Ask The Experts: Need Custodian for Self-Directed IRA
Q. I need some help. I want to transfer $100K from my traditional IRA to a self-directed IRA, but amd having trouble finding a custodian. I plan to buy a piece of property and rent it out.
The ony custodians I can find are on the internet. Is there somewhere else I can go? Or is there any way besides BBB to check on the on-line custodians? Thanks for all the great help you give the little guy. -Bernadette
A. Getting any bank to be a custodian of a self-directed IRA is far and few between these days. My suggestion would be to go to a local community bank that you have a relationship with or someone you know has a good relationship with to try to get this done. It's very unique and many banks are not willing to take the risk.
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Julie Murphy Casserly, CLU, ChFC, CFP®, is a contributor to On The Money. As a 14-year veteran of the financial services industry and founder of JMC Wealth Management in Chicago, Julie helps people understand how their emotional attitudes and behaviors affect how they earn, spend and save. She is author of The Emotion Behind Money: Building Wealth from the Inside Out.