Review Time
I wanted to have a Roth IRA in a specialized investment area which involved a separate investment platform. Initially (about 5-6 years ago), though a bit clunky, I was able to invest in what I wanted and the reporting for the IRA's value was pretty easy to do. At that point, I would have rated IRA Financial "5". About two years ago, IRA Financial switched investment platforms for this investment. Since then, the service has fallen far short of my expectations or experience with the previous investment platform. Comparatively speaking, my investment choices are VERY limited, and many of the investments listed as "available to invest" are showing up with "no trades", "no market", etc. which I know is totally inaccurate. There is no explanation as to why, if they are listed on this new platform as being available to invest in, they are not tradeable. Getting to the investment platform is no longer intuitive. It is confusing at best. Reporting the value of the IRA is impossible at this point. When I click on the choices that IRA Financial personnel directed me to do via email, I get a blank screen with a tiny bit of writing that says, "No asset valuation found" or something similar. Repeated attempts to have IRA Financial simply EMAIL ME THE FORM so that can complete it have met with no success. Since it has been five years since I set up this IRA, I will look for alternatives that are more user-friendly and offer better customer service. What a pain.
Nezla at IRA Financial made a potentially complicated ROBS transaction feel seamless. She provided clear direction at every step, was always available for questions, and ensured my business was funded on schedule. Her professionalism and expertise gave me total confidence in my new business structure. Five stars for Nezla and the team!
I was advised to set up a specific bank account for my LLC, which I did. Unfortunately, the mobile app never functioned properly, and I spent countless hours trying to get it to work. While the website was operational, I found no option to deposit checks. When I searched for deposit locations, I discovered that there were no branches within 400 miles, leading me to open an account at a different bank. I believe the account is still active, but I have struggled for weeks to close it.
Additionally, I attempted to carry out an in-kind distribution. They insisted that it required four deeds instead of one, claiming it was an IRS mandate, which it is not. They also stated that I couldn't perform an in-kind distribution of more than 49%, again citing IRS rules that don't actually exist. The new custodian does not have this limitation. It seems they have a significant control issue and often misinterpret compliance requirements. During my attempts to complete the distribution, I received conflicting information from representatives, with one saying it was impossible, another suggesting I just needed to fill out a form, and the final approver lacking clarity on deed requirements. They expect you to draft the deeds or have them prepared, yet they don’t provide guidance on the necessary content. This custodian has proven to be very difficult to deal with, filled with misinformation.
We have used IRA Financial for the past 7 years for all the IRA accounts in our family. They are simply fantastic - they are knowledgeable and responsive. Recently we needed some changes with our IRA. We were helped by Asa Moring - he beat all our expectations!
Eric Van Hoft is extremely knowledgable and professional. I am working on a some what complicated scenario and he was able to quickly explain what need to be done to ensure everything could be accomplished to be in total compliance.
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