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How to Choose a Self-Directed IRA Provider

Though you can open an IRA with nearly all financial institutions, but a few are knowledgeable enough and have regulatory authority. A good custodian can assist you through the challenges of self-directed IRA ownership and shield you from prohibited transactions, scams and other pitfalls.

The following are tips that can lead you to a good self-directed IRA provider:

Types of Providers

Self-directed IRA providers may be Administrators, who process the required paperwork to establish IRAs; Facilitators, who usually educate people on self-directed IRAs and help put up single member LLCs; or Custodians, which are either highly regulated banks, credit unions or non-depository banks that are given authority to custody IRA assets.

Better Business Bureau Accreditation

The standards established for BBB accreditation are centered around building trust, truthful advertisements, responsiveness to customers, and protecting customer privacy, among several others. If a provider is not accredited, there is no assurance that they comply with these standards.It’s definitely safer to go with a BBB-approved provider.

Size, Scale and Expertise

A provider that has less assets in custody or less unique investments that pass IRA eligibility could have modest capabilities.Business size speaks volumes about a provider’s level of experience and expertise, and you have to be sure the one you pick is able to cater to your unique alternative asset investing requirements.


Providers may have certain areas of specialty, like private placements, LLPs, LLCs, exchange-traded assets, and more. Ask your prospective provider to give you details of their experience in holding the specific types of assets you plan for your IRA. Specialists are always up-to-date in terms of the rules and regulations that may have an effect on IRA investments.

Geographic Reach

Smaller, regional providers are usually focused on small geographic areas, which means so if you’re somewhere else, you could be out of their strategic reach and Will be unable to access some of their services.Choose a provider that can service your area – or future area, just in case.

Information Safety

Nowadays, when data breaches and identity theft are ever so common, it’s a must that your provider is fully equipped to preserve the security of your personal and financial information.They must be able to explain to you all the steps they take to guarantee this.

Service Model

Lastly, the use of qualified IRA funds for investing in alternative assets is generally paperwork-intensive. When you have to set up and maintain a self-directed IRA with a new provider, it can be such a complicated and time-consuming task, unless you’ve got a client service team that’s eager to help you.Thus, select a potential provider that can give you this.

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