Key questions to ask a potential IRA custodian

IRA Custodian Key Questions
Estimated reading time: 2 minutes(Last Updated On: February 5, 2020)

Choosing an IRA custodian shouldn’t be done lightly – there are many important factors that need to be taken into consideration when making your decision, particularly if you are aiming to open up a self-directed IRA. There are so many custodian choices available, and it can be very difficult to narrow them down if you don’t have much experience with investing or retirement planning. Here are some helpful questions to ask a potential custodian so that you can determine if they are the best choice for you.

What types of investments do you offer?

Before committing to an IRA, you should always understand exactly how your money is going to be invested. You should know where your money is going and make sure the custodian uses a strategy that you are comfortable with. Some IRA custodians only offer a small range of investment options, while others give you more flexibility with alternative options like real estate.

How quickly do you process transactions?

This is a particularly important question to ask if you are opening a self-directed IRA. You want to make sure that your custodian can process your transactions quickly enough for your investment strategy to work – if they take too long, the market might fluctuate and prevent you from getting the results you were looking for.

What fees do you charge?

Another important question to ask any IRA custodian is about the fee structure. Most companies charge fees for transactions, but the amount they charge can vary wildly. You want to make sure that your fees are not eating away at your hard-earned money. It’s also important to ask if they have a minimum balance and what it is. Make sure that if they do have a minimum balance, that you won’t be limited by the process of maintaining it.

Quest Trust Company is an innovative financial institution that offers IRAs, 401Ks, and other investment savings accounts. We offer truly self-directed IRAs, efficient processing, and low fees to give you the control and convenience you want when making an investment. Contact one of our expert IRA specialists today to learn more about how we can help you maximize your wealth.

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