SEP at Separate Custodians
Hello-
New client (and their employee) has SEP IRA at Custodian A. The client wants me to manage their SEP but I don’t have a relationship with the employee. My understanding is my client can have their SEP at Custodian B that I manage and employee can keep their SEP at Custodian A. Am I understanding that correctly? Any considerations that come to mind?
Thank you!
Permalink Submitted by Alan - IRA critic on Tue, 2021-09-28 14:19
The employee can retain their SEP at the current custodian, and client can use their own custodian. Of course this means that client will have to make the contributions to different custodians. Should not be too confusing as long as the number of custodians is limited.