Rocket Dollar Knowledge Base

Who is the custodian?

With the IRA, 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 if I purchase an IRA?

Our custodian partner creates your IRA structure that empowers you to hold and custody your own self-directed assets in the name of your IRA LLC. Our partner bank helps you custody the remaining cash 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.

What about custody with the Self-Directed Solo 401(k)?

Rocket Dollar sells you a plan document that is pre-approved by the IRS, which allows you to self-custody assets in the name of the retirement trust. There is technically no traditional "custodian" are held in a trust that is tied to your business or sole proprietorship. Our partner bank then helps you custody all cash assets. 

Is your bank partner FDIC insured?

Yes. You can read more here. 

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 as our custodian partners.

Is Rocket Dollar a Broker or a Fiduciary, or a CPA?

No. Rocket Dollar is not a broker, as we do not sell or recommend specific investments. We feature partners who can accept retirement funds on our partner's page but we do not vet or recommend specific deals on their platforms.

We are also not a fiduciary, which would take a level monthly, quarterly or yearly fee to recommend investments based on your personal situation. Content on our knowledge base is education, and is not  Your $15 monthly fee helps maintain compliance in your account and servicing your IRA. 

Rocket Dollar is most similar to a third-party administrator (TPA) for your self-directed retirement account.

If the partner is the custodian, what does Rocket Dollar do as a third-party administrator? Why am I paying $15 a month?

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

 

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