Common Questions Regarding the Charles Schwab Brokerage Account for Self-Directed Solo 401k

How long does it take to open?


It takes 3 to 4 days to open the checkbook brokerage account for a solo 401k offered by My Solo 401k Financial with Charles Schwab.

How much does it cost?


Charles Schwab does not charge a setup fee for a brokerage account for the solo 401k offered by My Solo 401k Financial.

Is Charles Schwab responsible for any reporting under the solo 401k offered by My Solo 401k Financial?


No as the solo 401k trustee and My Solo 401k Financial handle the solo 401k reporting (e.g., Form 5500-EZ).

How do I place investments under the solo 401k?


If processing an alternative investment such as real estate or promissory note, by writing a check or by submitting a wire directive to Charles Schwab. If an equity investment such as publicly traded stock or mutual fund, you will logon to the Charles Schwab brokerage account and process the trade on-line.

What fees does Charles Schwab Charge?


Charles Schwab does not charge stock trading fees, and charges a wire fee of $25. The account also comes with a  a free checkbook for placing alternative investments and for processing the solo 401k participant loan.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>