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Individual 401k FAQ: I have a sole proprietorship and only have one solo 401(k. Can I split retirement assets across two different custodians?
- It is not a good idea for a self-employed person to open multiple solo 401(k) plans because it can be an audit red flag.
- At the same, it is certainly possible with our plan to have accounts at multiple institutions for the same plan. For example, they might have a brokerage account, plus a bank account, plus a crypto exchange account, etc. Please note that we help our clients get those accounts set up, roll over funds from existing retirement accounts, make contributions, etc. as well as educate our clients on the Solo 401k investment rules.