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Institutional CharacteristicsAsset TypesServices: Do they provide?FeesTimelinesProcess AspectsCustomer ServiceContact Information
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CustodianOwnerInstitutionCustodial DocumentRegulatorYears in BusinessTotal AssetsBoard QualityFDIC InsuredE&O InsuredOutsourced Admin?Private SecurityReal EstateLoan w/ Royalty KickerPromissory NoteP2POtherStatements (Frequency)IRS ReportingOnline FunctionalityEducational ResourcesAnnual Mgmt (Per AUM; Per Acct)Eg: $101k total; 3 non-RE assets; 1 accountHolding Fee (Per Asset)Account SetupPer TransactionCash Holding FeeOtherTime to InvestFund Processing TimeAccount Opening StepsInvestment StepsInvoice Payment StepsReportingReal-Estate SpecificPhone AccessibilityComplaints LodgedService StructureNotes & ReputationService HoursPersonEmailPhoneSiteNearest CityState
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Pensco Trust CompanyGenevieveNon-depository bankYesThey are regulated by the New Hampshire Banking Commission and the IRS.
They are a custodian as opposed to an administrator. Administrators are regulated professionally. They are the only custodian, who has been around for as long as they have, who have never been sanctioned.
2410.5BTheir founder and board member, Tom Anderson, went on to become the president of the Retirement Industry Trust Association.Any uninvested cash is FDIC insured up to 1.5MHe will find out for me.All in house and run out of Denver ColoradoYes - documents checked by compliance officerYes; 50% of investments at Pensco are REIncluded in quatrly account fee. YesThey don’t allow for outright purchase of precious metals because they don’t have any way to hold them. They do have company they go through so you can do it with a third party custodian. Quarterly online ($20/yr if you want paper)YesTrack transfers and wires. Lots of good functionality; No online checkbook; Yes. Lots.Flex fee schedule : $400 <$79,999
$1,100 plus .025% of TAV for 1M+
$62.50/q x4=$250
0.05%x100k=$200
$250+$200= $450
$40 annual safekeeping cost is per asset document package, $12 quarterly asset maintanance per asset (real property, promissory notes and mortgages - waived for other assets) (this are additional expense in $101K scenario)$50 no3.5% minSee ScheduleTo open and fund an account is 8 - 11 business days. For transactions 3 - 5 business days (usually 3). 24 to 48 hours for an investment that has already been accepted on their platform. They can expedite if necessary at no charge. Checks 24-48hrsSubmit paper work and fill out forms. One 6-page application and a transfer doc
Review formation docs/offering docs (3-5 business days); an investment doc (3-5 pages) Yes, returned call in 3hrsThey had a number of complaints before they revamped their service department but now have very few. Client Svcs Team of 10-15 people (but you can request one point of contact) - act as liaisonThey revamped their service department, upgraded people (the rep made a point of this)5:30am-5:00pm PST (8:30-8 EST)Gil HartmanGilbert.Hartman@Pensco.com(415) 274-5600 Gil: 425- or 415-248-1415www.pensco.comThey have a small San Francisco office. CA
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Self-Directed IRA Services, IncLeighWholly owned subsidiary of Horizon Bank (TX Savings Bank); in Waco, Horizon in AustinYesCFO of Horizon and VP of SDIRA services returned my call and was very helpful - Gregg Bennett (512)637-5752; regulated by FDIC and Texas Department of Savings and Mortgage Lending, Theresa is overseer of Horizon; FFIEC Uniform Bank Performance Report for Horizon Bank posted on Podio; TX regulator cannot comment on stability of any bank or status of complaints; refered to UBPR documents available through FDIC/FFIEC;since 2008, bank since 1905>9,000 accounts, $450M in assetsnot listedyes, to $250,000Yes: Fidelity bond; D&O; banker's liabilityin house, only Horizon bank for wiring funds, Delaware depository for precious metals, don't set up LLCsYes - documents checked by compliance officer; NOTE: they require a PPM or offer memorandum to accept the security; these are not always provided and can prevent an obstacleNon-recourse loan would require lawyer; or pool IRAs of several people; or other friends can use personal (non-IRA) moneyno restrictions, would be handled under their guidelines for Private Debt;No restrictions - normally require a debt servicer, cannot be the custodian, but could be the client themselvesYesPrecious metals: $60/yr annual fee; $40/each purchase or sale; storage fee <$250,000, $100/yrQuarterly online ($20/yr if you want paper)YesPlatform shows value of assets, transactions, tax forms; must sign and scan email/fax orders; No online checkbook yet; Well-organized resources on website: http://www.sdiraservices.com/ira-resource-center/; paperwork outlining allowable investments, FAQs; large customer service dept can answer questions; compliance officer can answer questions on a case-by-case; customer service team 15 peopleFlex fee schedule: Fees based on acct value- 0-100K = $175/yr; 100-200K= $200/yr; 200K+ $300/yr; $200+$50x3=$350$50/each ($100/RE), capped at charge for four - max $200 holding fee annually for private investments, plus $300 max for Real Estate$0, or $25 for precious metals - but charge $25 per asset for Roth conversion, $25 per asset for asset transfer, $150 for account terminationtypically $50/each, or $125 real estateNoneTheir service and processing fees seem quite hefty - See ScheduleTo open an account 24 hours, funding