Opening a Self-Directed IRA or 401(k) Account

How to open a Caleb & Brown trading account for your 401K or self directed IRA.

Cassandra De-Lisle avatar
Written by Cassandra De-Lisle
Updated over a week ago

A Self-Directed Individual Retirement Account (SDIRA or Self-Directed IRA) is a type of account used to manage retirement savings, whereby you as the account holder partake in your own personal investment decisions. They are administered by a Custodian - usually a financial institution that offers such services - or a nominated Trustee. However, the Self-Directed IRA, as the name suggests, is managed by yourself as the account holder.

Similarly, a Solo 401(k) is a type of company-sponsored retirement plan that is administered by the Plan Sponsor or Employer. Solo 401(k) plans are self-administered and adopted through agreement by those who are self-employed, or individual business owners.

As we're based in Australia and have different regulations around pension and retirement accounts, please note that we do onboard IRAs on a case by case basis, and it does depend on whether the documentation will satisfy our Australian regulatory guidelines.

To open a Self-Directed IRA or Solo 401(k) Account, as sole owner, trustee, or sponsor of the account, you will need to submit an application here. As you go through the registration process, you will need to verify your identity along with submitting documents to verify your entity.

The document required to verify the entity, will depend on the type of entity you wish to onboard.

Self-Directed IRA: A certified true or original copy of the IRA agreement documents, application form or any other type of document that includes, but may not be limited to, the following:

  • The full name of the IRA

  • The type of IRA

  • The IRA account owner (note: the IRA must be self-directed)

  • The IRA custodian and/or trustee

  • The IRA beneficiary or beneficiaries

Solo 401(k): A notarised or certified as an original copy of the Solo 401(k) Adoption Agreement or Plan Documents filed with the Plan Sponsor or Administrator that includes, but may not be limited to, the following:

  • The full name of the 401(k) plan

  • The type of 401(k) plan

  • The name and details of the plan administrator or sponsor

  • The name and details of each employee, trustee and beneficiary of the plan

Checkbook IRA (LLC): The account will be onboarded as a Company Account as per the outlined document requirements for an LLC; Self-Directed IRA documents as described above will also be required (Note: only the LLC documents of the Checkbook IRA LLC require notarisation)

If you are unsure what notarisation or certification of documents involves, click the link here to see the help article on notarising or certifying your documents.

You will also be required to provide individual identity information as the account holder of the IRA or 401(k) account. In order to verify your own identity we will require the following.

You will need to supply a proof of address document, which can include:

  • A current and valid driving licence

  • A service/utility bill dated in the last 90 days

  • A current lease agreement

  • A bank statement dated in the last 90 days

  • An income statement or government-issued tax document

After uploading your proof of address document, the next step is the facial identification process which is done via Onfido, a document and facial identity verification software provider. If you want to learn more about Onfido see here. It will prompt you to upload a valid form of photo ID which can include:

  • A photo of your passport information page

  • A driving licence

  • A national identity or passport card

  • A permanent resident card

Important to note

  • Your ID must be current, unless it is an Australian passport, which may be expired up to within the last two years)

  • Documents uploaded must be a image of the document and NOT a scanned copy

Once you upload your photo ID, it will immediately prompt you to take a selfie image. This photo is taken within the registration using Onfido. The software will match up the photo with your photo ID to ensure you are the same person.

You can complete the registration on a desktop computer or mobile device.

Whenever you're ready, you can click below to get started with your registration.

If you have any questions, or you need assistance completing the registration form, you can ask our Product Specialist team through the Chat button in the bottom right corner of the webpage.

You can also call our support help desk on +61 1800 849 149 (Australia) or +1 (844) 494 6515 (International), from 9am to 5pm (AEST), or request we call you back by submitting an enquiry on our website.

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