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QUESTIONS TO ASK A FINANCIAL ADVISOR

1. What is the name of your company that I will be doing business with?

2. What services do you offer?

3. What qualifications do you have as a financial or retirement advisor?

4. How long have you been offering financial and retirement planning advice to clients?

5. What financial planning continuing education requirements do you fulfill?

6. What financial or retirement planning designation(s) and certification(s) do you hold?

7. Are you registered with the International Precious Metals Institute (IPMI)?

8. Are you registered with the Financial Crimes Enforcement Network (“FinCEN”)?  

9. What types of products and services do you offer?

10. Is there a minimum amount to invest with your company?

11. Are your team members qualified and licensed?

12. Are you a Certified Public Accountant / Personal Financial Specialist (CPA / PFS)?

13. Do you hold a SERIES 63 (Uniform Securities Agent State Law Examination) license?

14. Do you hold a Series 24 (General Securities Principal Examination) license?

15. Do you hold a Series 27 (Financial and Operations Principal Examination) license?

16. Do you hold a Series 28 (Introducing Broker/Dealer Financial Operations Principal Examination) license?

17. What is the name(s) of the bullion dealer(s) that your company will use to purchase my precious metals?

18. Are you a registered, qualified, and licensed financial and retirement advisor?  

19. Have you met all of the necessary education, registration and licensing requirements to operate as a wealth management expert?

20. State your work history and the companies you work at in your capacity as a financial advisor?

21. Are you qualified to give trading, investment or tax advice?

22. Will you buy back the precious metals that I purchased from you. If so, what is your spread?

23. Can you confirm that the metals I am about to purchase are eligible to be deposited into an IRA?

24. Are you partnered with any IRA custodians and do you have any special deals with them?

25. How does your company earn its profit?

26. Are you licensed to buy and sell precious metals as a financial advisor? If so, please provide a copy of the license and surety bond 

authorizing you to conduct business.

27. Does your company keep records of all sales and purchases of precious metals?

28. How often will I be provided with a statement showing my holdings and fees that I will be charged?

29. Will your company furnish me with a copy of the purchase, sale, and transfer of my precious metals?

30. Will you provide me with the purchase invoice showing the date, dollar amount, quantity, and specific type of metal that was 

purchased on my behalf?

31. What is the name of the insurance company, and will I be provided with a copy of the insurance policy and declarations page?

32. How much will I be charged for taxes and penalties if I take money or metals from my account?

33. How do I know the metals are actually stored in a vault?

34. What types of precious metals can I buy in my IRA?

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35. Can I choose my own depository for the precious metals that I buy in an IRA?

36. Do I have the option of segregated of unsegregated bullion storage?

37. What licenses do you hold?

38. What states are you licensed?

39. Are you licensed to offer financial and retirement planning services outside of the United States?

40. What is your succession plan for my holdings if I die or become disabled?

DISCLAIMER: This is not legal or financial advice but information only. Speak to your financial advisor or lawyer before making any investment decision.  

Resources to vet Financial Advisors

State Attorney General

U.S. Securities and Exchange Commission (Individuals) – https://www.sec.gov/litigations/sec-action-look-up

SEC Investment Advisor Public Disclosure – https://adviserinfo.sec.gov

SEC – https://adviserinfo.sec.gov

FINRA – https://brokercheck.finra.org

FINRA Disciplinary Actions – https://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions-online

CFTC – https://www.cftc.gov/check

State regulator – https://www.nasaa.org/contact-your-regulator/

Check lawsuits filed in federal court – https://pacer.login.uscourts.gov/csologin/login.jsf 

Better Business Bureau

TrustPilot – https://www.trustpilot.com

FINRA BrokerCheck – https://brokercheck.finra.org

Secretary of State for business registration

Certified Financial Planner – https://www.letsmakeaplan.org

Recent fraud cases listed on the Securities and Exchange Commission (SEC) website involving Self-Directed IRAs:

SEC v. United American Ventures – https://www.sec.gov/litigation/litreleases/lr-21556

SEC v. Stinson – https://www.sec.gov/litigation/litreleases/lr-21584

SEC v. Durmaz – https://www.sec.gov/litigation/litreleases/lr-21445

Draft Template Letter  

Your Name

Address | Telephone | Email

Date

Recipient

Title

Company

Street Address
City, ST ZIP Code

Dear Recipient:

