The experts will fill you in
IRAs are complicated beasts, and there is no way to learn all the things you don't know. Similarly, your bank, broker or IRA custodian may not know what you know, and it's not the financial institution's responsibility to hold your hand.
For instance, if you are unaware that you only have 60 days to put money back into an IRA when transferring accounts, that's your problem, per the IRS.
"There were a couple of cases that came out a couple of weeks ago where the people went for a special IRS ruling to see if they could get more time because they thought that the custodian, the bank, should have told them about the 60-day rule. (The IRS) ruled that no, that is not the custodian's responsibility," says Slott.
The 60-day rule is a little tricky if you don't know about it, and many individuals have no reason to be well-acquainted with the tax laws around retirement accounts. Not all financial professionals are experts, either.
"The average financial adviser is trained to sell investments; they are trained as salesmen. They are not trained on the intricacies of the tax rules," Slott says.