Self-directed vs. traditional custodian for my Silver IRA… feeling kinda stuck, help a lawyer out?

• •I’ve been eyeing a Silver IRA for a while now, primarily for wealth preservation, which is my main focus these days.
• •My big hang-up right now is trying to decide between a fully self-directed IRA and using a more traditional custodian.
• •The idea of direct ownership, knowing exactly what I have and where it is, really appeals to my need for control and transparency.

I’ve been eyeing a Silver IRA for a while now, primarily for wealth preservation, which is my main focus these days. My portfolio is sitting comfortably between $500k-$1M, and honestly, the stability that physical silver offers feels really appealing given the current economic climate. I’m a lawyer here in Philly, and while I’m good at navigating legal complexities, the investment world can sometimes feel like a whole different beast.

My big hang-up right now is trying to decide between a fully self-directed IRA and using a more traditional custodian. I’ve done a fair bit of research, and the allure of having complete control over my silver purchases and storage is strong with the self-directed option. The idea of direct ownership, knowing exactly what I have and where it is, really appeals to my need for control and transparency. I’m thinking long-term, 10-15 years out, definitely past retirement when I’m hoping to be just enjoying the Jersey shore.

However, the administrative overhead associated with a true self-directed IRA sketches me out a bit. Paperwork, compliance, sourcing reputable dealers for my silver… it all sounds like a significant time commitment, and frankly, my billable hours don’t leave me much spare time for becoming an IRA administrator. On the flip side, a traditional custodian seems to simplify everything, but I worry about hidden fees, potential lack of transparency regarding the physical assets, and just generally feeling like I’m at arms-length from my investment. My current 401k is with a major firm, and while it's fine, the anonymity of it all isn't sitting well for something as tangible as silver.

Has anyone here gone the self-directed route for their Silver IRA? Or perhaps started with a traditional custodian and then switched to self-directed? What were the biggest pros and cons you experienced? I’m particularly interested in hearing about the real-world administrative burden for the average investor, not just what the brochures say. Any insights or war stories would be greatly appreciated – help me feel more comfortable making this decision!