So you've made the decision to take the reins on your retirement savings and make the switch from a broker-held IRA to a self-directed IRA. You're craving more freedom with your investment choices, and want more control and involvement in the investment process. A self-directed IRA will grant your retirement savings autonomy from the fickle stock market, which is something you can't get from your bank or brokerage house-held IRA.
Now you're shopping around for the best self-directed IRA provider to handle your savings until you reach retirement; hopefully with a cushy sum of cash in your account at time of distribution. How do you know which factors to consider when comparing self-directed IRA provider services?
The purpose of a self-directed IRA provider is to handle the extensive bookkeeping required by the IRS for all retirement accounts and account transactions. Proper bookkeeping ensures that retirement account transactions stay within the complicated legal requirements enforced by the IRS. Every self-directed IRA provider charges different amounts for their services, and hosts varying fee schedules. When comparing IRA providers, call to make sure you understand their fees and fee schedules in order to choose the provider that works best for you.
IRA providers' systems of service play a huge role in the amount of time and effort that account holders will have to allocate to managing their IRAs. Many providers still require account holders to fill out paper forms in order to authorize the majority of processes; from opening an account to the initiation and completion of transactions. Innovative providers like New Direction Trust Company A employ a fully-integrated automated client portal that saves clients countless hours and effort in managing their accounts. NDTCO's online portal brings IRA investing into the future with full compatibility across all desktop servers and mobile devices. Paperless processes save clients time and money, so make sure to compare the systems of service between IRA providers during your comparison process.
No retirement investor wants to blindly hand over their savings to a provider without being given the tools to make knowledgeable investment decisions for their account. Self-directed IRAs require more involvement and instruction from IRA holders than passive bank or brokerage-held IRAs. With this higher level of involvement comes the opportunity for account holders to invest their tax-advantaged accounts in the markets and assets that they may have prior knowledge and experience with. It's important for account holders to feel knowledgeable and secure about their role and the role of their provider in optimally managing their retirement savings.
This sense of security can be built through education about the rules and regulations that govern IRA account proceedings; in addition to knowing savings strategies and investment options that are available to account holders. Self-directed IRA providers that employ an education-based business model prioritize the education and comfort of their clients by giving them the opportunity to make knowledgeable investment choices for their accounts. When comparing providers, investigate whether or not the company provides thorough educational materials, webinars, and live events for their clients. New Direction Trust Company's education page is exemplary of the materials and services included in an education-based business model for a self-directed IRA provider.
No two self-directed IRA providers are the same. Take time to perform your due diligence when shopping for the best self-directed IRA provider to handle your retirement savings, and feel free to give us a call at 877-742-1270 or send us an e-mail at firstname.lastname@example.org to get answers to any questions you may have.