After seeing that Lincoln may be increasing their 403(b) fees, I wanted to reach out to those of you to ask a question on using a self-directed 403(b). It's something I'm starting to more closely research to help my clients keep their fees in check.
From what I know, a client can use an approved vendor in their district, and then remove the agent to have it be a self-directed platform. This has been discussed with Lincoln, and is common with Fidelity 403(b)s.
However, what if the platform is not an approved vendor? What if a teacher opened a 403(b) at TD Ameritrade and then put the district's details on the application? As it's a self-directed 403(b), would they be able to do this, or because it's not on the approved vendor list, does that eliminate that completely?
Thanks for your insight.