it typically 1 week. Once account set up, funds can be disbursed w/in 24 hours.Checks are generally next day (24hrs); same for wiresIRA Transfer: new acct application kit (pgs 4-10); transfer request form (pgs 40-46); scanned copies are ok; 2 docs from them= Investment direction form; Private Investment Issuer Representation Letter; then 3 docs from corp= corporate filing; Private placement memorandum; Subscription agreement; these then forwarded to compliance officer for his approval Must sign off on and instruct each time, unless it's a montly recurring expensethird party property manager required; they are responsible for paying for expenses, send invoice to SDIRA who pays it from your IRAYes, returned call within 5 minutes; Immediate pickup other 2 timesBBB member since 7/2010, 0 complaints, rating: AClient Svcs Team of 5 people (liaison w/ rest of firm)I was very impressed with their customer responsiveness- they didn't always know the answer but followed up with individuals in the bank who did; I even received a phone call from the CFO of Horizon bank to make sure all of my questions were answered.6:00am-3:00pm PST (8-5 CST)Ryan Schneider; Amanda Efirdryan.schneider@sdiraservices.com(866) 928.9394, ext 4004www.sdiraservices.comWacoTX
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Equity Trust CompanyMichaelTrust company under authority granted by the state of South DakotaYesSouth Dakota regulates trust http://dlr.sd.gov/banking/trust_companies.aspx Division of Banking, South Dakota Department of Labor and Regulation
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501
Phone: 605.773.3421 Fax: 866.326.7504 email: banking@state.sd.us
FINRA and the SEC regulate Equity Trust's brokerage affiliate, ETC Brokerage Services;
Trust since 2001; RE-IRA since 1983; Broker since 1974$12B assets (130k clients)Company now owned by the two sons of the original owner. They make up the board.Yes, deposits all un-invested cash in FDIC insured accounts, up to $250k; also SIPC on brokerage assets, $250kYes: Financial Inst Fidelity bond; E&ODo not outsource any work; Yes - documents checked by compliance officerYes; they were one of the first to allow RE in IRAsNo restrictions so long as it is IRS-kosher; reporting simply shows cash flows, but does not distinguish between interest/principal/otherNo restrictionsYesQuarterly online ($30/yr if you want paper)YesElectronic checkbook (bill pay - recurring or one-off); 3 business day processing time; <$5,000 no invoice required; Equity Trust University; seems to have a lot of educational contentScaled fee; some examples: $190/yr @ <15k;
$300/yr @ $25k-49k; $360/yr @ $50k-99k;
$440/yr @ $100k-$199k; $600 @ $200k-299k
$440 $0 $50 Included4.0% minSee ScheduleAccount opening (24hrs); Transfer/funding (2-3wks);
Transactions can be expedited (24hrs $50); normal approval time is 3days; another 3days to fund;
Checks out: 3 business days; incoming are 24hrs; incoming checks: 5 business day hold; wires posted same-day/24hrsIRA Transfer: complete transfer form (app emailed) with copy of statement from current custodian;
401k Rollover: similar to above, with diff form
Submit the investment doc and a form for review; Invoice sent to account holder, then you approve payment (online if <$5k or via form); No standing-order optionThey do not monitor for delinquency, simply report cash flowsYes, menu options, then personBBB member; Rating: A
110 complaints/3yrs/48 closed
56 customer reviews: 35 pos, 20 neg, 1 neutral
Dedicated Acct Exec handles opening; Team of 5 handles service; Dedicated person for each investmentZac has had a positive experience;
"Gold Level Service" for real estate and complex investment clients; provided expedited processing and education material (for $249/yr per person)
6:00am-3:00pm PST (9-6 EST)Peter - Sr Acct Execp.kamel@trustetc.com (877) 693-8208www.TRUSTETC.comElyriaOH
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Midland TrustMarcoMidland IRA is not itself a SD-IRA custodian but provides third-party administration. Their clients' assets are held in custody by custodial bank First Trust Company of Onaga (FTCO) in Onaga, Kansas. FTCO has been a custodian for 30 years and has 80,000 accounts holding $7B in total assets.YesFirst Trust Company of Onaga and Kansas State bank regulators - Scott D. Lowry, Bank Examiner (785) 296‐2266. Interestignly, regulators can only say if the entity is in good standing with the office of regulators. Can't issue an opinion nor reveal any of the info they have. Level of insurance more important than capital requirements for trust companies. Midland since 2004. FTCO (the actual custodian) in business for 30 yearsMidland administers $300M in SD-IRA alternative assets. FTCO has $7B in custodyMidland IRA is owned by three onwers: Brandon Stith, Dave Owens & Glen Mather http://www.midlandira.com/about/staff1/The first $250,000 of uninvested funds in client accounts are FDIC insured They carry E&O insurance and professional liability insuraceThey are providing outsourced admin for the SD-IRA custodian First Turst Company of OnagaYes - documents checked by compliance officerYes. http://www.midlandira.com/investments/real-estate/
No restrictions, would be handled under their guidelines for Private Debt;YesClient statements are updated daily and available for printing through their web portalYesMidland clients have access to their accounts online. They can submit payments, view account activity and print statements. Soon they will have the ability to complete all of the documents needed to purchase an asset.

