BACKGROUND:
I do want to use your services to roll over my 95 k past employer 401 K account
to a self-directed 401k with
funds held in a Etrade brokerage account. I had an account with them years ago
so I am somewhat familiar with their tool/site etcetera. If you feel there is a
better brokerage firm to use, please let me know.
ANSWER: While E-Trade’s brokerage account services can be utilized for
the self-directed 401k brokerage account with checkbook feature, I prefer
Fidelity as they understand the process really well and make it easy to access
the funds, especially if you want to process a solo 401k loan and or invest in
alternative investments such as real estate. Simply put, Fidelity has less red tape than E-Trade.
BACKGROUND:
In our phone call last week I mentioned the 6,800 Roth held in a state farm
annuity composed on $45,800 contributions, $1000 earnings. Outside of
you guys I was thinking of moving to a separate E*TRADE self-directed
account…does that seem possible, and do you think there are any conflicts of
having the solo 401 k account and the Roth account held that the same broker?
ANSWER: Assuming you are talking about a Roth IRA, if
you are only seeking to invest in stocks and mutual funds, then E-Trade can
handle the Roth IRA opening directly. On the other hand, if you want to invest the Roth
IRA in alternative investments such as real estate, promissory notes, tax liens
and private stock, to name a few, then E-Trade will not be able to support the brokerage
account. Instead, you may want to consider opening a self-directed IRA LLC, which we can assist you with.
I would like to
setup the solo 401 k first.
Let me know the next
step, your suggestions are appreciated.
ANSWER: To get started with opening solo 401k click here, and, as always, if you have
any questions, please give us a call including on Saturdays.
Thanks,
Roger in ID
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