I am interested in possibly transferring my 401K to a self-directed IRA with your company. Please answer the following questions to assist me in making a decision to invest with your company:

1. What are your educational, experiential, and professional background relating to financial and retirement planning?
2. Is your firm operating under any trade names, assumed names, DBAs, or other company business names that are different from your firm name?
3. Are you or any member of your firm a Certified Financial Planner (CFP)?
4. Are you a NAPFA-Registered Financial Advisor?
5. Are you a Registered Investment Advisor (RIA)?
6. Are you a Chartered Financial Analyst (CFA)?
7. Are you a Chartered Investment Counselor (CIC)?
8. Are you a Chartered Financial Consultant (ChFC)?
9. Are you a Personal Financial Specialist (PFS)?
10. Are you a registered representative of any broker or dealer?
11. Are you registered with any state Securities Commission?
12. Are you registered with the federal-level Securities and Exchange Commission (SEC)?
13. Are you registered with any governmental or state regulators or authorities?
14. Does your firm manage $100 million or more in client assets?
15. Are you registered with the Investment Adviser Registration Depository (IARA)?
16. Have you passed the Series 65, 7, and 66 exams?
17. Are you registered with FINRA?
18. Are you registered with the Commodity Futures Trading Commission (CFTC)?
19. Are you registered with the National Association of Personal Financial Advisors (NAPFA)?
20. What states and countries are you registered to do business in?
21. Are you a fiduciary to act in my best interest and disclose to me any conflicts of interest?
22. Have you ever been the subject of any regulatory complaints, lawsuits, or criminal allegations?
23. What is the breakdown of the total costs that I will be charged (markups, commissions, custodial fees, investment/product fees, advisor fees, administrative fees, storage fees, taxes, insurance and storage fees, and any other hidden costs)?
24. What is your buy and sell price or your spread?
25. Are your commissions and fees included in the spread?
26. Will you purchase my precious metals or do I negotiate the purchase of the precious metals through the broker of my choice?
27. What price will I be charged over the prevailing spot for the precious metals?
28. What is your buy-back price I had to sell back the precious metals to you?
29. What is the company name and address of the Administrator that will manage my holdings and do you have any business affiliation and/or personal relationship with that company?
30. Is the Administrator a fiduciary?
31. What is the company name and address of the IRA Trustee or Custodian that will hold my metals and do you have any business affiliation and/or personal relationship and/or conflict of interest with that company?
32. Is the IRA Trustee or Custodian a fiduciary?
33. What is the company name and address of the Depository that will hold my metals and do you have any business affiliation and/or personal relationship and/or conflict of interest with that company?
34. Is the Depository a fiduciary?
35. Will the precious metals that you purchase on my behalf be compliant with IRS and federal rules?
36. Is there a maximum amount that the insurance company will insure my precious metals?
37. Will you provide me with the insurance policy and declarations page for the insurance coverage for my precious metals?
38. What is the insurance coverage offered by the storage facilities and can I purchase any additional policies for comprehensive coverage?
39. Do you offer a comprehensive insurance policy that covers all risks of loss or damage to my precious metals and what are the exclusions?
40. Does the comprehensive insurance policy include risks such as theft, fire, natural disasters and other acts of God?
41. What is the total dollar amount of precious metals the insurance company will provide full coverage?
42. Does the insurance coverage for my metals provide full replacement value at the prevailing market value based on the spot price?
43. What is the name and address of the authorized depository or vault that will store my precious metals?
44. Are my precious metals fully insured against all risks (including acts of God) at full replacement value at the prevailing rate?
45. Will I have the option to choose allocated or unallocated storage for my precious metals?
46. May I take possession of my precious metals held in my IRA investment account?
47. Can I take physical possession of my metals or liquidate my assets and receive their value in cash instead with a 10% penalty if I am before the age of 59.5.
48. Who do I need to contact to request a distribution and what forms do I complete to by my custodian.
49. How many days will it take from the moment I place my request for distribution until the time my precious metals are delivered securely to my door?

Sincerely,

Your Name

• Elder Abuse and Elder Financial Exploitation Statutes

https://www.justice.gov/elderjustice/prosecutors/statutes

• Financial Crimes Against the Elderly

https://portal.cops.usdoj.gov/resourcecenter/ric/Publications/cops-w0768-pub.pdf