Self-Directed IRA Administration CEO Explains What to Ask a Plan Advisor Before Making the Leap

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The Self-Directed IRA can be simple—but getting started often feels complicated. A recent blog post at AmericanIRA.com, written by CEO Jim Hitt, explained what investors should ask their advisors before making the leap to self-direction.

American IRA CEO

American IRA CEO, Jim Hitt

I decided to put together a list of the questions investors will want to have answered before they move forward. Some of these might sound simple. Others might sound complicated. But with Self-Direction, education is one aspect of taking control.

With more and more people learning about the Self-Directed IRA and the freedom of investment associated with this type of account, investors are asking questions. But a recent blog post by Jim Hitt, CEO of American IRA in North Carolina, detailed which questions investors should ask before starting a Self-Directed IRA for their retirement nest egg.

When an individual begins a Self-Directed IRA, the general process is purchasing a plan from a pre-approved sponsor (such as Fidelity) or establishing it with a third party, such as a Self-Directed IRA administration provider. These providers are sometimes called custodians. But while this process can be simple, Jim Hitt argues, investors should have a list of questions get answered before they acquire one of these plans.

According to Jim Hitt, questions include “What documents am I responsible for providing to the IRS” and “Who is responsible for updating plan documents to account for regulatory changes?” These questions might not seem important at the moment, but with tax planning and long-term holding of a Self-Directed IRA, they become important in a hurry.

“With any change in your portfolio, the quality of your questions often determines how much you learn,” says Jim Hitt. “I decided to put together a list of the questions investors will want to have answered before they move forward. Some of these might sound simple. Others might sound complicated. But with Self-Direction, education is one aspect of taking control of your retirement portfolio.”

The post includes dozens of questions, many of which investors are likely not to have thought about as they look into self-direction for a portion of their investment portfolio. Jim Hitt, who has been working with Self-Directed IRAs for decades, said that his company offers no-obligation consultations to assist people considering a Self-Directed IRA.

About American IRA, LLC:

Click here to claim one of our 7 Self-Directed IRA guide(s).

American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours.

American IRA services thousands of clients and has over $300 million in assets under administration.

American IRA was built by investors for investors, and brings their successful investment experience to the table, providing excellent educational material showing the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.

American IRA is conveniently located in Asheville, NC and Charlotte, NC, and serves clients nationwide.

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Sean McKay
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