Is your goal to enhance and build the overall value of the products you offer? Do you often wonder how you can raise additional capital from existing investors? By providing your clients with the benefits of a qualified account, you could take your offerings to the next level. What most individuals do not know about their retirement accounts is that they can make investments outside of the publicly traded stock market to diversify their accounts. This means your clients can invest in real estate, promissory notes, private stocks, and more with your assistance. The types of qualified accounts available to your clients includes, but is not limited to:
- Traditional Individual Retirement Account (IRA)
- Roth Individual Retirement Account (Roth IRA)
- Solo 401(k) Plans
- Qualified Retirement Plan Custodial Accounts
A retirement account is designed to offer individuals added tax benefits on top of their regular retirement plans. Those tax advantages come with a set of regulations that need to be obeyed. For example, one of those regulations is a requirement for a custodian.
Custodians are often licensed financial institutions. Individuals may not act as an IRA custodian, which is where trust companies, such as Provident Trust Group, come into the picture. Provident Trust Group is a passive custodian. As such, we do not give investment or legal advice. We process distributions and assist in the process of purchasing assets for the retirement account holders. In addition, we provide record-keeping and reporting to the IRS, as required by law.
Now you know a bit about custodians and their role, but do all custodians provide the same level of service to their clients? Absolutely not. When exploring your custodian options in the self-directed world, it is important to consider the following:
Self-Directed vs. Non-Self-Directed
Not all custodians are created equal. Most Non-Self-Directed IRAs only allow your clients to invest in traditional assets such as stocks, bonds, mutual funds and CDs. A Self-Directed IRA allows your clients the unique opportunity to invest in more asset types. These include, but are not limited to: real estate, promissory notes, and private stocks and bonds.
Nourishing the relationships with your clients is the key to success. Your custodian should share your passion in wanting to take care of your clients. You can build a stronger relationship with them by showing interest in their lasting retirement fund by referring them to a custodian that they can trust.
Accurate and Fast Processing
To instill trust with your client, your custodian must be fast and reliable and should always put quality first by aiming to get things done right, the first time.
In a world booming with technological advances, it is important to find a custodian that will take the manual burdens out of your processes and continue to improve. This includes account opening, initiating investments, document management, lists of holdings, transaction history, account balances, and more, all in real time.
The IRA realm can be perplexing with fast pace changes that are affected by many elements. Your custodian should provide you and your clients the education, updates, news and other important information needed to be successful throughout the journey.
Flat Rate Fee vs. Structured Fee
In the exploration for your custodian, you will notice differences in fee schedules. There is no right or wrong option, just one that fits you and your clients the best. With Flat Rate Fees there is one set price that does not go up or down depending on the value of the account. You can have $500 or $500,000,000 in your account, the price will not change. With Structured Fees, the price depends on the value of the account. The higher the value, the more expensive the account is.
While searching for the best custodian for your clients, we hope you consider Provident Trust Group, an Ascensus company. As a leading self-directed account custodian that offers clients the opportunity to invest in alternative assets, we raise the standard for our industry and trump the competition. Along with many other awards, we have been voted “America’s Best IRA Custodian” and “America’s Most Advisor Friendly Trust Companies” for 4 years running. With our flat rate fee, your clients won’t be penalized for growing their retirement and they will always know what to expect—no surprise fees. We pride ourselves in delivering transparency with our technological advances and a superior customer experience to help them be successful throughout their retirement journey.
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