What other issues have our clients experienced while setting up their Solo 401k?
Essentially once clients have cleared the hurdles put in place by their previous custodians and negligent bankers, the process is smooth. It is vital that clients continue to “encourage” action on the part of their previous custodian – through the entire process.
The other part of the puzzle that can slow down the creation of a Self Directed Retirement Plan, is a client who is tenative about taking ownership in the process. It is imperative that clients take action and sometimes it is necessary for clients to step outside of their comfort zone. This may entail talking to a banker or making several calls or visits in person to their local financial institution to straighten out some confusion.
The paperwork by itself is straightforward and simple. Most people find the process to be surprisingly quick, after dealing with banks and custodians for so long. The pros at Longboat can set up a 401k Trust the same day that we receive the required information. It usually takes a week to ten days to get a Solo 401k set up and funded.