PENSCO Aids Alt Asset Investors Whose Institution Resigns
Top 10 Tips To Avoid A Taxable Event
SAN FRANCISCO – PENSCO Trust Company, an alternative asset custodian that simplifies the administration of complex investments, today announced a new program to help individual investors and financial advisors whose bank or brokerage will no longer hold alternative assets in their retirement account.
"PENSCO today launched a nationwide campaign to help investors and advisors smartly manage the transfer of alternative assets and avoid a potential taxable event," said PENSCO CEO Kelly Rodriques. "Investors and advisors need to take immediate action if they receive an alternative asset resignation notice from their institution."
Across the country, tens of thousands of individual investors and their advisors have started receiving letters from financial institutions, giving them 60 days to find another institution to hold direct alternative assets, such as real property, private equity, and secured notes.
State and federal regulators want institutions to resign alternative investment accounts because the assets are often illiquid, difficult to value and require complex tax and regulatory compliance. If you need assistance transfering assets after your instituion resigns call 1-866-818-4472 and speak with a PENSCO self-directed IRA specialist.
PENSCO also provides financial institutions with a turnkey solution to remediate hundreds or thousands of alternative asset accounts at one time. PENSCO SuccessorCustodian™ offers institutions a single, proven solution to rapidly and smoothly transfer entire classes of alternative assets to PENSCO. SuccessorCustodian simplifies the resignation process through state-of-the-art workflow management and electronic document processing.