Posted by Ray Stringer on May 18, 1999 at 17:26:03:
I am in the same process as you.
I have looked into a few places so far and have found that if you go with a reputable broker that has on-line services, they waive most of their setup and maintenance fees and may even give you break on trading fees if you have enough equity in the account.
I personally chose Schwab since I have had accounts there since 94 and have been very happy with the trading service they offer.
Also, you have to feel comfortable managing your own account. If you don’t know what to invest in but feel good about doing your own research, you probably will do better than the fund monkeys will anyway. Buy good solid stocks and in the long run, you will do fine.
If you don’t feel OK doing your own research and investing but you have enough equity in your account, most brokerages will offer you help for modest fees.
One personal experience, my step-dad rolled over close to 100K from an annuity into a major brokerage account using stocks that I and a friend recommended. He has done very well and really didn’t feel comfortable doing it at first. Now he is happy. The only downside is that the guy that “manages” the portfolio for him does nothing and my step-dad has to pay him for that priviledge.
Good luck.
Self-directed IRA: How safe are they? - Posted by Troy
Posted by Troy on May 18, 1999 at 09:14:42:
Hello all,
I’m ready to roll my 401k from my previous J.O.B. into a self-directed IRA, but I have some questons/concerns. How do you check out the custodian to ensure your money is safe? What should I be looking for? And, what are the fees involved? Any help is greatly appreciated.
Troy aka Aquanaut
Re: Self-directed IRA: How safe are they? - Posted by Hugh Bromma
Posted by Hugh Bromma on May 18, 1999 at 18:26:50:
Self directed IRAs require custodians and trustees just like any other IRA. No brokers have self directed IRAs which provide complete self direction, such as real estate and notes. One of the follow ups suggests Shwab, but Shwab only permits investments in stocks bonds and mutual funds. We are administrators for banks who contract with us to provide recordkeeping services for them for completely self directed IRAs. Your uninvested funds are FDIC insured up to 100,000 per IRA. You make all your own investment decisions and you direct us to purchase and sell in accordance with your requirements. All assets are in the custodial name for your benefit. If anything happens to the custodial bank or us, the FDIC will ensure that yoru assets remain qualified and protected. For more information see our site at www.iras-r-us.org.
Hugh Bromma