Self-directed IRA custody
Three weeks from the Form 5498 deadline, an analyst works down a stack of valuation files. In March it was a trickle. An appraisal, a K-1, a sponsor letter, a purchase agreement nobody has updated in three years.
The gap
The file goes to the analyst. The analyst decides whether the evidence meets a reasonable basis or returns it to the account owner. The decision is usually right. The reason for it is almost never written down. A file questioned six months later has a signature on it and nothing behind it.
Where the tools stop
Making the call means owning part of the liability when it is wrong. The custodian's published position, repeated across the industry, is neutrality. It does not value assets. The account owner supplies the figure. Nobody outside the custodian is positioned to hold that liability. So the products stop one step short and hand back clean data.
Runs AI-driven review of mortgage appraisals for residential lenders, auto-approving or flagging against compliance rules and investor overlays, with a warranty behind what it passes. It shows an agent can read an appraisal and rule on it, for a different buyer, a different asset class and a different valuation instrument.
Extracts and structures alternative-asset data, capital calls, valuations and statements, for RIAs and LPs. That is aggregation: it delivers clean data and stops before the sufficiency question a custodian has to answer.
What changes
The agent reads every FMV submission as it arrives, by file or by email. That covers appraisals, K-1s, sponsor valuations and purchase agreements. It checks source, date, methodology and valuator independence against the written acceptance policy. It then drafts accept or insufficient, cites the specific deficiency, and attaches a confidence score. The compliance officer who has always signed the file still signs it.
Drafted recommendation, awaiting signature
What the engagement needs
The engagement needs three things. The written acceptance policy. A sample of past accepted and rejected FMV files to calibrate against. File or email access to the current cycle's submissions. The compliance officer signs every queued call and every override. Nothing is accepted or sent back without that signature.
The whole thing
Honest limits
Feasibility is the weak point and the honest risk. Encoding the acceptance policy in ten days gets harder if it is underspecified. It gets harder still if it lives as tribal knowledge in analysts' heads. The confidence score is only as good as the labeled accept and reject history available to calibrate it. If that history is not in usable form, ten days may not be enough to gather it. A buyer conversation has to settle both questions before day one.
Reggora is the competitor closest to closing this gap. It has already proven appraisal review at a lender. A move into alternative-asset compliance review is not a stretch of what it is built to do.
The vendor descriptions here come from published material, not hands-on trials.
More use cases
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