Review Time
I wanted to take the opportunity to thank multiple employees from Ira Financial for their continued customer service support they provide me each and every single time I call them. They were able quickly address the completion of a tax form for my account. They worked together as a team to quickly answer all my questions, and completed the form for tax compliance. Their efforts made something challenging into a seamless task for all of those involved. Those employees are the following: Katherine Wittrock, Rebecca Scifo, and Morgan Appeldorn. They are the reason I am so happy I joined IRA Financial several years ago. Their exceptional customer service is completely appreciated. Their continued efforts minimized my stress in maintaining my self directed IRA account. Thank you for the tremendous service that you provide !
Working with IRA Financial started out well. Talking with their sales team they seemed knowledgeable and helpful. Once I signed up, it became very difficult to reach someone. I tried calling, I tried their online chat. Just dropping to voice mail or no response online. I tried different days and different times. Always the same. It is inexpensive, because you have to fill out all the forms for everything yourself. And, with my first investment, the "customer support" team that helped me fill out the form, filled it out incorrectly which slowed the process down and my first investment didn't get done because the process was too slow. Then I found out they will only process one investment at a time. You can't submit several "investment authorizations". I guess it confuses them. After all that, once my investment started generating interest, now I had to fill out the deposit information to make sure the deposits were credited to the correct investment. This task, although the deposits are already labeled correctly. Also, no one was available to help fill out the form again. I have been trying to reach someone for a week now... Slow process and tons of frustration.
Morgan did a great job! She listened to my situation where I had previously requested that an investment form be executed and she confirmed that she would follow-up with others in "Full Service" to retrieve an email that I had sent with other information requested. She indicated that someone from the Full Service team should be able to give me a status by the end of the day today. She was detailed, friendly, and complete in her communication. Thanks very much Morgan!
I have been evaluating my experience with IRA Financial Trust and wanted to share observations that may be useful for others conducting due diligence. IRA Financial Trust is a South Dakota–chartered nonbank trust company, which means it does not operate as a bank and is not subject to routine prudential oversight from federal banking regulators such as the FDIC, OCC, or Federal Reserve. My understanding is that its oversight is limited to state trust‑charter requirements and federal tax‑compliance rules applicable to IRA custodians, rather than the type of ongoing financial‑stability examinations applied to banks or broker‑dealers. Client funds are not federally insured.From a user‑experience standpoint, I have found the online dashboard difficult to navigate. It can be challenging to view total balances, investment positions, and available cash in a consolidated way. The portal design feels dated, and the workflow for basic tasks is not as intuitive as other financial platforms I use.Operationally, response times can vary. Outbound transfers have sometimes taken several business days, which I understand may be due to workload and internal processes. Faster processing is available, but it comes with an additional fee. Customer service availability has also been inconsistent, and staffing turnover has occasionally resulted in delays or being routed between departments before receiving a clear answer.Because IRA Financial Trust is not regulated by agencies such as FINRA or the SEC, there is limited publicly available information about its financial condition, cybersecurity posture, or internal controls. As a client, I have not found a way to review audited financial statements, insurance coverage levels, or other documentation that would typically support due‑diligence efforts with more heavily regulated institutions. This appears to be a broader structural issue in the self‑directed retirement industry, not unique to IRA Financial.Regarding the 2022 cybersecurity incident, IRA Financial reported that affected cryptocurrency assets were ultimately recovered. However, from a client perspective, it is difficult to assess what specific controls failed, what changes were implemented afterward, or what independent oversight exists today, since this information has not been published in detail.I am not suggesting that IRA Financial Trust or similar firms are violating regulations; rather, the regulatory framework for nonbank IRA custodians is different from what many consumers may assume. For individuals holding significant retirement assets, the absence of federal prudential oversight and limited transparency into financial and cybersecurity safeguards may be important factors to consider.
Claim your business profile now and gain access to all features and respond to customer reviews.
