Platinum IRA Custodian Question - Fidelity and Schwab or Other?

Ronald Morris

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Platinum IRA Custodian Question - Fidelity and Schwab or Other?

ronald_morris👑Elite (1m-5m)

about 8 hours ago

Key Takeaways

•Alright, so I’m looking at rolling over a chunk of my old 401k into a Platinum IRA.
•I've been in Gold for a while, and it's served me well, but I'm diversifying into Platinum for some added hedging.
•My current custodian for my Gold IRA has been… adequate, but I wouldn't call them stellar.

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Alright, so I’m looking at rolling over a chunk of my old 401k into a Platinum IRA. I've been in Gold for a while, and it's served me well, but I'm diversifying into Platinum for some added hedging. My current custodian for my Gold IRA has been… adequate, but I wouldn't call them stellar. Now that I’m looking at a pretty substantial transfer into the Platinum (thinking around $800k to start, potentially more over the next couple of years), I want to make sure I’m working with the absolute best.

My traditional brokerage accounts are mostly with Fidelity and Schwab, and I've always appreciated their service for standard investments. However, I know precious metals IRAs are a different beast with the specific custody and storage requirements. Does anyone here have direct experience with Fidelity or Schwab offering Platinum IRA custodian services? Or are there other specialized precious metals IRA custodians that people have had excellent experiences with for Platinum specifically? I'm not afraid of the fees if the service, security, and reporting are top-notch. As a retired Admiral, discipline and clear communication are paramount for me, and frankly, some of the smaller shops feel a bit… disorganized at times.

I'm based out of Virginia Beach, and while I know a lot of this is done remotely, it's nice to know there’s a solid infrastructure. What kind of fees should I be expecting for an account this size for Platinum? Are there particular things I should be asking potential custodians about beyond just their fee structure? Any red flags to watch out for? Appreciate any insights folks can offer based on their own experiences.

3 comments

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Best Answer▲ 9 upvotes

karen_robinson💼Starter (0-50k)

Hey, I hear you on wanting to diversify into platinum, good move! But just a heads-up, Fidelity and Schwab generally don't custody actual physical precious metals within an IRA. They do offer precious metals ETFs and mutual funds, but that's a different beast than having physical platinum in a vault under your IRA's name. You're probably going to need a specialist custodian for that, similar to your gold one. Might be worth double-checking their offerings specifically for segregated platinum storage if that's what you're after.

Comments (3)

carol_carter💰Established (100-250k)Real Investor•less than a minute ago

Dude, I'm right there with you. I had a similar experience with my gold IRA custodian – they were fine, but nothing to write home about. When I started looking into platinum, I actually ended up going with a smaller, specialized precious metals IRA firm rather than one of the big banks. So far, it's been a much smoother experience. The fees were competitive, and their customer service actually felt personal. Might be worth looking beyond just Fidelity and Schwab if you're open to it!

david_brown💎Premium (500k-1m)Real Investor•less than a minute ago

Interesting move with the Platinum! When you say your current Gold IRA custodian is "adequate," what specifically makes you say that? Are there any red flags you're trying to avoid with the new Platinum custodian, or just looking for a smoother experience overall?

karen_robinson💼Starter (0-50k)•less than a minute ago

Hey, I hear you on wanting to diversify into platinum, good move! But just a heads-up, Fidelity and Schwab generally don't custody actual physical precious metals within an IRA. They *do* offer precious metals ETFs and mutual funds, but that's a different beast than having physical platinum in a vault under your IRA's name. You're probably going to need a specialist custodian for that, similar to your gold one. Might be worth double-checking their offerings specifically for segregated platinum storage if that's what you're after.

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