Last Updated on March 16, 2023 by George
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If you want to learn more about Equity Trust Company before deciding, you’ve reached the perfect spot.
You will discover a lot of information in this comprehensive study, including the company’s history, the goods, services, and IRAs they provide, some information on their regulation, a summary of web reviews and ratings, and much more.
For our final recommendation on Equity Trust, read all the way through.
Before you begin this evaluation:
They know how challenging it is to choose a business you can entrust with your hard-earned savings. They produce insightful and practical material to give you as much information as possible so you can make the best decision.
Equity Trust Company is a family-owned private investment firm that Richard Desich founded in 1974.
They take satisfaction in removing all obstacles and granting investment freedom to financial experts and individual investors.
The business is a leading provider of self-directed IRAs and 401(k)s in the US. Its goal is to inform, motivate, and assist investors in accomplishing more.
Richard Desich founded the business as a brokerage. The industry received its trust charter in 2003 and changed its name to Equity Trust Company.
Equity Trust Company handles all administrative and custodial requirements for each type of investment account that one of their clients holds as an ISR-approved custodian.
Investors can use an Equity Trust account to invest in various assets, including private equity, real estate, and precious metals. A single custodian also enables investors to purchase more conventional investments like mutual funds and equities.
The company acts as custodian but does not provide investing, tax, or legal advice to its clients, nor do they sponsor or market real estate investment products.
The business has undergone a lot of development and change throughout the years. They introduced myEQUITY, the leading online account management platform, in 2018.
The same year, they also introduced the Digital Asset Platform, which enables clients of equity.
Trust Companies to invest in cryptocurrencies using their IRAs.
Equity Trust Products and Services
It enables customers to contribute before taxes. Tax deductions for traditional IRAs are possible, and investment gains are tax-deferred until the investor takes them out of the account.
Investors may contribute to a Roth IRA with after-tax money; tax deductions are not permitted. As a result, investors’ earnings can increase and be withdrawn tax-free.
Their eligible distributions and earnings are immediately tax-free after the investor reaches the age of 59 and 12 years.
Savings for Health
Through this account, consumers can cut their health insurance premiums while saving money for current and future medical expenses in a tax-friendly environment.
With this account, clients can benefit from tax advantages such as tax-deferred growth of money, potential tax deductions, and eligible tax-free expenses.
Education Savings Account (Coverdell)
Customers can use this service to save money in a tax-advantaged account for current and future school expenses. The account’s earnings accrue tax-deferred. Additionally, distributions are tax-free if the customer spends them for eligible expenses.
Why Put Gold in Your IRA?
Individual Retirement Accounts (IRAs) safeguard your retirement and your family’s financial stability.
You can save money in these particular tax-sheltered accounts for future usage.
Investing these long-term funds in trustworthy and robust assets is crucial for a secure future.
Cash in an IRA is possible, but it depreciates quickly, and inflation is out of control.
There is no better asset for this than gold because it is dependable, holds its value over time, and even grows in value.
A record amount of uncertainty exists as the global economy suffers. Due to lockdowns, shortages, conflicts, and inflation, investors are defending themselves by putting physical gold in IRAs.
These economic crises, which harm most Investments in gold, benefit from other assets.
Risk is not taking steps to protect yourself and your loved ones. Family against economic threats despite being aware of them.
Knowing the risks to your financial future and acting to safeguard it is the definition of safety. A gold IRA makes it simple to achieve this.
How is Equity Trust Regulated?
Trust Equity Company protects all of its clients’ personal information. The business is recognized in South Dakota as a reliable business, and they abide by all laws and regulations by the South Dakota Division of Banking.
They annually have independent certified public accountants audit their financial accounts by guidelines set by AICPA experts.
The business has also finished AICPA’s Service Organization Controls Report, which demonstrates its dedication to financial reporting through internal control.
What are Alternative Investment Options?
- You can invest in any alternative assets that have previously outperformed conventional investments with a self-directed account. Among the alternative investing possibilities are the following:
- Fix-and-flip properties, rentals, undeveloped land, and commercial buildings are all examples of real estate.
- Promissory notes allow you to lend money from your accounts while potentially earning tax-favored passive income.
- You can invest in private companies through private equity and make significant gains.
- You can gain security, anonymity, and decentralization from cryptocurrency.
- The success of the public market is typically unrelated to precious metals, which have historically performed well despite inflation and unstable economic conditions.
- The market is highly accessible for trading accounts or foreign currencies, and money can transfer quickly.
How to Open an IRA with Equity Trust
These are the simple steps to follow if you wish to start a regular or Roth IRA:
1. Create an account
You can open an account using the online myEQUITY application wizard in under 10 minutes. You’ll find instructions on how to fill up your personal information and fund your account.
Following that, you must sign electronically before submitting the applications. Accounts are opened in three business days, but if any adjustments or clarifications are required, it can take longer.
