Using third-party platforms for document management
Are you an investment sponsor with an onboarded investment at Midland using a third-party platform for document management?
Our goal at Midland is to be the preferred custodian when it comes to private equity investing through an IRA. Our top priority is to simplify the process of using an IRA to invest in opportunities such as hedge funds, real estate syndications, and other private placements.
Valuable feedback from sources like you has allowed us to build an easy-to-follow internal process that makes sure your investment documents are completed the way you need them to be while also being in line with IRS rules.
While we’ve been able to create a great in-house process, we are always looking for ways to improve our client experience. We understand that you may be using a third-party service to streamline your whole document-gathering process and that diverting from this process for a small subset of investors may not be practical. The good news is, we have your back there too.
Follow these simple dos and don'ts for how to use your existing platform while still making the IRA investment process easy.
DO make sure the investor is listed as Midland Trust Company As Custodian FBO (Client Name) (Midland Account #)
DON'T use the client’s social security number for the tax ID. Instead, use Midland’s custodial tax ID - 47-5560347
DO use the account holder’s personal information for the Accredited Investor Questionnaire
DON'T use the account holder’s personal bank information. Since the IRA is the investor, make sure to use Midland’s delivery instructions
DO include firstname.lastname@example.org as a secondary email for all notices
DON'T forget that Midland will need to countersign all investor documents once they've been completed by the account holder. If you would like to set a signing order on the DocuSign envelope, please contact Midland so that we can let you know the best representative to add to the DocuSign.
Just like you, we want to make sure that the investment process is seamless for your investors. By following the above do's and don’ts, you can be sure that the investment documents meet your requirements as well as Midland’s.