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.