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Are you looking to offer a full suite of savings products to your clients, but don’t have trustee powers?
Banks, credit unions, and savings associations traditionally act as trustees or custodians, and no IRS filing is required to serve as the IRA trustee or custodian. Other entities, such as brokerage firms and mutual fund companies generally don’t automatically qualify to act as trustees or custodians.
These entities typically use one of two methods to offer employer-sponsored retirement plans, IRAs, HSAs, and ESAs. They may either employ the services of an outside trustee or custodian to hold assets, or they obtain nonbank trustee or custodian powers from the IRS.
The application, submission, and approval process can take from 6-12 months. And Ascensus’ legal staff will be with you every step of the way.
What Ascensus Can Do For You:
- Evaluate your ability to obtain nonbank trustee or custodian powers
- Prepare and submit nonbank trustee or custodian applications to the IRS on your behalf
- Take you through the examiner process to receive approval for your nonbank trustee or custodian powers
