| So there are new issues arising that are severe | | | | own private gain does not mean that Fiserv or |
| with IRA custodians scamming their clients out of | | | | other IRA custodians are unsafe. |
| money. In the New York Times, the article | | | | The point is that whenever anyone is working |
| describes that Fiserv has been caught up in Ponzi | | | | towards investing and has a plan to have a |
| Schemes and IRAs not just with Bernie Madoff. | | | | wealthy IRA in retirement, they must be more |
| The thought was that no one could ever run | | | | careful and oversee their own retirements. |
| scams that would include stealing from IRAs but | | | | Investors must be more involved in their financial |
| that has been debunked with the issues | | | | futures. Money can either be a terrible master or |
| surrounding Fiserv. | | | | an excellent slave. By managing your retirement |
| The IRAs were known as "self-directed IRAs" | | | | funds directly, it keeps money working for you |
| which are IRAs that are invested in other assets | | | | and it keeps your money working hard where |
| besides stocks, bonds, and mutual funds. The | | | | you want it. |
| assets are in investment vehicles such as Real | | | | There needs to be a focus on self-directed IRAs, |
| Estate, hedge funds, and commodities. | | | | and investing your IRA in Real Estate is a great |
| Self-directed IRAs are individually steered by their | | | | way to make sure that you have total control |
| investors as opposed to sitting in traditional stocks | | | | over your financial future. The IRA can also |
| and bonds for a long period of time. | | | | partner with a non-recourse loan that will help the |
| These issues that Fiserv has been sued for | | | | investor to purchase up to 70% more Real |
| wasn't the fact that they steered their clients | | | | Estate using 30% of their IRA funds to purchase |
| towards specific investments, which they didn't, | | | | either commercial or residential properties. |
| but rather that they didn't do their fiduciary duty | | | | Remember, whether you are choosing an IRA |
| to oversee that the accounts weren't involved in | | | | custodian or directing your IRA yourself, it is |
| any fraud. | | | | always important to be sure to keep a close eye |
| So is Fiserv a bad IRA custodian? It is tough to | | | | on your investments. It is also important to buy |
| say. The fact that some scammers and | | | | the cheapest Real Estate in fifty years. |
| fraudulent people used Fiserv as a tool for their | | | | |