You work hard for it and you are careful about who you trust with it. You have decided to open a self-directed IRA account.
Who is the best person to handle your investments? What questions should you be asking? How can you find them?
Keep reading for five tips on how to choose the right IRA custodian to handle your investment account:
1. Customer Service
Finding an IRA custodian that provides excellent customer service is vital for your business relationship as they handle your investments for years to come. Their availability in communication is an area to focus on when evaluating their customer service. If you have a question or want to make a change, you never want to question whether they will be available to provide assistance.
An IRA custodian that provides a high level of customer service will walk you through the information and make sure that you understand everything about each investment.
2. Look at Cost and Fees
When searching for an IRA custodian, it is important to consider the cost and fees that are associated with the service. On our website, we have a general fee schedule that breaks down the fees.
You are already entrusting the custodian with your investments, so you should be aware of what they are gaining in return.
Knowledge is a powerful thing, especially when money is involved. You want to look for an IRA custodian that has experience working in the investment areas that you are interested in. For example, if you are looking to invest in real estate, you are going to want a custodian that is familiar with the terminology of real estate. You may be new to this but you want to make sure that they are guiding you with previous experience to make the best financial choices with your investments.
Knowing which areas you would like to invest in prior to starting your search will help narrow down which person would be best to work with.
4. Frequency of Transactions
Depending on your investment strategy, you could be holding on to assets for a long period of time or potentially trade several within a week. Working with an IRA custodian that can properly handle multiple transactions and has the systems in place complete those transactions is important.
Simply put, you want to be sure that the IRA custodian that you pick can handle the workload and is flexible to changes within your investment strategy.
5. Ask Questions to an IRA Custodian
Think of it as an interview. Once you have found someone that you think you would like to work with, ask them questions prior to committing to a partnership.
Asking about what investment areas they specialize in and how accessible they are for future communication will help you see if they are a match for you.
Call Us Today!
Please contact a Quest IRA specialist today and we can help answer any questions you may have. We look forward to working with you and serving as your IRA custodian for years to come!