More Self-Directed 401k: What kind of Bank Will Open One?
As mentioned in another post, I am doing my research about opening a self-directed Solo 401k. Sunwest Trust was mentioned here on Bigger Pockets as a no-frills option. I contacted them and ended up with another question.
This is about their "Paperwork Only" plan. To simplify what Sunwest told me: they will do the paperwork that creates a Self-Directed Solo 401k, but that's about it. I file this paperwork with the IRS myself, and I have to enlist another bank to actually hold the account, the custodian, as it were. They refused to offer me any advice as to what kind of institution would set up such an account for me.
I'm not ready to dismiss this idea out-of-hand. But now I have no idea where to go to find such a bank. I have tried my credit union, a local bank, Charles Schwab - none of these will do this. First Republic said they would but I am short of their $250k minimum. I believe I could search like this for days.
Does anyone have any suggestions for banks or institutions that will simply hold the account? Or can someone tell me what I should be googling?
I realize there are other options such as going with another institution that will do the whole shebang. I might go that route, but I want to find out everything I can about this option.
Thanks!