The Custodian is a bank or savings and loan association, as defined in IRC 408(n), or any other entity that has the approval of the IRS to act as Custodian. In order to have a self-directed IRA, it needs to be held with a Custodian who will allow investments into non-traditional investments. There are very few of these types of custodians. A Retirement Account Facilitator or Administrator can set up the legal structure such as an LLC or C Corporation that allows for checkbook control of the funds. The Facilitator or Administrator, unlike the Custodian, does not hold the funds, but usually contracts with a Custodian to hold the funds as part of the services provided.