Keen digital asset investor Jim McSorley sat down with NuView Trust to discuss how a self-directed IRA gives you the freedom to choose your investments.
Locked-In And Missing Out
Jim took a moment to relate to the audience by admitting that he’d had “five employers in 20 years.”
They each set up traditional retirement accounts for him, but Jim clarified how this old practice is not as beneficial as it may seem; dutiful employees are “locked-in” to a retirement account that has minimal growth.
“If you take a really close look at your existing IRA with your previous employer (which probably comes with fees that are gonna continue to chew away)… there may only be a handful of options for you to invest in.”
Roll Out And Break Free
Jim went on to directly tell viewers: “Go find an alternative place for those assets to leverage and grow faster in [a] more diverse collection.”
Jim further explained that under the proper custodianship that NuView offers, an investor has the opportunity to not only “invest in digital assets,” but could also “use it to invest in real estate or to invest in other ETFs and mutual funds and things like this from some other brokerage.”
In all seriousness, Jim was correct in saying that with a self-directed retirement account from NuView, “there is [an] almost unlimited number of assets that you can invest in, and have the flexibility to move between those asset classes, should you choose.”
Swimming With The Big Fish
Jim made a salient point when he suggested that if an investor wants to perform as well as bigger, larger investors or companies, that investor should use the same asset custodian.
With a touch of humor, he analogized the large investors to big fish – even metaphorical whales:
“If you’re gonna swim with the big fish… or in this case, maybe the whales, right? If you’re gonna swim with the whales, then you want to use the same company that the whales are using in order to custodian their digital assets. And ErisX is one of those providers.”
Partnering With ErisX
ErisX is a digital asset custodian that has partnered with NuView Trust to handle clients’ digital assets. Having this legal custodianship allows investors a greater variety of prospective investments.
Jim excitedly remarked, “Now you’ve got the self-directed custodianship with NuView; their partnership with ErisX allows you to then use those funds to acquire digital assets. And it all is self-contained…”
He explained how through this partnership of account custodians, NuView could securely hold one’s retirement accounts and those same funds can still legally be invested in digital assets as long as ErisX is the custodian.
This way everyone (even the IRS with their rules and regulations) is happy in the end. As Jim said, “I think that that’s a really great partnership.”
Make The Most Of Your Retirement With NuView
Jim closed this topic of conversation by emphasizing the importance of taking control of one’s retirement accounts.
With corporate-planned options, a person is greatly limited in their potential to grow those retirement funds into real wealth. Despite the different retirement accounts being provided by his different previous employers, Jim has taken them and “rolled all of them into NuView.”
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“There’s multiple types of self-direction. [A] self-directed IRA [is] where NuView holds the funds, and I can then request or authorize a transaction, and then NuView moves the funds per my request – self-directed but not checkbook control.
What I really like is your offering around ErisX – the idea that you don’t need the checkbook control component in order to be able to acquire digital assets in your self-directed retirement account.
You can do it with a self-directed account that doesn’t have checkbook control. So if ErisX provides those crypto assets and digital assets that you’re interested in, then I think that’s a really smooth way to go.
Because now you’ve got the self-directed custodianship with NuView; their partnership with ErisX allows you to then use those funds to acquire digital assets. And it all is self-contained in that partnership between NuView and ErisX.
You don’t have to take on the custodianship, right? You don’t need to keep those digital assets in your own physical possession because you have a company like ErisX, that is acting as that custodian of your assets.
And I’ve done some research on RSX and definitely recognize that they provide custodian services to other companies, not just to individuals.
If you’re gonna swim with the big fish… or in this case, maybe the whales, right? If you’re gonna swim with the whales, then you want to use the same company that the whales are using in order to custodian their digital assets.
And ErisX is one of those providers. So I think that that’s a really great partnership.
That’s a really great thing about the self-directed IRA approach is that once you have those funds in a self-directed IRA with a custodian, like NuView, you not only can invest in digital assets, but you could also use it to invest in real estate or to invest in other ETFs and mutual funds and things like this from some other brokerage.
You’re not limited. Like you were saying earlier, if you have a retirement account with your old employer, as an example, you might say ‘That’s with my old employer, I don’t wanna move those assets; I just wanna leave.’
No! You wanna roll that out or roll over! You want those funds out of that sort of, locked-in offering – which probably comes with fees that are gonna continue to chew away.
Go find an alternative place for those assets to leverage and grow faster in [a] more diverse collection.
Perhaps you’re looking for safety and you’re not looking just for growth.
If you take a really close look at your existing IRA with your previous employer and – like you’re saying there may only be a handful of options for you to invest in.
When you go self-directed, there is almost [an] unlimited number of assets that you can invest in and have the flexibility to move between those asset classes, should you choose.
So yeah I’ve always rolled over any previous employers. I’ve had five employers in 20 years and so I always take that immediately and roll it out. And in the case of my Roth accounts, I’ve rolled all of them into NuView.”