An In-Depth Review of Equity Trust Gold IRA

When adding gold to an IRA, numerous hurdles must be overcome. The initial step is to ensure that you possess the appropriate type of retirement account. Traditional IRAs are unable to hold physical gold, whereas Self-Directed IRAs can. These accounts offer greater flexibility and enable you to decide how your funds are invested.

A custodian is required for a Self-Directed IRA, just like any other retirement account. However, the custodian will not determine the allocation of your assets. Their role is to manage the products you purchase and provide regular updates on the value of your holdings.

Equity Trust Company is a Self-Directed IRA custodian. It ranks among the most popular Self-Directed IRA providers in the nation. But being popular does not guarantee quality. Are their services as exceptional as their reputation suggests? Is it worth collaborating with them? Here are the essential details to consider before making a decision.

Product: Precious Metals

Owner: Richard Desich (Owner and Founder)

Overall Rating: 4.0/5

Introduction to Equity Trust

Equity Trust Company is an authorized custodian that oversees self-directed IRAs, allowing you to customize your investment strategy and portfolio by utilizing tax-advantaged savings to acquire assets. With no investment manager, you have complete control over asset allocation. Gold IRAs are self-directed, employing alternative assets instead of traditional ones, which means gold cannot be included in a traditional IRA.

The Desich family owns Equity Trust Company, maintaining it as a private corporation. Over time, the company has garnered numerous awards for outstanding customer service and a positive work environment.

Equity Trust aims to make self-directed IRA investments more accessible, as starting without a financial background can be daunting. Many individuals are unsure about portfolio diversification or selecting the right assets without losing money. Equity Trust provides an abundance of educational resources, tailored tools, and search options.

Serving clients in all US states, Equity Trust manages over 213,000 individual accounts with a combined total exceeding $34 billion in retirement savings. They have high ratings with the BBB and thousands of positive reviews from previous customers.

With over 45 years of experience in financial services, Equity Trust has grown into a substantial operation, employing over 400 staff members who provide personalized attention to each customer. The company processes more than a million transactions through its accounts and networks annually, which translates to thousands daily. The assets that you can include in an Equity Trust account include:

• Traditional options such as stocks, bonds, and ETFs
• Precious metals
• Limited liability corporations
• Real estate
• Cryptocurrency

To purchase gold with your IRA assets, it must be at least 99.5% pure. If it's a coin rather than a bar, IRS approval is required. Only a few coins from various sovereign mints have been approved. Your Equity Trust representative can assist in determining which coins you can legally purchase.

Equity Trust offers numerous free educational resources for the average investor. Their associates are available to answer questions at any time, and they provide webinars, guides, articles, blog posts, and videos. They've accumulated considerable knowledge over their 45 years in the industry.

An online marketplace allows you to compare offerings from many of Equity Trust's network partners. Sign in and use the search system and filters to find what you're looking for. You can compare various investments side by side to identify those with the right returns, time commitment, and price.

Working with Equity Trust provides access to unique benefits not typically found with other companies. Some member benefits are available simply by opening an account, even without depositing any money. You can also take advantage of extra discounts and investment opportunities.

Opening an account with Equity Trust grants a valued member access to different venues. You receive a free annual membership to a significant real estate investment association, providing access to discounts and benefits for real estate investors.

Real estate is an alternative asset, meaning you can purchase rental properties for retirement and keep the income in your IRA. You also gain free access to an online marketplace featuring contractors and construction services, allowing you to compare offers and ensure you pay a fair price.

Special discounts include discounted titling services geared towards real estate purchases placed in an IRA. This is beneficial since the legal paperwork surrounding these properties can be challenging and stressful to document.

You'll also receive discounts on rental property insurance and access to a database showcasing foreclosures and pre-foreclosures nationwide. These listings will be visible before they hit the open market, giving you an advantage when planning to purchase.

‍Equity Trust Gold IRA Review

Equity Trust Company manages client accounts through a proprietary software called MyEquity. This online account management system displays your holdings, account history, notifications of past activity, and suggestions for improving your portfolio.

‍Account Setup and Funding

When you create your account, an installation wizard guides you step by step through the process. The Transfer Wizard assistant can then help you fund your account with a retirement account rollover or set up contributions from your bank account, either as one-time funds or regular contributions.

‍Online Marketplace and Asset Management

The online account allows you to monitor your holdings, buy, and sell assets. The marketplace offers products such as private equity, private debt, real estate, and mutual funds. You can also make online purchases for other types of assets within the Equity Trust network of partners.

When making a purchase or liquidating your holdings, you can track the order status in real time. When buying gold, you can monitor the package status, and Equity Trust will notify you when the package has been received, processed, and added to your depository account.

‍Account Management and Fees

The dashboard enables you to pay bills related to your investments and upload invoices. Equity Trust charges approximately $225 per year to manage a gold IRA account, while storage company fees typically range from $100 to $150. Segregated storage accounts generally cost more.

MyEquity also lets you manage your account preferences, such as display, personal information, and interactions with your Equity Trust associates. You can even bypass phone calls by initiating a chat with your advisor.

‍Account Statements and Distributions

Account statements can be viewed online whenever needed, or you can request paper copies by mail. Once you reach the appropriate age for retirement, you can take distributions as desired. Taking distributions earlier is possible, but you'll have to pay both taxes and penalties; the IRS only recommends this in emergencies.

Products and Pricing

Equity Trust Company focuses on alternative assets, including real estate investing for retirement and gold IRAs. They also offer traditional asset investment options. When creating an Equity Trust account, you can initiate a rollover from your current retirement funds, which must be completed within 60 days.

