Jim Hitt Explains the Pitfalls of Some Financial Advisers and the Role of a Self-Directed IRA

American IRA CEO, Jim Hitt

One of these loopholes, known as BICE—or the Best Interest Contact Exemption—is something that anyone considering a Self-Directed IRA will want to know about.

Asheville, NC—According to a recent article at USA Today, although there are numerous regulations and rules in place that govern the behavior of financial advisers and make sure they’re out to protect their investors, there are still some loopholes that remain. One of these loopholes, known as BICE—or the Best Interest Contact Exemption—is something that anyone considering a Self-Directed IRA will want to know about.

Jim Hitt, CEO of American IRA in Asheville, NC, recently took to the American IRA blog to explain why it is that the Self-Directed IRA appeals to so many retirement investors who are looking to hold on to as much of their nest egg as they can. In the blog, Jim Hitt explains that these loopholes can make issues such as IRA rollovers confusing for investors, who simply want to know the ways they can play within the rules and maximize their return on investment.

“We have a lot of people out there who want to keep things simple,” says Hitt. “And the temptation is to seek out a financial adviser who can wave a magic wand and promise you those returns you need. But there’s a problem with this approach. Even if investors do have a financial adviser, they still need to stay on top of your finances and your investment strategy to keep them accountable.”

According to Jim Hitt, the idea of outsourcing everything leads some people to believe that they can do nothing with their finances and hope for the best. Jim Hitt points out that a Self-Directed IRA is a tool that some investors use in order to…

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