Rocket Dollar Knowledge Base

Who is the custodian?

With the IRA LLC and Solo 401(k) Trust self-directed model, our partner bank is the custodian. Rocket Dollar is similar to a third party administrator to help you manage your account.


What does a custodian do?

In the end, our partner bank empowers you to hold and custody your own self-directed assets. This is different from a standard custodial IRA, where a financial broker-dealer and custodian would directly own and hold an asset FBO (for benefit of) a customer and potentially limit your investment options.

Who are the custodian partners Rocket Dollar works with?

Rocket Dollar works with Solera National Bank of Denver, Colorado and IRAR Trust (IRA Resources INC) of La Jolla, California. 

If the partner bank is the custodian, what does Rocket Dollar do?

Rocket Dollar is most similar to a third party administrator (TPA) for your self-directed retirement account. In different parts of finance, third party administrators help run vital support functions and streamline processes so you don't have to do them all yourself. 

With a self-directed retirement account, to get checkbook control IRA setup...

You need an IRA structure compliant with the IRS rules, an LLC or trust, then a bank account. Rocket Dollar combines 3 steps that have unfortunately been quite separate, time-consuming, and manual to open and maintain a checkbook control account.

You also have access to our support team to manage rollovers, transfers, account compliance upkeep, and make sure connections to investments and your bank account are running smoothly. Whenever possible, Rocket Dollar wants to help you keep one point of contact to manage your account. You shouldn't have to consult IRS legal documents, a lawyer, and teach a bank just to execute on a simple self-directed investment!


Basic IRA Flow Diagram-2