It really is that simple, isn't it?
(I guess 401(k) becoming actually promoted by law helped too)
this post was submitted on 22 Jul 2023
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How can you DRS your retirement account shares now that mainstar decided not to be a custodian anymore?
I touch on it lightly in this post: https://lemmy.whynotdrs.org/post/11801
Basically, though, there are a few routes forward - and likely the best and most consistent option will be to open an LLC and choose to custodian your own IRA through that LLC. With that setup, you would never need to worry about the custodian changing policy in the way that Apex or Mainstar have - since the custodian LLC would also be you.
We are fortunate to have a decent registrar.
One thing that held me back from dabbling in bbbyq was having to deal with AST or pretending it would be okay to hold in a brokerage account while the street is on fire.
Yeah buddy! Not only do they get all the fiat you use to purchase your shares, but they also then get more variations of the shares you buy because it’s not like those shares are leaving elsewhere really to go to you….they were most likely proofed out of thin air and now there’s even more stuff on their books to play with.
Here’s some good info regarding the plan for more and more control, part of why the DTC began in the first place come early 70’s…pages 17-20 help show something I’ve been squeaking about for a while: it’s no coincidence the wealth gap takes off exponentially come the 80’s…..once the institutions centralized and gained control over….everything….they could really start their shenanigans: https://books.google.com/books?id=xyzEiM1WVnYC&pg=PA12#v=onepage&q&f=false