I have learned a bit about the terminology of "IRA" speak. An IRA rollover is the movement of funds between 2 types of retirement plans that may be different, such as from a 401(k) plan to an IRA. Rollovers may be subject to federal income tax unless all requirements are met. For example:
You must complete the rollover within 60 days of receiving the funds (all IRAs)
You may only roll over funds from the same IRA once every 12 months (Traditional and SEP IRAs)
An IRA transfer is the movement of funds between the same types of accounts, such as from one Traditional IRA to another Traditional IRA, where there is no distribution to you. The money is transferred directly from one financial institution to another on your behalf and is also known as a trustee-to-trustee or custodial transfer. Transfers can take place as often as you like, and they are not taxable.
It is clear what is needed here is for both the LC account and the Folio account to be the same type retirement plan, and the transfers be custodial transfer. My fear is that this is currently not the case and never has been.
Okay Core, while I was posting this, you posted a biggie. Spill the beans ... how do you know?