I have a Keogh Profit Sharing Plan and a Keogh Money Purchase Plan with the bank and their high fee brokerage. I've opened up new accounts with a discount broker, filling out the forms with the boxes checked that say "This is an amendment and restatement of an existing profit sharing/money purchase plan (a Prior Plan)." The next step was going to be transfer most of the assets in pieces. Long range I planned to make deposits annually at the bank, then transfer to discount brokerage. This would be a no-brainer with IRAs - just fill out the custodial transfer forms. The bank is claiming this is not possible with Keogh Accounts. They are claiming that IRS rules require a single custodian. I'm suspicious because it takes eight weeks to get an answer from them, and their justification is to point to a clause in the Plan that deals with permitted investments, not custodial transfers. Does this make any sense, or does it sound like I'm getting the runaround?