We've been talking about wanting to have a series of episodes about self-directed IRAs on how to use them and how to benefit from them. The big takeaway from this episode is make sure to ask your IRA custodian if you can use non-IRA monies to be able to pay for the fees. Talk to Ben if you want more information on how you can use a self-directed IRA to invest with us.
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Let's talk about the fees. You want to ask specific questions so that you're not surprised by the fees. Also ask questions about the company itself, that will help you decide which IRA custodian is a great fit for you.
1) Every fee that an IRA custodian will charge you is negotiable. So it never hurts to ask them to waive a fee. A good example is the administration fee which is usually what they'll charge you to open the account.
2) Ask about the annual service fee. One is a one size fits all which will cover most of your fees with just one annual fee and it'll be somewhere from $275 to as much as up to $450. There is also the ala carte fee in which they'll charge you for each individual activity that they do for you.
3) Ask them if there's a fee for you to move money in and out of your account or within your account.
4) Ask if they charge you a fee for the size of the account and the number of investments you have. Most of the IRA custodians will charge you per investment but they will oftentimes not charge you if you add money to the investment.
5) Ask how much the termination fee is when you decide to close your account. Usually that's 200 to $300 that they'll charge you for closing the account.
Now what are some questions that you would ask your self directed IRA company?
1) Longevity. How long have they been in business? If they've been around for a long time, then they've weathered the storm and have proven themselves.
2) Reviews. What are other people saying about them and their assets and management? That's a really good insight to know what other users' experiences are with it.
3) Customer Service. What type of customer service are they going to give you? An important indicator is how quickly they pick up the phone which means they're probably going to be a very responsive company to you. Are they really going to listen to what type of investment that you want to do?
4) Ongoing Education. Do they offer ongoing situations or ongoing education? A lot of IRA custodians have regular weekly types of education to keep you as one of their clients up to speed on the various options of what their services are for you.
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