‍Gold IRA Fees

For those opening a gold IRA with Equity Trust, certain fees can be expected. Unlike many competitors, Equity Trust charges flat fees, ensuring you always know what you'll pay without being penalized for earning more. The setup fee for a precious metals IRA is $50, with an additional $75 for the first year of custodian maintenance. The precious metals storage fee is approximately $150, but partnering with a gold IRA dealership like Goldco could potentially lower storage costs while maintaining an Equity Trust account.

‍Annual Fee Structure

Annual fees for your portfolio are flat but measured on a sliding scale based on the value of your portfolio:

$15,000 and below - $225

$24,000 and below - $320

$50,000 and below - $350

$100,000 and below - $425

$200,000 and below - $500

$300,000 and below - $700

$400,000 and below - $750

$500,000 and below - $1,075

$600,000 and below - $1,750

$700,000 and below - $1,850

$800,000 and below - $1,950

$900,000 and below - $2,000

$1,000,000 and below - $2,050

$2,000,000 and below - $2,150

More than $2,000,000 - $2,250

‍Partner Promotions

Gold dealerships like Goldco or American Hartford Gold may be willing to cover some of these costs for new customers. Both companies offer promotions that involve covering a year or more of fees on qualified purchases. Consult your company representative to inquire about available promotions and qualification requirements if you're concerned about costs.

‍Gold IRA Requirements

When opening a gold IRA, there are several requirements to adhere to. The three main entities involved are the custodian, the depository, and the dealership. Most of the time, you'll need to coordinate between separate firms.

‍Custodian

Physical gold can only be kept in a self-directed IRA. You will need a custodian to maintain the account and report to the IRS. Not every IRA custodian is licensed to manage self-directed IRAs; Equity Trust is one of the few that is and specializes in alternative assets.

‍Depository

Once the paperwork with your custodian is filed to create and fund your account, you need to select a depository. Retirement gold must be held in a secure vault that meets specific IRS security regulations. These vaults are usually insured for their entire value and may be located in tax-advantaged areas. You can store the account within the US or overseas, as long as the depository is compliant.

‍Dealership

Lastly, you need to decide where to buy the gold. Gold IRA dealerships are companies that sell gold on a retail level and have expertise in retirement accounts. They work with custodians and help file IRA paperwork regularly.

You will collaborate with the dealership to determine the right gold products for your needs. The products must be at least 99.5% pure and either certified from an approved refinery or approved by the IRS and originating from a sovereign mint.

‍Is Equity Trust Company a Fraud?

Equity Trust Company is not a fraud. They are a top custodian in the industry, managing billions of dollars for thousands of customers. Their reviews are overwhelmingly positive, with customers stating that Equity Trust is responsive and simplifies the IRA process.

In fact, Equity Trust Company might be the best self-directed IRA custodian available. They partner with top gold IRA dealerships like Goldco and Augusta Precious Metals due to their consistently high customer satisfaction ratings.

‍Awards

Equity Trust has received numerous awards, with an entire section of its website dedicated to them. Over the past three years, Equity Trust has been Investopedia's top pick for an overall self-directed IRA company. They have also been recognized nine times as one of the top 99 best workplaces in northeast Ohio.

The company's CEO has received praise, being named one of the top leaders in the Ohio region for two consecutive years and a Cleveland Business Notables in Finance contender for 2022.

Equity Trust received the Gold Award for Healthy Workplace Practices in 2021, as well as being named one of the top companies to work for. In 2020, they received the Platinum Award for Healthy Workplace Practices.

Equity Trust was also given the Cigna Well-Being Award in 2019 and received several awards from the Smart Business Association in 2018.

‍Regulatory Oversight

As a licensed IRA custodian, Equity Trust is subject to extensive regulations and oversight. They are regulated in South Dakota and registered as a trusted company there, complying with state regulations set forth by the South Dakota Division of Banking.

The company's financial statements undergo an annual audit by a third party, ensuring compliance with AICPA standards for professional custodian conduct.

Equity Trust has multiple policies and tools in place to ensure customer security, including but not limited to:

• Industry-led cybersecurity tools, encryption
• workplace practices, and technology
• Multi-factor identification
• Ongoing employee education on security risks
• Tracking of new cybersecurity threats

Equity Trust has also completed a Service Organization Controls report, issued by the AICPA, showcasing the company's internal controls and regulations regarding financial reporting.

‍Advantages & Disadvantages of Equity Trust

Advantages

• Exceptional client reviews and third-party ratings
• High level of transparency and commitment to regulatory oversight and security
• Wide variety of investment options
• Consistently voted the best self-directed IRA custodian in the US.

Disadvantage

• Does not sell alternative assets like gold themselves, requiring coordination with a separate dealer.

Also Read : Reviews of Rosland Capital's Gold IRA

Remarks

Equity Trust sets the standard for gold IRA custodians. They focus on every aspect of the self-directed IRA, rather than just on precious metals, making them the best choice for a diverse portfolio or a secure gold IRA.

However, they do not sell gold themselves, so you'll need to find a gold dealer. Several top choices, such as Augusta Precious Metals and Goldco, are already affiliated with Equity Trust. Dealership employees will help you with the Equity Trust paperwork and make the necessary phone calls on your behalf.

In conclusion, we highly recommend using Equity Trust as an IRA custodian, particularly for a gold IRA. When paired with one of our top gold dealerships, the customer service and flexibility are unmatched. You won't find another custodian with more positive press or good customer reviews.