Qualified Retirement Account Application
Use this Qualified Retirement Account Agreement Application Kit to open a new Self-Directed Qualified Retirement Account
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FREQUENTLY ASKED QUESTIONS
Do you offer Self-Directed 401k Plans?
No, we do not offer any Qualified Plan Adoption Agreement documents. By completing the QRA Application, we can provide Qualified Plan record-keeping services to complement your 401(k), Profit Sharing or Defined Benefit Plan.
How do I open an account?
New account applications can be submitted electronically or by mail. You can download to print or use electronic versions of all our new account forms at www.VantageIRAs.com. Once our office receives all the documentation in good order, your new account will be open within three business days and we will mail your new account welcome packet to the mailing address of record.
What are the fees to open and maintain an account with Vantage? (Non-Precious Metals or Health Savings Account)
There is a one-time non-refundable account setup fee of $50. When purchasing, re-registering or selling an asset there is a $125 transaction fee. The annual recordkeeping fee is based on the number of assets you hold. Each asset is $395 however the maximum annual recordkeeping fee paid will be $2,370. If you terminate your account there is a $225 terminate fee. You can see a complete list of fees on the Fee Schedule.
How long does it take to open an account?
When all paperwork has been completed and received in good order, a new account can be opened within three business days.
How much money should I have in my account to get started?
While there is no minimum balance amount, the amount you should start with depends on the nature of the deal or investment you plan to make. Keep in mind account fees are due when the account is funded. Be sure to also check the contribution limits for the type of account you open.
What will suffice as address verification to open an account?
There are three types of acceptable address verification documents: 1) Government issued I.D. 2) Voter’s registration card 3) Copy of a utility bill or insurance statement showing your service address. The legal address supplied on the account application must match the address stated on the document provided.
Why does my name on the application need to match my I.D.?
As we provide the IRS with the tax reporting on behalf of your IRA, your legal name must be used on the application. This requirement is also to comply with the U.S. Patriot Act.
Will a copy of my passport suffice as client identification?
No, a passport alone cannot be used to verify your identity, however it can be used in conjunction with an address verification document (i.e. Voter’s registration card, utility bill or an insurance statement showing your service address).
Does my government issued I.D. need to be valid?
Yes, the I.D. cannot be expired.
Does the appearance of my signature matter?
Yes, as all applications submitted to Vantage via mail will be reviewed and approved by compliance, the applicant’s signature must closely resemble the signature on the Government issued I.D. provided.
Do application signatures need to be originals?
Only in the case when submitting a new account application via mail must the signature be original. Vantage accepts electronic signatures on every proprietary form we request except the IRA Transfer Form.
What documents are needed to designate a trust as the primary beneficiary?
A copy of the trust abstract or trust certification should be submitted with the application. In the event you are married and reside in a community property state, a spousal consent will also be required.
What is a contingent beneficiary?
The designated contingent beneficiary is the individual entitled to receive the benefits of the IRA should the primary beneficiary become deceased prior to the account holder’s death.