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Stanganelli Completes Advanced Education on Self-Directed IRAs and Retirement Plans
Steve Stanganelli, a board-certified financal planning professional, recently completed an advanced education program for advising clients on using self-directed IRAs to diversify retirement savings in alternate investments, real estate and business.
By: Steve Stanganelli
The program, entitled "How to Use Self-Directed IRAs and Alternative Investments for Diversification and Building Wealth," was offered in an all-day workshop presented by Dan Marsh, a tax attorney from Troy, MI and Eric Wikstrom, CPA and principal of Integrated IRA Strategies, LLC of Mercer Island, WA at the UMass Club in downtown Boston.
Through a case study approach and panel discussion including Michael Scott, vice president of PENSCO, and Rob Spalding, business development officer with PENSCO, Stanganelli and nearly 50 other accounting, legal and financial professionals discussed the ways that individuals and business owners can use self-directed IRAs to augment their retirement options going beyond stocks, bonds and mutual funds.
With a self-directed IRA, investors can use their retirement money to invest in alternative types of investments including interests in operating businesses, franchises, private notes or mortgages and even real estate. Even companies offering traditional 401(k)s can amend their existing plans to offer employee participants the option to access a self-directed platform.
With Baby Boomers approaching retirement with the prospect of making up for recent devastating losses from traditional investments the need for more diversity and flexible options has become all the more important.
Michael Scott of PENSCO noted that "what's missing are local trusted professionals knowledgeable about the key components of self-directed IRAs" to personally advise consumers. "With the training today," Scott added Mr. Stanganelli and the group's participants "will now know more than 95% of other advisors" and can be better prepared to assist individuals needing help accessing these options.
According to Investment Company Institute research, the IRA market has nearly doubled, growing from about $2.1 Trllion in 2001 to nearly $4.1 Trllion in October 2008. Nearly 41% of US households hold some type of IRA account and nearly $16 Trillion is in company retirement plans.
The self-directed IRA and retirement plan option has been available since the passage of the Employee Retirement Income Security Act, the law that created IRAs in 1974.
Yet most IRA custodians and investment firms have no incentive to offer such options.
Only fee-only investment professionals and financial consultants have the objectivity, knowledge and resources to offer such options to investors.
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Steve Stanganelli, CRPC®, CFP®, a CERTIFIED FINANCIAL PLANNER TM Professional and a CHARTERED RETIREMENT PLANNING COUNSELOR SM, has provided financial planning and investment advisory services to clients in Massachusetts and New Hampshire since 1999. He has earned a Five-Star Quality rating from the independent advisor rating service of the Paladin Registry and is a Contributing Author at www.InvestorWatchDog.com.
Mr. Stanganelli focuses on the financial challenges of pre-retirees, business professionals, individuals and families in the areas related to retirement planning, wealth planning and investment management resulting from business start-up, succession, divorce or asset protection strategies.
Quest Financial is a fee-only financial planning and investment advisory firm dedicated to assisting individuals and their families with expert advice to build and protect wealth through customized planning and investment solutions.
Page Updated Last on: Mar 23, 2010