Qualifying as IRA Trustee/Custodian

[J2D2]

Would appreciate any feedback from folks who have applied to the IRS to qualify a non-bank entity as an IRA trustee/custodian. For example, how long was the process from filing to completion, how helpful/obstructive was the IRS, etc.? We are in the preliminary phases of researching this for a client and are interested in the experiences of others.

Thanks.

[John G]

Can you add some details on why your client is looking for an alternative custodian? I am curious.

[J2D2]

Sorry if I wasn't clear. Our client is considering trying to qualify as an IRA trustee/custodian. In addition to walking the client through the requirements of the regulations, I was hoping to be able to give the client some idea of what to expect in terms of timing, etc.

[Guest gfweis]

I'm with an insurance company and we are just starting the process - from what I have heard it shouldn't take that long, but then we already market IRAs - just not as a custodian.

As we progress, I'll try to keep you posted.