1.) If the client has a 401k with their respective company/custodian, they will need to contact that custodian directly and tell that they plan to transfer X amount into a traditional IRA managed by another entity.
2.) Once that allocation is determined, the client has the ability to choose from a number of IRA platforms. We use the Iplan Group. Our contact, Lindsay Cipriano, can reached by phone at (440)-484-5566 or email at LCipriano@iplangroup.com. The client will need to sign off on having this capital moved from their 401k/retirement account.
3.) The Iplan Group (or another IRA custodian) will then send the client a new account investment kit as well as a transfer form. These forms need to be executed in order to run this capital through the platform (and to maintain compliance).
4.) The 401k custodian will either send the client a check or wire the money directly to the Iplan Group (some banks require that the check be mailed to the client directly, while others are fine with wiring it direct).
5.) Once this capital is received on the Iplan Group platform and all documents are signed, the client will need to provide the Iplan Group with all of the documents associated with the investment (operating agreement, subscription agreement, etc).
6.) The Iplan Group will then sign off on/approve these documents and wire the capital into the fund/investment. (TOTAL COST OF ALL OF THIS IS $450 ON THE IPLAN PLATFORM, WHICH INCLUDES WIRE FEES).
The process takes about 2 weeks from start to finish. Let me know if I can answer any questions.
OPTION #3: Solo 401K for Self-Employed Entrepreneurs (Bypass/No Custodian)
1.) Schedule a 15-minute 1-on-1 with Dmitriy Fomichenko of Sense Financial at the link below:
https://go.oncehub.com/dfomichenkotakes
You can also email him at contact@sensefinancial.com or call (949) 228-9394
2.) Prior to your call watch a 30 minute education video: https://www.sensefinancial.com/introduction-self-directed-ira-webinar
It takes about 1 week. The cost is $1000 upfront + $200/year for customer support, documentation, and interfacing with the IRS.
OPTION #4: Checkbook (Self-Directed) IRA (Bypass/No Custodian)
1.) Schedule a 15-minute 1-on-1 with Dmitriy Fomichenko of Sense Financial at the link below:
https://go.oncehub.com/dfomichenkotakes
You can also email him at contact@sensefinancial.com or call (949) 228-9394
2.) Prior to your call watch a 30 minute education video: https://www.sensefinancial.com/introduction-self-directed-ira-webinar
It takes about 1 week. The cost is $2000 upfront + $150 for bypass custodian (Solera Bank in Colorado) + fee for LLC formation depending upon your state.