If you are considering setting up an IRA, it is essential that you discuss significant criteria with an IRA specialist to determine whether a potential custodian is right for you.
Here is some advice to help you have the most productive discussion:
Qualification status
- To set up an IRA, you are required by law to use a qualified custodian.
- It is therefore essential to check that the potential IRA custodian is certified, and you should ask to see some evidence of this status.
Experience
- You may have determined that the potential IRA custodian has the correct qualifications, but you should also find out how much experience they have.
- Newly qualified custodians will not have the same expertise as custodians who have dealt with numerous clients over a long-term period.
- Ask the potential custodian about their previous work to help decide whether they are the best fit for you.
Options for investment
- Custodians will offer different options for investment, so you must decide whether you want to invest using stocks and bonds or use alternative assets.
- This decision will affect the IRA custodian that you can choose, as not all will be confident with alternative investments.
Insurance
- Any financial account which you open must be insured to protect your money.
- Every company has a different threshold for insurance, so you should make sure to ask how much money their insurance covers.
- This insurance should at least cover the value of money that you expect to have in your account, but for optimum security, it is preferable for this to be exceeded.
Cost
- You must use a custodian that meets your budget.
- The initial quote that custodians provide can quickly escalate in the event of hidden fees, so you should try to use a custodian with an honest and reliable reputation.
- This decision can help to avoid receiving a bill that you are unable to repay.
Quest Trust Company is an innovative financial institution that offers IRAs, 401Ks, and other investment savings accounts. If you are looking for a reliable IRA custodian, contact one of our IRA specialists today! Our expertise enables us to offer several investment options, all for a minimal fee.