Most financial professionals can offer
solo 401k services. For example, professionals such as attorneys/lawyers,
accountants, financial advisors, and qualified plan administrators can be solo
401k providers.
What you should really consider when
you are ready to open solo 401k is
how long the solo 401k provider has been in the business of administering and
providing solo 401k services. This is especially true if you are considering
investing Solo 401k in real estate, precious metals, notes, and private
investments as not all professionals including lawyers and attorneys have been
trained on the rules and regulations surrounding retirement plans, let along the
rules of investing solo 401k plan in alternative investments. This is specially
the case if you are looking for guidance relating to alternative investments even
if you are not necessarily looking for investment advice but just confirmation that
your potential alternative investment conforms to the Solo 401k regulations.
Lastly, while it is a good marketing
tactic used by certain Self-Directed Solo 401k providers, you don’t need to be
an attorney or lawyer to provide Solo 401k with checkbook control. Reason being,
the IRS ultimately approves the Solo 401k document not the solo 401k provider; hence
why the solo 401k provider is required to provide you with the IRS approval
letter when you open solo 401k.
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