What is My Self-Directed IRA?My Self-Directed IRA Locations, Timings, Email, Phone, Services
Recently, I came across a company called My Self-Directed IRA that claims to offer a diverse range of retirement investment options, including self-directed IRAs, Solo 401ks, and Checkbook Control. Based in Las Vegas, Nevada, the company boasts of fast funding timelines and a responsive Operations Team. The company claims to provide free online notary services and can assist in LLC/Trust Checking Account formation. While I could not ascertain the exact year of the company’s establishment, its offerings and services seem to be geared toward providing clients with comprehensive retirement investment solutions.
I suggest avoiding investing with this business as there is no detailed information available online that indicates they may not be trustworthy.
- Address: 7336 W. Post Rd., Ste #111 Las Vegas, NV 89113
- Phone: (1800) 705-1503
- Email: support@myselfdirectedira.com
- Website: https://myselfdirectedira.com/
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People Behind My Self-Directed IRA: CEO, Owner, Co-Founders & MoreWho owns My Self-Directed IRA? What is the management team behind My Self-Directed IRA?
The lack of information about the owner and other team members on the website might indicate a potential transparency concern.
Transparency in this context refers to the openness and clarity with which a company provides information about its leadership and personnel.
When a company is transparent, it typically shares details about its key stakeholders, management team, and other individuals who contribute to its operations. This transparency is important because it helps build trust and credibility with customers and stakeholders.
Transparency is Important
To enhance transparency, the company could consider updating its website to include profiles or bios of its owner and team members. This would give visitors and customers a better understanding of the people behind the company and their expertise, which can contribute to building a stronger sense of trust and confidence in the company’s offerings.
Features of My Self-Directed IRAAll services offered by My Self-Directed IRA
Self-directed IRAs:
My Self-Directed IRA offers a variety of self-directed IRA options, including traditional IRAs, Roth IRAs, and SEP IRAs. You can invest in anything you want with your self-directed IRA, including real estate, precious metals, and private businesses.
Solo 401ks:
The company also offers Solo 401ks, a great option for self-employed individuals or small business owners. A Solo 401k offers tax advantages similar to a traditional IRA but with higher contribution limits.
Checkbook Control:
My Self Directed IRA offers Checkbook Control, which gives you complete control over your investments. With Checkbook Control, you can write checks and wire transfers directly from your self-directed IRA account.
Quick funding timelines:
The business offers short funding timelines. You can typically fund your account within 24-48 hours.
Responsive Operations Team:
This company claims to have a responsive Operations Team that is available to help you with any questions or issues you may have.
Competitive pricing:
They claim to offer competitive pricing. Their fees are lower than many other self-directed IRA providers.
Complimentary online notary services:
My Self-Directed IRA offers complimentary online notary services. This can be helpful if you need to have documents notarized for your self-directed IRA account.
LLC/Trust Checking Account Formation:
The business swears that it can help you form an LLC or Trust Checking Account for your self-directed IRA. This can be helpful if you want to invest in real estate or other illiquid assets with your self-directed IRA.
How to Invest in My Self-Directed IRA?Step-by-step guide for investing in My Self-Directed IRA
To invest in a precious metals IRA through My Self-Directed IRA are the general steps:
- Open a Self-Directed IRA
Select an IRA company that handles opening precious metals IRA accounts and fill out an application. You can work with My Self-Directed IRA to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.
- Fund Your IRA
Once you have selected an IRA company, you can move your funds into your new IRA account. You can work with the IRA company representative to transfer or rollover funds into the new account.
- Select a Precious Metals Dealer
One of the forms you need to fill out along the way is typically called a Buy Direction Letter. This is where you list the precious metals dealer you have selected, such as My Self-Directed IRA.
- Decide Which Precious Metals to Purchase
You can choose to invest in gold, silver, platinum, or palladium for your IRA. There are some restrictions regarding fineness requirements and allowable coin types, so getting guidance from My Self-Directed IRA in this area is important.
- Place Your Order
Once the funds are available in your IRA account, you can call them to order the desired precious metals.
