Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
Can anyone offer their experiences with the gold level service at trustetc? Is it worth it or unecessary? I'm hoping to get set up in the next few days.
thanks!
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
14y
I want to say thank you to Ann Bellamy for walking me through an ETC titling issue that ETC should have done for me. ETC, please forward the fees I'm paying you to Ann.
Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
14y
I think the main difference is that with gold level, you don't sit on hold for a long time when you call in. Depending on how often you have to call in, it may or may not be worth your time.
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
14y
I should've been more clear with my question. My bad.
I was asking about equity trust, regarding their self directed iras. They offer a gold level service package for around $250 a year.
@LocR - who do you use? Most people I speak to talk highly of equity trust. My ears are certainly open to other ideas.
Investor · Howell, MI · Member since 2011 · 202 posts · 52 votes
14y
Ed O. please let me know when you pull the trigger and your level of satisfaction with them as custodian. I'm going to be going to solo 401k route in the next 2 weeks but based on some of the feedback on BP was leaning against Equity Trust.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
14y
I have a SD-IRA and a solo K with them. I don't have gold level service. I would get it IF I thought it would help, but I've been told it really doesn't add much value.
I'm not happy with ETC. I've experienced slow response, often 24 hours for the simplest thing, back and forth many times on titling issues, with them contradicting themselves, saying I can't do things I KNOW I can.
On one of my accounts, the most current statement is 3/31/12. On the other account they can't produce any statement at all and cant tell me why or when they will produce one.
And they are hard to leave with the fees and multiple Investments I have in play.
What's good? Their investo conference in Orlando is excellent. Can't think of much else right now.
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
14y
Equity Trust's level of customer service has declined in the last few years from bad to horrible. Every transaction became a frustrating ordeal.
My experience is that Gold Level service added little to improving that customer service, but that paying the expediting fee for each transaction did improve the response time.
I've moved to UDirect, awesome customer service, they actually answer the phone, and the person you ask for actually comes on the line. You can email a specific person and get an answer, and when you are in the middle of a transaction, you get daily automated email updates.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
14y
I want to say thank you to Ann Bellamy for walking me through an ETC titling issue that ETC should have done for me. ETC, please forward the fees I'm paying you to Ann.
Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
14y
Ed O. I use Equity Trust and I have always had the gold level service. I have had excellent service from them over the past 2 years. I have a pretty simple operation and they serve me well and their representatives have gone out of their way to help me when I screw up the paperwork. I cant speak to your question as to whether the extra fee is worth it but would suggest that is not a significant factor if you are investing a large amount of money.
the gold service comes with some free education which I have not found useful but comes with 2 free expedited service, ( 1 day turn around) worth $50 each. Equity trust fees appear a little more expensive but I have not compared them recently. I rate their service as excellent.
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
14y
I didn't know ETC had a gold service. I am a client and have two rentals in my SDIRA. I've really not had issues I can pin on ETC. I just make sure I follow the rules to a "T". Most problems originated with my mistakes. Some "issues" I've seen do seem systemic, but not the fault of ETC. For instance, try to get electric service in my area for an ETC owned property... can't. Progress Energy doesn't recognize ETC since it isn't registered as an "entity" in NC. It's a trust, so it technically doesn't (legally) have to, but many service providers (including Progress Energy) don't operate that way. BTW, Fannie Mae ("Federal National Mortgage") isn't registered with NC either, yet they operate as an entity in NC.
My point is that I've seen people blame the SDIRA when the problem isn't necessarily SDIRA specfic. Gold service? I guess I'd say no to the gold since it addresses issues I don't need.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
14y
I have had multiple clients have very bad experiences with ETC. I refer everyone to:
1. Quest
2. UDirect
In that order now. Either of those choices are really good, but I think Quest is a bit better because I think that Quincy and Nathan Long can provide many areas of subject-matter expertise that Kaaren at UDirect cannot.
I'm happy to make an email introduction for anyone if you'd like one. I get nothing out of it other than good service for my existing clients.
Rental Property Investor · Long Beach, CA · Member since 2011 · 102 posts · 12 votes
13y
I've used both Udirect and Quest. While neither have been perfect, I can say I'm fairly happy with the way Quest/Quincy has been handling a rather difficult situation in terms of the personal attention received and the effort to resolve the challenges. If we can work this out in the next two days then I'd give them an A!
