Self-Directed Investing: Don’t Let Minor Mistakes Become Major Delays

By Elsie Dudukovich0 Comments

Self-directed IRAs are unique and powerful in that the account owner has a hands-on relationship with the IRA’s investments. This prospect is extremely exciting and can be supremely rewarding. Equity Trust knows delays and setbacks can be a source of frustration, especially when working with a tight schedule. The thrill of finding a great deal can soon deteriorate if the necessary paperwork is not in order.

According to Atul Gawande, surgeon and author of The Checklist Manifesto: How to Get Things Right, checklists are invaluable tools for everyone.  From a busy metropolitan area hospital to a family packing their bags for a summer vacation, having a checklist can save time and help prevent mistakes. This holds true even for creative or highly complex processes. It’s also important to note checklists benefit even in situations where the process is familiar. They are truly a versatile and multifaceted tool everyone can use to their advantage.
It is in that spirit of giving our clients educational resources we give you nine questions to ask yourself before you send in your transaction paperwork.
  • Is this the correct Equity Trust form for my request?
  • Are all the pages of the Direction of Investment (DOI) form signed and dated? 
  • Are all of the areas of the DOI completed?
  • Is the titling on the documents correct? 
  • Do the details in the supporting documents match the details in the DOI?
  • Is the supporting documentation attached with the DOI?
  • If needed, is the paperwork notarized or stamped with a medallion signature guarantee?
  • Does Equity Trust have reliable ways of contacting you and any third parties associated with the request?
  • Are there sufficient cleared funds to cover your request and any associated fees?
If you are unsure about the correct titling or supporting documentation for your investment or would just find reassurance in having confirmation, please don’t hesitate to contact Client Services at 888-382-4727 for a review of the requirements needed to process your request.