Starting May 28th, through September 3rd, the Next Generation office will close at 3:30pm ET on Fridays.

Working With Us

What To Expect Of Our Self-Directed IRA Services
Overview
What to Expect
Disclaimer

Overview

Self-direction refers to the client/investor making all his or her own investment decisions, and then directing a custodian/administrator to invest in the many nontraditional (and traditional) assets that the IRS allows in these types of retirement plans. Our team ensures that the investment, the investment structure and titling complies with IRS code and processes the transaction. We are available to educate our clients and their trusted advisors as needed, but we do not advise on nor endorse any investment products.

As a self-directed IRA owner, it’s crucial that you do your research and become familiar with:

  • The different types of tax advantaged accounts
  •  Where your retirement funds are located
  • What types of accounts they are held in
  • How self-directed transactions work
  • Prohibited Transaction rules and their associated consequences
  • The process for your retirement account to accept returns/dividends from your investments

For more information on the journey to becoming a self-directed IRA owner, check out our infographic, “Opening Your First Self-Directed IRA with Next Generation.”

What To Expect

Our number one priority is protecting the tax advantaged status of your retirement plan. We do that by educating our clients about the do’s and don’ts of self-directed IRAs so that they can make informed decisions regarding their account. We also work with them to keep them informed and let them know where discrepancies may lie. This requires keeping an open line of communication and understanding between the client and representative. Here’s what you can expect:

A little more paperwork

It’s important to keep the self-directed nature of your IRA intact, and part of that involves good record keeping. Because we are a neutral, directed custodian, we cannot process your investments or make any decisions on behalf of your IRA without your direction. What this means is that we need your written authorization to process transactions. Depending on the scenario, this may require a form be completed, or we’ll need confirmation via fax, email, or other signed document.

Customer Service = Accuracy

A big part of our self-directed IRA services is checking to make sure you have all of the necessary documents completed fully and correctly, looking to see if you have cleared funds, and  reviewing your third party documents (such as your contracts and agreements) to make sure the investment is titled correctly. We also look to verify that there are no obvious prohibited transactions and that you’ve marked these documents, “Read and Approved,” for our signature. A misstep in certain documentation might create taxable consequences for you, which is why we have a 2-5 business day review time for documentation and a maximum of 1 business day response time to voicemails and emails.

Your Safety is Our Priority

The more information you give us, the better. When we don’t have the full scope of a situation, there may be a delay in processing time so that we can follow up with you to inquire about your investment direction request to gain a better understanding. The last thing our office wants is to distribute your account for a prohibited transaction – this can result in losing the tax advantaged status of your entire IRA plus excise penalties and early withdrawal penalties. Despite the questions we may ask, it is up to you to provide us with all the information surrounding your IRA’s investments.

Our employees are cross-trained

Rather than assign you only one account representative, we give you our company as a whole. Though we do our very best to keep you in contact with the same representative throughout your transaction, we better serve you by cross-training our employees so that virtually anyone in the office can answer your questions. If, for whatever reason, your first contact is unable to answer a question, he or she will either find the answer for you, or pass you on to someone more knowledgeable.

We understand that sometimes transactions are inherently time-sensitive and we do our best to accommodate such requests. Despite this, our interest lies in serving you and your self-directed IRA the best way we can; we value accuracy and education to ensure your self-directed IRA keeps its tax-advantaged status. Whereas we can’t guarantee your investment return, we can guarantee that we are doing the best we can as a neutral, directed custodian, in accordance with our focus on IRS regulations and customer education.

We hope these tips help you gain a clearer understanding of the custodian/administrator role and our self-directed IRA services, as well as your role as a self-directed IRA owner. We look forward to supporting you through your journey!

Disclaimer

Next Generation Trust Company (“NGTC”) does not review the merits or legitimacy of any investment. NGTC does not endorse or recommend any companies, products, services or investments. NGTC does not provide any financial, legal or investment advice.

If the services of NGTC were recommended by any third party, such persons or entities are not in any way affiliated with NGTC. All information provided is for educational purposes only. All parties are encouraged to consult with their professional advisors prior to making any investments.

Next Generation Services (NGS) is a third-party administrator of self-directed retirement plans, located in Roseland, New Jersey. NGS handles all the back office administration, record keeping, mandatory reporting, and transaction support. Accounts are named with Next Generation Trust Company as the custodian and holder of assets, for the benefit of the individual account.

NGS does not review the merits or legitimacy of any investment. NGS does not endorse or recommend any companies, products, services or investments. NGS does not provide any financial, legal or investment advice.

If the services of NGS were recommended by any third party, such persons or entities are not in any way affiliated with NGS. Next Generation Services is not a “fiduciary” as defined in the IRC, ERISA, and/or any applicable federal, state or local laws. All information provided is for educational purposes only. All parties are encouraged to consult with their professional advisors prior to making any investments.

Please note: We attempt to answer all emailed inquiries within one business day. Before a client transaction goes into the queue to be processed, administrative review will be between one and five business days depending on the complexity of the transaction and our volume of transactions. Investment documents are processed in the order in which they are received. Most transactions are completed between two and five business days provided that we have original, correct documents and cleared funding.