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
13y
Geof Greeneisen
The account I have opened up with equity trust has been an absolute nightmare. No one will return my calls. The saleman that totally fumbled my file is avoiding me and the supervisor calls I was promised haven't happened. Avoid this company. They are awful. Their mistakes and inability to honor their commitments to me (very simple ones at that) are likeley to cost me money.
I'll have more to say on this after I see how they resolve this issue. I have never seen so many people run and hide over a clear and simple problem. It's disgusting.
I can already say, that as a customer of ETC for less than a month, I would discourage anyone from considering working with them.
Investor · Howell, MI · Member since 2011 · 202 posts · 52 votes
13y
Ed O. Thanks for the update to your saga! It is helpful to hear from those who have been through the process. I won't be going the 401k route since I can't qualify for it and I haven't gotten my act together to open a SDIRA. Sounds like ETC is probably not the way to go in either case.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
13y
I've struggled with some Equity Trust transactions in the past, but my last few have gone smoothly. I was on the verge of leaving them 5-6 months ago, but I'm hanging in now as their customer service has vastly improved in my recent experience.
Accountant, Enrolled Agent · Grayslake, IL · Member since 2011 · 5k+ posts · 2k+ votes
13y
Jon Klaus,
If that was customer service improvement I'm scared to see what it was like before. After what Ed O. told me about his experience when I talked to him, it was enough to drive an accountant to drink.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
13y
To be clear my experience above in July 2012, was bad. My recent transactions over the past three months have been much better. Ed, you might want to sent your ETC account manager/team a link to this thread. Maybe the CEO, too. I expect you'll get better attention afterwards.
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
13y
Jon Klaus
Thanks for the idea. I was thinking an executive level person might be able to move the ball here. Do you have any contact info for a high up person there? If not, that's ok, I could bust out the executive email carpet bomb if all else fails.
Steven Hamilton II
Thanks for helping me with this problem,
We'll see how it shakes out from here and if they duck my efforts to speak with them tomorrow.
Investor · Hampton Bays, NY · Member since 2009 · 907 posts · 258 votes
13y
Ed O. I have noticed a downgrade in Equity trusts service over the past year but they have now improved a bit. I recently referred a business partner to them and they have had a few snags in setting up the account . I will update you on this when his issues have been resolved and how long Equity Trust takes to put his plan in effect. To be fair part of the problem has been getting funds rolled over from his prior plan. If I remember correctly there is an Equity Trust Representative that joined BP in the middle of last year. Hope he sees this post and can help.
Investor · Statewide, MO · Member since 2011 · 814 posts · 425 votes
13y
Michael Lauther Thanks for the suggestion. I went ahead and dropped an executive email carpet bomb @ etc tonight. If that doesn't work, I have a few other avenues to try and remedy the situation. I called them again today and again was told that they (the higher-ups who the rep refused to name, claiming to not know who they were) would be discussing my file and making a decision and calling me today before they closed. True and consistent, they didn't call me again.
Joshua Dorkin Do you know who this BP etc rep is, if in fact, one exists?
Jon Klaus I have tried to email the top brass at the company. It looks like the company is owned and controlled by one family, as that's all they show on their leadership page. I was able to snag a few names of some vps and some other addresses to drop the eecb on. I'm sure it will find its way into a few inboxes at the least.
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
13y
Hey guys - of the reps from the company that I know, only Jeanette Arnholt appears to be here on the site. Hopefully she checks her email associated with this post and jumps in.
Otherwise, my other contact there is Kent Kizner, who attended the BP Summit. You can probably find him by looking him up.
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
13y
My experience, (and that of one of my partners) has been that bringing issues to the direct attention of the Desich family (specifically Jeff and Rich) has virtually no impact. They say they will look into it but absolutely no action results.
I'm told by a past employee that the culture of the company is such that raising issues internally about problems that customers says they have, results in the employee who raises the issue being fired or disciplined. I do not have any confirmation of this from a second source, however, so I don't know that it's true.
They have recently gone through a major overhaul of their software system, and now that it's in place, I understand service has improved. I'm not going to move my existing account, because it's too much trouble, but when I inherited an IRA, I put it at Udirectira. Excellent service.
Investor · Howell, MI · Member since 2011 · 202 posts · 52 votes
13y
Ed O., unfortunately your message might not be heard by the company owners, or they might not care, but I'm sure other people interested in their services will hear you. I just googled "TrustETC" and your Biggerpockets forum topic comes up on the first page of the search results!
When I'm looking into a company I always do a little due diligence. Just goes to show that poor customer service will catch up with you.