Self-Directed Solo 401k compatibility with Scottrade Advisor

QUESTIONS: I am a CFP and RIA using Scottrade as my custodian. I’d like to establish a self-directed solo 401k for myself, and perhaps do the same for some of my clients. I’d like to incorporate a Scottrade brokerage account into my 401k to facilitate traditional investments as well as checking writing for alternative investments. Is that an option?

ANSWERS: While Scottrade will open a brokerage account for a self-directed solo 401k using Scottrade’s Brokerage Account Application, they will not issue a checkbook. As a result, our clients that want to still use Scottrade will open a brokerage account with Scottrade for trading equities and will also open a local bank account for check-writing, thus resulting in multiple holding accounts under the same self-directed solo 401k.

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 >>

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