Self-directed IRA with checkbook control

10 Replies

Can someone provide feedback on companies to set up a self-directed IRA with checkbook control? Decent service and low fees would help. i heard of Broad financial, Udirect IRA Services, entrust group and IRA Services Trust Company. Any suggestions on these companies?

appreciate your help.

@Tony Pascente

Entrust and IRA Services are IRA Custodians. They do not offer the checkbook plans in-house, but are willing to be the back-end custodian.

With the IRA LLC program, you definitely want to start with the LLC provider / advisory firm. They all have a relationship with one or more custodians that are willing to hold the LLC asset (not all are, because it limits their fee revenue).

There is a wide variety of quality / price in the space, even with a relatively small number of providers.  If you get on the phone, you will quickly determine who is selling a set of documents and who is going to be there down the road with real, meaningful answers to your questions.  Everyone is concerned with price, but in this field, expertise and accessibility of support are much more important factors and will far outweigh a small difference in fees.

Several providers are active here on BP, not including anyone you mention above and all, frankly, superior to that list.

I am sure you will get other feedback from clients of providers that are active here on BP.

Thank you Brian. Any LLC provider/advisory firm that you recommend?

Tony,

as Brian explained custodians do not offer "checkbook control" feature directly, but the custodian is required to hold your IRA account. My company as well as Brian's are some of the providers who offer this service, but of course we can't recommend ourselves so you'll have to do some due diligence. You can start searching the forum for similar discussions and see what other member's experiences are. You can view provider's profile and check out personal references. Once you narrowed your search to 2-3 provider firms you should schedule a call to discuss your situation directly, ask questions or otherwise interview the potential service provider. Quality provider will give you recommendation on which custodian to use and confirm if this is the right strategy for you based on your situation and investment goals.

Hope this helps!

@Tony Pascente

Many of our clients have a checkbook LLC. We recomend that before you set up an account, you speak with an accountant or attorney to make sure you know all the rules and prohibited transactions and structure the LLC appropriately to be held in an IRA.

@Tony Pascente

While the IRA LLC provider does not need to be located in your state of residence, the following company is in TX. 

New Standard IRA

George, have you dealt with New Standard IRA? Or do you know people that used them and if so any feedback?

No they don't I already spoke to them.  Thank you.

@Tony Pascente

I have heard of them and have seen their adds on the intranet over the years. Maybe call them to see what they have to offer.

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