However, I don’t recommend opening an IRA with My Self-Directed IRA. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
My Self-Directed IRA Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
My Self Directed IRA charges the following fees:
- One-time setup fees:
- IRA LLC: $1250
- IRA Trust: $995
- Account fees for Traditional IRA & Roth IRA:
- Account setup fee (one-time): $50
- Per additional asset: $375
- Account fees for SEP IRA & SIMPLE IRA:
- Account setup fee (one-time): $50
- Per additional asset: $75
- Account fees for Solo 401(k) Plan:
- Account setup fee (one-time): $50
- Per additional asset: $75
- Additional participant: $475
- Transaction fees:
- Outgoing Domestic Wire: $35
- Outgoing International Wire: $50
- Check: $35
- Cashier’s Check: $50
- ACH: $35
- Stop Payment, Return Check/Wire: $50
- Credit Card Declined, Chargeback: $50
- Duplicate Page Statements: $30
- EIN Creation: $25
- Loan Setup Fee (Solo 401(k) Plans Only): $25
- Loan Default Fee (Solo 401(k) Plans Only): $150
- Plan Amendment (Solo 401(k) Plans Only): $150
- Other fees:
- Next-Day Processing (Within 24 hours): $100
- Same-Day Processing (Documents received by 10 AM): $250
- Medallion Stamp: $35
- Overnight Mail: $35
- Roth Conversion or Recharacterization: $100
- Re-Registration (Per Asset): $75
- IRS Form Facilitation / Preparation Fee: $100/each
- Legal Action Fee: $150/hour
- Corrective Reporting Fee: $250/each
- Late Fee: $25/month
- Partial Termination (50% or more of Account): $150
- Complete Termination: $300
Please be aware that these fees are subject to change and the annual fee is invoiced in the anniversary month each year.
Companies like Augusta charge ZERO fees for up to 10 years, allowing you to choose your gold & silver. My Self-Directed IRA on the other hand provides fewer options.
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You can get a free guide on gold IRAs below. It will help you understand the process:
My Self-Directed IRA Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the My Self-Directed IRA reviews & complaints
Trustpilot:
On the Trustpilot website, My Self-Directed IRA has 4.3 stars out of 5-star ratings based on only 10 customer reviews. According to these ratings, they are in an excellent state on the website. The company is verified by Trustpilot.
An excellent rating of 4.3 stars out of 10 customer ratings generally indicates a positive level of satisfaction among customers. While the rating might not be perfect, it still falls within the “excellent” range. This suggests that a majority of the customers have had positive experiences and are satisfied with the product or service. Keep in mind that ratings are subjective and can vary based on individual opinions and expectations.
Some Positive Reviews:
#1. According to James Smeltzer, the experience of setting up with Andrew has been exceptional. He found the process to be straightforward, easily understandable, and timely. The fees are competitive and not tied to the asset value, which can be an issue with Pre-IPOs. Additionally, the option to receive distributions in stock might offer a solution to the required minimum distribution (RMD) challenges often faced by regular IRAs invested in private stocks.
#2. Janet mentioned that she collaborated with Seth at My Self-Directed IRA. She highlighted how Seth’s expertise and excellent communication skills contributed to making the process transparent and relatively seamless.
#3. Debra mentioned that Seth’s assistance has been wonderful. He demonstrated patience and provided valuable help. As this was Debra’s initial encounter with an online service of this nature, she felt a bit apprehensive. The experience of working directly with someone like Seth was highly positive and reassuring for her.
#4. Scott mentioned that the presentation was comprehensive, and the setup process was straightforward. The company provides a representative who explains how everything works and guides you through each step of the process. Scott had a conversation with Andrew and strongly recommends reaching out to him. He expressed gratitude for the seamless process that was facilitated for him.
#5. Tommy shared his positive experience with Andrew’s excellent service. Andrew’s extensive knowledge allowed him to guide Tommy through the process effortlessly. Andrew dedicated time to ensuring Tommy’s comfort, and they even had a detailed platform review over a video call. Tommy emphasized that he hadn’t encountered such a personalized interaction with any other company, especially when it comes to IRAs. He’s enthusiastic about his time ahead with the company.
Is My Self-Directed IRA Legit? Should You Invest With Them?Is My Self-Directed IRA a scam or legit? Are they worth it?
The company “My Self-Directed IRA” provides services related to IRA investments. If you are looking for a self-directed IRA or Solo 401k, My Self Directed IRA can be the option. They claim to have a wide range of investment options, competitive pricing, and a responsive customer service team.
Whether or not this company is legitimate is a matter of opinion. Some people believe that the lawsuits against the company are credible and that they should be avoided. Others believe that the lawsuits are frivolous and that the company is a legitimate business.
Before you make any final decision, I recommend checking out our top gold IRA providers.
There, you will find out what the industry’s best has to offer. Also, it will ensure you make an informed decision.
Or, you can check out the best gold dealer in your state below:
Pros:
- A+ rating on BBB
- Offer IRA Services
Cons:
- Lack of transparency
- Limited online reviews
- No BBB accreditation
Each state has its regulations and rules, so we’ve sorted and found the best Gold IRA company for each state.
Find the best Gold IRA company in your state