Equity Trust is based in Westlake, Ohio, and is considered a self-directed IRA company. It specializes in offering custodial services for different investment account options.
In fact, Equity Trust offers a wide range of services for financial professionals, businesses, and individuals. You'll also find many investment options. Still, its fees might be higher than the competition. Currently, the company has an average rating of about 3.4 stars based on multiple systems like Trustpilot and the BBB.
Let's learn more about this company and its services/products.
What Is Equity Trust?
Founded in 1973, Equity Trust Company serves as a self-directed IRA custodian approved by the IRS and has since 1983. Overall, it currently holds more than $34 billion in assets and manages over 130,000 client accounts. Likewise, the brand collaborates with 10,000+ financial professionals.
The company specializes in different investment account options, allowing people to diversify their portfolios with precious metals, real estate, ETFs, bonds, stocks, and other alternative assets.
Ultimately, Equity Trust serves a large clientele base, including financial institutions, businesses, and individual investors. It doesn't offer investment, legal, or tax advice; instead, the brand focuses more on custodial and administrative duties.
Today, Equity Trust stands as a large player in the industry, offering various services, such as self-directed IRAs and much more.
As of January 2024, Equity Trust shows these corporate leaders:
- Chief Financial Officer - Matt Gardner
- Chief Executive Officer - George Sullivan
- Chief Information Officer - Mark Furmanek
- Chief Human Resources Officer - Amy Hall
Equity Trust's Reputation
It's important to research different brands when choosing a self-directed IRA company. There are 655 reviews on Trustpilot about Equity Trust, and it has 3.2/5 stars.
On the BBB, you'll see 105 reviews and an A+ rating. Equity Trust has a 3.55/5 star rating.
Positive Reviews for Equity Trust Company
Let's start by looking at some of the most positive reviews for Equity Trust:
Debra K. said Equity Trust offers efficient, excellent, and IRS-compliant products and services. Bill claims that it's easy to manage his account with the tools available, and it's simple to run the properties within his IRA.
Dean mentioned getting help from a customer service agent, who answered his questions on distribution request concerns and fees.
Negative Reviews Including Equity Trust's Fee Schedule
It's also important to consider negative reviews about Equity Trust. Carrie C. says that the brand let her down and offered a disappointing experience. She doesn't think that the company will return her funds and reminds people that they should invest wisely. Plus, she mentioned another investment option that provides reliable sources she can depend on.
C. Schi said that the entire process was disappointing at Equity Trust. The platform was often glitchy, and customer service wasn't very helpful. In fact, she mentioned how frustrated she was not to get assistance when dealing with such important financial matters. Ultimately, she switched to another company to try its services instead.
Client G. mentions that Equity Trust was unprofessional, unfriendly, and unhelpful, asking why the brand was so bad. They also listed specific customer service representatives who liked to transfer them around, asking why that happened and offering robo-answers. Overall, they said you could deal with the hotline for an hour or longer and get nothing for your troubles.
Continuing on, Client G. mentions that it wasn't a nice experience dealing with Equity Trust Company. Offering advice, they did say that you must call as a new client and request to speak with a manager to get anywhere. Plus, they said that the online system doesn't work correctly, and no one knows why!
Brandon S. said that he opened an account with the company and had a zero balance, hoping to fund it in the next month. However, he received a bill for a $50 start-up fee and saw a $320 charge for annual maintenance.
He goes on to point out that the fee schedule shows a $15,000 minimum before the maintenance fee applies. Likewise, it listed a $1 minimum for a lower annual price. Brandon emailed his account representative, saying he wouldn't mind paying the opening cost, but he needed clarification for the other charges. Still, he received no response at all. Ultimately, everything was closed, but it was a hassle.
Is Equity Trust Legitimate?
Overall, Equity Trust isn't a scam. In fact, it's an IRS-approved custodian and has a history within the financial sector. Likewise, it is confirmed as legitimate because of how many assets it holds and its A+ rating on the BBB.
