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Choosing a gold IRA trustee or gold IRA custodian is a task that requires research and patience. We have compiled of list of some of the most important things that you should investigate when researching a custodian or trustee for your retirement investment. The most common characteristics of a good gold IRA custodian or trustee are as follows:
- Ensure that your potential custodian possesses appropriate license.
Internal Revenue Service makes it mandatory that an individual retirement account be held with an approved custodian, having a proper license. IRS Publication 590-A authorizes limited kinds of entities to be eligible for working as custodians for investors of gold IRA. These include a bank, federally insured credit union, and savings and loan organization or another body duly approved by IRS.
The IRS has made available to the public a list of licensed custodians and it is for the gold investors to ensure that they select a gold IRA custodian whose name is included in that list.
- Investors should patronize custodians having FDIC insurance for un-invested funds.
In majority of cases, IRS issues license only to those gold IRA custodians who meet with the requirements of FDIC insurance protection, though certain financial organization are exempted from having this insurance. Nevertheless, there are not reasons good enough to sacrifice this type of protection.
- Barring the investments, particularly banned by the IRS, a custodian should offer most, if not all others.
The final decision of accepting investment rests with the gold IRA custodian. Yet, many custodians attempt to restrict the investment of a client. In case a custodian’s restrictions don’t fulfill your requirements, you should be looking for another custodian.
- Look for a custodian who charges a competitive fee.
Ensure that you are not overcharged by your gold IRA custodian. Find out beforehand all the various fees payable by you for availing the needed services.
- Find out how long the potential custodian has been in business.
Ant custodian claiming to be experienced must have years of experience to his credit. The fee of a custodian is in direct proportion to his experience.
- Check on the usual turnaround time for investment authorization and check requests.
Time is precious. It is particularly significant when handling a gold IRA. If you are required to wait for long, it costs you a lot. It will be reasonable to conclude that the longer the waiting time, the lower is the fee.
- A custodian should offer continued support to its clients.
Once you have made the initial investment, a lot of processing is yet to be carried. Your custodian would apprise you of the worth of your investments in between various transactions.
- Check your custodian’s list of existing clients.
Among the most ideal ways for you to find the status of your potential custodian is to go through his current list of clients. Though your success as an investor largely depends on your actions, a good gold IRA custodian can help you become successful by offering good advice along with processing of transactions.