Solo 401k Plan with Checkbook Control

True or False: A custodian is required for a Solo 401(k)?

FALSE: With a Solo 401(k), it is not required to have a custodian to manage the account. Plan owner can act as the plan trustee and gain Checkbook control of the account. Watch this Solo 401k Quick Tip video for more details:

Solo 401k Plan with Checkbook Control

Unlike an IRA account, there is no custodian required for a Solo 401k. Plan participants can choose to act as the trustee of the plan and assume full control over their retirement funds. Solo 401k with Checkbook Control allows you to complete transactions as easily as writing a check. Checkbook control offers a few benefits: You don’t have to get approval from your custodian for any investments. This means there is no custodian fee. There will be no delay either, so you will be able to act fast and capture investment opportunities quickly.