We are excited to roll out a big change that will greatly streamline the bank account setup process for new checkbook IRA and Solo 401(k) plans.

Starting June 1, 2023, Safeguard Advisors will offer concierge banking setup with Solera National Bank.

What is Concierge Banking Setup?

When you establish a new checkbook IRA or Solo 401(k) with Safeguard Advisors, we will pre-fill the majority of your plan’s online bank account application with Solera Bank.

You will then simply need to review our entry, add a few personal details needed for banking requirements, and provide identity verification to ensure the security of your account.

A lot of the information necessary to create your checkbook IRA or Solo 401(k) plan and establish plan banking is the same.  Why should you have to enter that information twice?

Your self-directed plan will be set up sooner, with less work on your part.  We like that a lot and hope you will too.

Not Just for New Plans

The benefits of concierge banking setup do not just apply to brand new plan setups.  We can provide this service when transferring a self-directed plan from another custodian too.

The self-directed industry has evolved over time.

Some self-directed IRA custodians that had appealing offerings 5, 10, or 15 years ago may not be continuing to provide value.  Customer service may not be what it once was, or the fees may just keep going up year after year.

In many cases it is possible to move an existing checkbook IRA LLC or Trust from a prior custodian to Solera without having to change any of the underlying investments.

With concierge banking setup, the transfer process just got a lot easier.

A Bit About Our Relationship with Solera

For several years, we have recommended Solera National Bank as an excellent resource for setting up Solo 401(k) banking.  In fact, Safeguard was one of the first plan providers Solera approached when they initially started specializing in banking services for self-directed retirement plans back in 2016.

More recently, we have partnered with Solera National Bank as our preferred self-directed IRA custodian.

In addition to reliability, outstanding customer service, and very competitive fees, Solera is unique in our industry as being both an IRA custodian and a nationally chartered FDIC insured bank.  By uniting IRA custody and banking services, checkbook IRA plan setup on the Solera platform is simpler and faster, and ongoing operational costs are reduced.

These efficiencies are more than just gee-whiz talk.  When we switched to using Solera as our primary IRA custodian in 2021, we were able to reduce our plan setup fees by about 20% and improve the onboarding experience for our customers.

Partnering in Innovation

When Safeguard Advisors first opened for business in 2005, we were one of the very first firms to specialize in self-directed IRA plans with checkbook control.  We utilized the power of the internet – which was still pretty new – to bring these little-known structures within reach of individual investors.

We have evolved our business over the years to deliver the most comprehensive set of self-directed plan formats in the industry. We always strive to leverage technology as a means to create efficiencies in our processes, improve the delivery of customer support, and ensure the highest level of data security.

The partnership Safeguard has with Solera National Bank allows us to continue forward on this path of innovation.

Safeguard is now able to offer concierge banking setup thanks to a new version of Solera’s online banking application.  Solera consulted with partners like Safeguard during the program redesign and we are happy to have contributed to that process.

We share a common vision of making self-directed IRA and Solo 401(k) plans more accessible and easier to use.