What is an IRA account?
IRA stands for Individual Retirement Account. It is an account that is used to save money for retirement and which offers certain tax benefits. There are several different types of IRA accounts that can be opened, i.e. Rollover, SEP, Roth, and Tradiditill The most common are the Roth IRA and Traditional IRA. You should consult with a financial advisor to find the type of IRA account which fits your retirment needs best.
I want to open an IRA account with your firm. At what point should I send in the completed account opening documentation?
You will first need to make contact with a broker here and discuss the details of your transaction. If our compliance department approves your transaction, you can then proceed to fax or email in the account opening documentation. If you will be depositing shares, you will first want to complete an Equity Deposit Questionnaire (EDQ) or the Quick Facts Questionnaire (QFQ). See Guidelines for Depositing OTC Securities.
What forms are required to open an IRA account?
Along with a non-expired government issued identification (i.e. passport and/or driver license), at a minimum the following documentation must be submitted:
- New Account Approval Form (Pages 1*** & 2), Customer Account Agreement, Initial Privacy Notice, and Receipt of Documentation.
- If opening this account as a Margin account, then substitute the Customer Account, Margin & Short Account Agreement for the Customer Account Agreement,
- IRA Simplifier
These forms can be found under New Accounts>IRA
***We are now requiring the signature line on page 2 of the New Account Approval Form to be notarized.
Do you need the original documentation?
You can fax us or scan into an email the required documentation.
Can you open an IRA account for a foreign individual?
We can only open IRA accounts for individuals who have a US tax paying idendifying number.
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