DRAWER T-01
Account Establishment and Rollovers
DEED
SCROLL
Establishing a self-directed account is the first drawer and the one that decides how well the
rest of the account will run. We begin by confirming identity, tax status and eligibility, then
prepare the account agreement, beneficiary designations and the internal control record that
will govern the account. A prospective holder receives the full fee schedule and the intake
checklist before signing, so the cost and the expected documents are known in advance rather
than discovered later.
Rollovers are the second half of this drawer. Money and assets moving from an employer plan or
an existing individual retirement account arrive through a written request that names the
receiving institution, the account number and the exact asset being moved. We confirm each
transfer in writing, track it against a deadline and reconcile the received amount to the
requested amount. When a transfer arrives short or in the wrong form, the discrepancy is
documented and resolved before the funds are invested, not after.
This drawer also covers beneficiary structure at the outset, because a beneficiary designation
set once and never revisited is one of the most common causes of a difficult account
transition. We record primary and contingent beneficiaries, note any per-stirpes instructions
and keep the executed form in the account file so it can be produced on request.
DRAWER T-02
Real Estate and Note Custody
COINS
STACK
Real property held inside a retirement account requires title work that is handled correctly
from the beginning. We receive the deed or the assignment of the beneficial interest, confirm
that title is taken in the name the account requires, and record the acquisition with its
purchase terms and a dated valuation. Where a note is held rather than the property itself, we
receive the original note, the assignment and the payment history and track the note as a
distinct account asset with its own schedule.
Ongoing custody of real estate means keeping the chain of ownership intact across every
transaction that touches the holding. Refinancing, partial releases, insurance changes and
payoff events each produce a document that must be filed against the asset. We maintain that
file and reconcile the property records to the account ledger at least once a year, so a
holder can see at a glance what is owned, what is owed against it and what income it produced.
For mortgage notes, we track each payment as it is received, apply it to the note schedule and
confirm that the servicer statement matches the account records. When a note pays off, the
satisfaction and release documents are collected and the payoff is verified before the asset
is removed from the account schedule.
DRAWER T-03
Private Placement Administration
SHARE
CERT
Private placements are the most document-heavy holdings an account can carry. Before capital is
released, we review the subscription agreement, the operating or partnership agreement, the
offering memorandum and any side letter for completeness. Missing exhibits, unsigned
signature pages and inconsistent subscription amounts are returned to the sponsor for
correction rather than accepted and filed unfinished.
Once the investment is accepted, we record the interest at the level the account holds, note
the distribution schedule and any capital call obligations, and enter the valuation basis.
This record allows the account to track capital calls as they arrive and to confirm that
distributions are credited to the right holder. Each vehicle is kept as a separate line so a
portfolio of placements can be reviewed one investment at a time.
Private placements also require attention at the end of the year. We collect the annual
statements and schedules that sponsors issue, reconcile them to the account record and use the
confirmed valuations when preparing the reporting lines. Where a sponsor is late with a
valuation, we document the timing and record the last confirmed figure until an update
arrives, so the account is never left with an unmarked gap.
DRAWER T-04
Precious Metals Custody
INGOT
Physical metal is received against a storage arrangement with an approved depository. We
record each position at the bar or coin level, including the refiner, the weight, the fineness
and any serial number that appears on the piece. A delivery is not accepted into the account
until the depository receipt identifies the account and the specific metal received, so the
account never carries a position that cannot be located.
Custody of metal is a reconciliation exercise rather than a storage exercise. The depository
statement is compared to the account ledger on a fixed schedule, and any difference in weight
or count is investigated and documented. When a holder sells part of a position, the release
is authorized in writing and the remaining balance is updated to match the revised depository
confirmation.
We work with the common forms of physical metal, including bars and sovereign coins, and we
record the position in the same plain format used for every other holding. A holder who wants
to know what is owned can read the position described in the same terms an appraiser would
use, which keeps the annual valuation straightforward and defensible.
DRAWER T-05
Compliance and IRS Reporting
STAMPED
FORM
Compliance work is the spine of the account. We maintain a prohibited transaction check that
runs before a purchase or sale is approved, so transactions with disqualified persons are
caught at the desk rather than at an audit. The check is documented in the account file, which
means a later reviewer can see not only what was done but why it was permitted.
Valuation is the second half of this drawer. Each holding receives a fair market valuation on a
schedule set by the asset type, supported by source documents such as appraisals, depository
receipts, sponsor statements and servicer records. We keep the supporting paper with the
valuation so the number on the statement can always be traced back to its origin. The annual
reporting lines are prepared from these reconciled figures.
Reporting deadlines are published to account holders in advance, and reminders are issued
before each one. Where a holder is also working with a tax preparer or advisor, we provide the
confirmed figures and the supporting schedules in writing, answer follow-up questions and keep
the correspondence in the account file. The goal is that the reporting experience is a review
of known numbers rather than a search for missing ones.
DRAWER T-06
Distributions and Beneficiary Services
SEAL
RING
A distribution begins with an election. The holder states the amount, the tax withholding
choice and the destination in writing, and we confirm the request against the account balance
and any applicable rules before releasing funds or the asset itself. Cash distributions are
scheduled and confirmed; in-kind distributions of property, notes, placements or metal are
prepared with the transfer documents the receiving party will require.
Every distribution is recorded with its date, amount, form and authority, and the account
balance is updated in the same step. Where a distribution is partial and the account continues,
the remaining holdings are re-reconciled after the release so the account never carries a
stale figure. Where a distribution is a full payout, the account is closed with a final
reconciliation and a closing statement.
Beneficiary services address the transition that comes after a holder dies. We identify the
named beneficiaries from the executed designation, collect the required identity and election
documents, and process the transfer or payout in a documented sequence. A well-maintained
account file is the reason this process can be handled with records rather than with
reconstruction, and it is one of the strongest reasons to keep the account under disciplined
administration for the whole of its life.