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There are a few things that every savvy investor should know about his potential Gold IRA custodians or trustees in order to determine the best fit. Below are the most prevalent of these characteristics. Request the kit on the right hand side for a more comprehensive analysis and other important tips relevant to Gold IRAs.
One – Investors should ensure that their custodians are properly licensed.
All individual retirement accounts must be held by a custodial firm that is properly licensed by the Internal Revenue Service. According to IRS Publication 590, there are only a few types of entities that are eligible to serve investors as a custodian, including a credit union that is federally insured, a bank, a savings & loan institution or an entity that has been approved especially by the IRS.
The licensing for custodians of IRAs are publicly available and every gold investor should be sure that the custodian that he chooses is on this list.
Two – Investors should look for custodians with FDIC insurance for uninvested funds.
In most cases, custodians cannot become licensed by the IRS without also passing muster for FDIC insurance protection, but there are some types of financial institutions without this insurance. There are very few reasons to give up this kind of protection, however.
Three – Outside of those investments that are specifically prohibited by the IRS, a custodian should offer most, if not all others.
The custodian has approval over the final acceptance of an investment. However, some custodians try to limit the investments of their clients. If their limitations do not match with your requirements, that custodian should be removed from your shortlist.
Four – Custodians charge fees, and you need a competitive rate.
Be sure that your custodian is not bleeding you dry on the side. Ask for a full range of the fees that you will be charged for the service.
Five – Ask how long they have been in business.
Any custodian that purports to have experience must have been in the business for a number of years. The experience of the custodian should also be in line with its fee structure.
Six – Check on the typical turn around time for investment authorization and check requests.
Time is money, and time is especially important when dealing with an IRA. A long waiting period can take a great deal out of your pocket. Longer wait times should be reflected in a lower fee structure as well.
Seven – A custodian should provide ongoing support for its clients.
After the initial investments have been made, there is still a great deal of processing that must take place. The custodian that you choose will determine the effectiveness of your investments between transactions.
Eight – Check on the current client list.
One of the best ways to determine the reputation of a custodian is to take a look at its current roster. Although the success of each individual investor is mostly determined by individual actions, the custodian tends to breed success through good advice and transaction processing.
At Gold IRA Guide, we recommend Regal Assets, a California based Gold Custodian that has some of America's most popular investors in their clients list.