Pros and Cons of This Brand
Pros of Equity Trust
- A reputable custodian that is backed by top-ranking gold IRA firms and IRS-approved
- Diverse investment options, including real estate, ETFs, stocks, bonds, and other assets
Cons of Equity Trust Company
- Potentially higher fees than those of its competitors
Services and Products Available at Equity Trust Company
You'll find many services and products available at Equity Trust, such as:
- Self-directed IRA accounts, including SIMPLE IRA, SEP IRA, Roth Solo 401(k), Solo 401(k), HSA, CESA, Roth IRA, and traditional IRA options
- Various investment types, such as mutual funds, stocks, precious metals, cryptocurrency IRAs, Forex trading, private equity, private lending, and real estate
Frequently Asked Questions
How Does the Company Work?
Equity Trust is a custodian for various self-directed IRAs, so it handles the administrative and custodial duties for many types of investment accounts.
How Long Has the Company Been in Business?
It was founded in 1974, but it's only been a self-directed IRA custodian since 1983.
Is Equity Trust Reputable?
Yes, Equity Trust is reputable and widely recognized within the financial industry as being IRS-approved.
Contact Information for Equity Trust Company
Here is a brief look at the company's contact information and social media accounts:
- Phone Number: 855-233-4382 (to get account value information)
- Category: Self-directed IRA company
- Alternate Name: Trustetc.com
- Address: 1 Equity Way, Westlake, OH 44145
- Social Media: Facebook, LinkedIn, X, and YouTube
Equity Trust Alternatives Offering a Self-directed IRA
While there is no reason not to use Equity Trust, it does have higher fees and customer service issues. Therefore, it might be best to consider some of these other brands:
UDirect IRA
UDirect IRA deals primarily with self-directed IRAs. Investors can include many assets in their retirement portfolios, such as precious metals (gold and silver), private placements, and real estate.
Alto IRA
Alto IRA offers a more modern approach to self-directed IRAs. You can invest in alternative assets like precious metals, start-ups, and cryptocurrencies, which can diversify your retirement savings.
Strata Trust Company
Strata Trust Company also specializes in self-directed IRAs. In fact, it offers many investment opportunities in alternative assets, such as precious metals, private equity, and real estate.
Broad Financial
Broad Financial offers Solo 401(k) plans and self-directed IRAs. Ultimately, investors have the freedom to invest in many assets, including precious metals, real estate, and cryptocurrencies.
The Entrust Group
The Entrust Group has been a facilitator of self-directed IRAs for many decades. It's so easy to invest in various assets, such as private equity, precious metals, and real estate, to diversify your portfolio.
IRA Financial
IRA Financial offers Solo 401(k) plans and self-directed IRAs. Therefore, you can diversify your retirement savings with cryptocurrencies, real estate, and precious metals.
Millennium Trust Company
Millennium Trust Company offers custodial services for many types of self-directed IRAs. You'll find multiple alternative investments, such as private equity, real estate, and precious metals.
Pacific Premier Trust
Pacific Premier Trust used to be called Accuplan. It provides self-directed IRA services that focus on alternative assets like precious metals, real estate, and private equity.
Rocket Dollar
Rocket Dollar offers a platform for many self-directed retirement accounts. Investors can easily mix alternative and traditional assets to boost their portfolios.
GoldStar Trust Company
GoldStar Trust Company is a well-known gold IRA provider and has many decades of experience in the financial industry. Primarily, it deals with precious metals, allowing you to securely and compliantly invest in gold, platinum, palladium, and silver.
Advanta IRA
Advanta IRA is another self-directed IRA administrator that offers various investment options tailored to your individual retirement planning needs. You'll find precious metals, private lending, and real estate choices.
Final Thoughts on Equity Trust as a Top Self-directed IRA Company
Choosing the right company to set up, maintain, and house your self-directed IRA account is crucial because you want to ensure that your money and retirement savings are protected until you require them. It's often difficult to know which brand to consider.
While Equity Trust is legitimate, it does have higher fees compared to some other brands. Likewise, it might be tough to set up an account, and the customer service team seems to lack in many areas. Therefore, you may pay more and get less.
Overall, it's essential to do your own research when selecting a gold IRA brand. Read through multiple Equity Trust Company reviews, and don't forget about its competitors. In fact, you may want to talk to a financial advisor before selecting one. They can help you decide what's right for you and your specific needs.
