IRA Financial Trust Company - Reviews?

Question

Hi,

I'm looking for a self-directed IRA custodian for investing in a private company in Europe. I came across IRA Financial Trust Company (http://www.irafinancialtrust.com). They seem to be owned by (http://www.irafinancialgroup.com).

Does anybody have any experience with them?

Thanks,

Kevin

Gloria Sheridan · Answer

I would agree that IRA Financial's fees have been climbing over the last couple years. I don't love it, but really do not want to incur all the efforts and frictional costs to make a migration to a different company.

Gloria Sheridan · Answer

I'm still with IRA Financial Trust and feel like they are doing a good job. Once I got the LLC set up (I had them execute it and do all the accompanying documents for ease of execution and to leverage their expertise), there really isn't much for them to actually do, but you still get charged their fees every year. I'm satisfied with their support. They have been adding new features like enabling crypto purchases directly from their platform, but again - I'd already set up an LLC with my self-directed IRA funds, so they don't need to be involved every time I need to make a transaction. I'd definitely recommend their services.

Gloria Sheridan · Answer

Very positive experience with IRA Financial Trust. I did a decent amount of research in advance, but you still never know how it's going to go. I think a key success factor was that IRA Financial Trust assigned me a specific real-life person to walk me through all the steps. Every form, every wire, every document, she knew what was needed and and what was next and kept the process moving. I had a hard-stop date because I needed to use the IRA funds for a real estate purchase, so she was super helpful to keep the process moving to completion. There are a LOT of steps. End to end it took 3 weeks, but I was working on some aspect of it practically every day. If you aren't in a rush, that is probably better/safer, but having that IRA Financial Trust rep assigned made a huge difference. I was going from a standard IRA with stocks/bonds to an LLC-held business bank account holding my IRA funds. My startup costs included ~$1250 for the creation of the LLC and Operating Agreement (special for an LLC holding IRA funds). All costs to wire money or overnight documents were incremental. Let me know how yours goes, regardless of what company you decide to use. Good luck!  Gloria

Devron Morris-Brooks · Answer

@Gloria Sheridan I totally understand!  I really appreciate you taking the time with feedback.  Meant a lot to me!

Devron Morris-Brooks · Answer

@Gloria Sheridan  I really appreciate the feedback!  I will give them a call. I noticed that IRA Financial Trust charge an annual fee and compliance fee of $599 ($360 + $199 compliance fee).  I'm leaning toward Midland Trust because their annual fee is $325 with no additional compliance fee.

Devron Morris-Brooks · Answer

I'm looking to setup an IRA Self Directed IRA. I'm looking at IRA Financial Trust.  @Gloria Sheridan how's it going :O)?  Any other  recommendations based on experience from anyone?

George Blower · Answer

I would also consider IRA Services Trust Company as they have been in business since the 1970s and have proven track record.

Tina Romeus · Answer

@Gloria Sheridan, How was your experience with the IRA company?

Gloria Sheridan · Answer

So, @Kevin McCarthy: Did you ever get any feedback on this question or make a final decision? It's Oct 2018 and I've just selected "IRA Financial Trust" to set up my self-directed checkbook IRA, with their sister company "IRA Financial Group" as the custodian. Who did you ultimately decide to work with and how did it turn out?

Account Closed · Answer

@Kevin Mccarthy Firms that provide general securities for their depositors in the United States are regulated by the Securities & Exchange Commission. Lending of monies for securities, by either banks or broker/dealers must follow the regulations of the Federal Reserve. Broker/dealers, whether they are banked owned or are regular corporations they in addition to being registered with the SEC, must also ave membership with FINRA (formerly NASAD). IRA Custodians that do not trade securities or lend funds are simply monitored by the IRS in that they have reporting requirements to the IRS and some fiduciary responsibility for the accuracy of their reports. I am not aware of any specific agency that regulates all IRA custodians.

IRA Financial Trust Company - Reviews?

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