditional IRAA retirement account. Contributions may be tax-deductible; withdrawals are taxed
Roth IRAA retirement account funded with after-tax money. Income limits apply

To add another account later, tap + on your home screen, then Open an Account. IRAs have yearly IRS contribution limits. The deposit screen shows how much room you have left.

What if my income is over the Roth IRA limit?​

The app tells you and offers Setup Backdoor or Continue without Roth IRA.

A backdoor Roth opens two accounts: a Traditional IRA that holds your deposit as cash, and the Roth IRA it is then converted into. Please talk to your tax adviser before you start one.

What if something goes wrong?​

  • The code didn't arrive. Check the phone number, wait a minute, then tap Didn't get a code?
  • The identity check didn't pass. It's usually a typo in an address or Social Security number. Contact us and we'll sort it out.
  • You already have an account. Tap Sign in with email instead, or reset your password.