Here's something you should know. When you invest by having contributions withheld from your paycheck, the employer/ plan controls who the custodian is. They can also change the custodian when necessary.
But when you invest directly after the paycheck hit your checking account, you get to select the custodian and types of accounts to invest in.
It is actually good to have more than one custodian since they could have a cyber attack or a disaster could wipe out all the branches of a local back or credit union. Although your assets will still be on "the books", it may take time to access them. Multiple custodians is something that's not talked about until someone finds out they can't access their assets on the day they wanted to.
But when you invest directly after the paycheck hit your checking account, you get to select the custodian and types of accounts to invest in.
It is actually good to have more than one custodian since they could have a cyber attack or a disaster could wipe out all the branches of a local back or credit union. Although your assets will still be on "the books", it may take time to access them. Multiple custodians is something that's not talked about until someone finds out they can't access their assets on the day they wanted to.
Statistics: Posted by celia — Mon Oct 07, 2024 10:29 pm — Replies 8 — Views 608