What is an Administrator
An administrator’s role is to process the necessary paperwork to establish IRAs. Accuplan’s role as an administrator is recording and keeping track of our client’s Individual Retirement Accounts, and completing all of the required reporting to the IRS in order to keep our client’s assets in a tax-deferred status. We are also responsible for tracking our client’s IRA’s activities, such as transfers, contributions, 401k rollovers, retirement distributions, and any investments that are made through our client’s IRA.
What is a Custodian
A custodian is a financial institution—similar to a bank— that is permitted to hold and safeguard the assets of our client's IRA’s, reports transactions, account transfers, and any other account activity to the IRS. Our custodian is American Estate and Trust, or AET, they’re based out of Las Vegas Nevada. A huge part of making sure your self-directed IRA is successful is partnering up with the right people, not only in who you do business with, but who you choose to hold your IRA. The best custodian is one who provides you not only with the best service possible, but also the flexibility and freedom that a true self-directed IRA provides. A good custodian gives guidance where needed, and is fully knowledgeable on IRS rules and regulations.
Read more about the difference between custodians and administrators on our blog.