2. Fund the account
A transfer, rollover, or out-of-pocket contribution can be used to finance your account. You can fund your Roth account using any combination of the three options or using Roth Conversion.
You ultimately control how you want your accounts to be invested. In this manner, you can diversify your choices by including conventional and non-conventional assets.
You can request your investment direction using myEQUITY’s transaction launcher tool or its user-friendly wizards. The transaction tracker allows you to keep tabs on transactions from any device at any time.
What are Prohibited Transactions in an IRA?
These are improper uses made by the account holder, beneficiary, or ineligible individuals of the IRA account or annuity. Fiduciary family members, such as spouses or the spouses of lineal descendants, are ineligible.
Receiving indirect benefits, engaging in “self-dealing,” and investing with ineligible parties are prohibited transactions.
They might compromise your account’s tax-deferred status, resulting in serious tax repercussions or disqualification of the self-directed IRA.
Life insurance, specific coins, and collectibles, including diamonds, stamps, rugs, artwork, and antiques, are examples of prohibited investments.
Why Investors Choose Equity Trust
Numerous conventional institutions will restrict your IRA’s traditional investment options. Customers can, however, invest with Equity Trust Company in various options, including traditional and non-traditional assets.
You don’t need to open a separate account to invest in any of these, which include mutual funds, precious metals, bonds, equities, private companies, and cryptocurrencies.
Expert assistance: The company ensures you have access to its workers while retaining control over your capital. They are knowledgeable, customer-focused, and always available to provide specialized services.
Additionally, there are lots of options for learning through blogs, guides, and webinars to help you improve at investing.
Reliability: The Equity Trust Company provides the tools, knowledge, and experience necessary to guarantee their availability whenever you need them.
You will always be with the help you require when you need it, thanks to their approximately 400 associates, who handle almost 1.2 million transactions annually.
They support the alignment of your investment objectives.
The Equity Trust Company provides an online marketplace that makes it simple to identify investment alternatives that meet your needs, unlike other custodians.
Particular advantages: Every customer can access unique gifts and opportunities unavailable from other self-directed account custodians. Among the benefits are the following:
Valued Member Access: This entitles you to a free yearly membership and discounts from one of the largest national real estate investors.
You can also access a reputable marketplace for building professionals for the most excellent deals.
Discounts: You receive discounts on insurance for rental properties, titling services customized to your requirements, and access to a nationwide database of pre-foreclosures, foreclosures, and properties that have been opened for real estate.
Additionally, you receive a real estate investor software membership to assist you in managing improvements, automating marketing, and gathering leads.
Equity Trust Staff
The business was founded in 1974 by Richard Desich as a brokerage firm. The company received approval in 1983 to serve as a non-bank-directed RIS custodian for retirement, and they closed their first self-directed real estate transaction in 1984.
The corporation changed its name to The Equity Trust Company after receiving its charter in 2003. By acquiring the Sterling Trust accounts in 2009, they could launch the current equity Institutional. To fulfill the requirements of the financial services sector, they founded Equity Advisor Solutions in 2011.
The business kept expanding, and in 2015 they bought accounts from Principal Trust Company and American Pension Services.
They introduced the most famous account management platform, Equity, and the Innovative Digital Asset Platform in 2018.
The company’s current chairman is Richard Desich, the executive vice chairman is Jeffery Desich, the director is Richard Desich Jr., CEO is George Sullivan, and the COO is Mark Furmanek.
IRA Withdrawal Rules
It would help if you waited until you were 59, 12 years old, or older to withdraw your self-directed IRA assets without incurring a penalty. The account had to be initiated five years before starting money from a Roth IRA account.
After turning 72 years old, you must begin taking required minimum distributions from any Traditional IRA, single 401k, SIMPLE, or SEP accounts you may have.
It would help if you spoke with a tax advisor because the corporation determines that minimum using a formula that considers life expectancy.
They calculate the RDMs for each account. Therefore if you have multiple accounts, you need to consider the cumulative RDM before taking the distribution.
Equity Trust Reviews
Most consumers who have utilized this company’s goods and services give it four or five stars. Most consumers are grateful for the variety of options when investing with just one account.
Many customers are also pleased with the team’s professionalism, assistance, and knowledgeable guidance.
Low-rated customers primarily voiced complaints concerning new mortgages, the deposit procedure, and the businesses that draft contracts for Equity Trust Company.
Pros and Cons
- A variety of investment alternatives with a single account
- They have been in the industry since 1974 and have superior technology and experience.
- They have 130,000 clients and assets worth over $12 billion.
- Clients are ultimately in charge of their investments.
- All customers receive particular advantages not offered by other platforms of a similar nature.
Final Thoughts – Equity Trust Reviews
Despite the company’s many benefits and positive web evaluations, you should remember that the BBB does not endorse it.
Additionally, the company is the subject of serious complaints, and its website needs help and information.
Do your homework about the company before investing, and get feedback from others who have already done so.