Front Page|Our Services|Our Team|Client Center|Financial News|Events|Contact Us

Financial Briefs

More Articles  Printer Friendly Version

 

Relying On An IRA Custodian For Advice

5060 1

This is a heads up for anyone deciding on how to designate beneficiaries of an IRA based on advice from an IRA custodian call-center employee.

When you call your IRA custodian, checking your account balance or requesting paperwork for a transaction is straightforward, but designating beneficiaries, paying an IRA to a trust, or leaving someone other than your spouse your IRA is an entirely different matter.

Even if the service from your IRA custodian receives high ratings from consumers, calling in with a question about the disposition of an IRA upon your death may be placing faith in the advice of a recent college graduate new to financial and tax planning. Relying on advice from a custodian call center employee about your IRA beneficiary designations is a gamble unless you’re an expert on IRAs. Please also keep in mind:

  • Even if you have a will, your beneficiary designations probably will override it.
  • You can name different beneficiaries on each IRA account you own, and designations made years ago at old IRA accounts should be confirmed as correct and in accordance with your wishes.

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances. The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions. This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.


Email this article to a friend


Index
Federal Reserve Likely To Dial Back Rate Hikes But They’re Far From Over
Test Your Personal Financial Knowledge In 30 Seconds
The Inspirational Story Of Hetty Green, The Warren Buffett Of The Early 1900s
Keep Your Eyes On The Bad Economic News
Let’s Talk About Stock Market Volatility
Bracing For Recession Amid A Bear Market
The Inflation Imperative Makes A Recession Likely, But It’s A Sign Of Progress
When Will Post-Covid Financial Pain Stop?
A Reminder About Market Timing And Stocks
10 More Year-End Planning Tips To Slash Your 2022 Taxes
10 Year-End Tips to Slash Your 2022 Tax Bill
Start Thinking About Year-End Tax Planning Now
The New Retirement Plan Distribution Rules
Financial Disappointment Can Darken Your Financial View
Why Knowledge Of Financial History is Critical To Investors

This article was written by a professional financial journalist for Vantage Point Financial Services, LLC and is not intended as legal or investment advice.

©2022 Advisor Products Inc. All Rights Reserved.
© 2022 Vantage Point Financial Services, LLC | 329 Regency Ridge Drive, , Centerville, OH 45459 | All rights reserved
P: 937-432-1111 | F: 937-432-1110 markblack@vantagepointadvisor.com |
Contact Us

Securities offered through First Allied Securities, Inc., A Registered Broker/Dealer, Member: FINRA / SIPC.
Advisory services are offered through First Allied Advisory Services, Inc., A Registered Investment Adviser.

This site is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. We suggest that you consult with your financial or tax advisor with regard to your individual situation. This site has been published in the United States for resident of the United States. Persons mentioned in this site may only transact business in states in which they have been properly registered or are exempt from registration.

Privacy Policy | ADV