Annual account fee: $100,
plus EITHER per asset fee, OR
Annual fee sliding scale based on account size
$100+min($700, $885)= $800$295 (included in $101K scenario)$50$95 per transaction ($145 for RE transaction)None$150 account closing (see doc on Podio for complete fee schedule)Between a week and a half to two weeks. Mostly a function of the fund transfer. Wire is the most expedite. If checks have holds, could be as long as 5 days. Wires posted same day/24hrsNot a BBB member; no rating; no complaints found on google searchDaniel Hanlon, Relationship Manager CISPdhanlon@midlandira.com(312) 753-6383http://www.midlandira.com/ChicagoIL
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Millennium Trust CompanyMichaelTrustYesIllinois Department of Financial and Professional Regulation (DFPR) - Chapter 205 Act 620 & Chapter 720; Alma in banking dept is contact 312-793-2286.
http://www.idfpr.com/Banks/LAWS/LAWS.ASP
http://www.idfpr.com/Banks/CBT/STATS/FIDSTAT.ASP
http://www.idfpr.com/Banks/CBT/enforcement.asp (none listed)
Since 20006.5BNot listedYes, and sweeps cash to different banks to ensure up to $1m in FDIC coverageYes: Mgmt & Professional Liab, plus Fidelity BondAll admin done in house; Statement generation done by a vendor; Investment goes thru Operational Assessment; they provide guides on the process and timingYes; purchase drawn up for Millenium in benefit of (your name); non-recourse loans okNo restrictions. They simply follow directions on cash distributions. Would report it as private debtNo restrictionsYesProhibited: single-member limited liability companies, general partnerships, limited liability partnerships, working interests, stock of S-corporations or foreign corporationsQuarterly online (pay $25/yr if you want paper)YesView account holdings, investment activity and quarterly statements. reflects the market value of the account’s portfolio at quarter- end and shows year-to-date balances and activityGood educational resources in "Learning Center"$300/yr$300+125=$425$125 $50 $150/ at time of acquisition0.25-0.95% + Target Fed Funds Rate (0-0.25% as of 2/21)https://docs.google.com/file/d/1bsgN0qLshAeOCtEkNdlQ03MdLKePSwUOEbbcy2irCezHrgLRpME-70CI0aAf/edit?usp=sharingThey have several docs that sketch out the timelines by asset class and origin. Eg:
1-2days account setup;
2-4weeks funding; (5day hold on checks)
2-3days private investment; 5days to process PE/RE docs; longer for RE (per transaction close, not MTC)
Funds Avail: checks in 5days, wires in 24hrs;
Reporting: wires posted online same-day; checks within a day
IRA Transfer: no IRS reporting req & can include securities;
401k Rollover: beneficiary receives distribution then (within 60 days) deposits it with custodian
All processes involve completing a pdf form, printing, signing, and sending (fax or pdf) - this advice contradicts Equity Trust's counsel against distributions...
Submit the investment doc to them to review; fund account and submit directions; fill forms, investment made; Recorded in account; valuation adjusted per direction.
Either beneficiary is informed as invoices arrive, or a standing-order to pay certain invoices can be placed.
When directed to pay an invoice, payment is made in 1-2days.
They take orders/valuation updates from account holder and adjust entries accordingly. Same goes in event of default / collateral acq. No monitoring/flaggingRent checks made to Millenium Trust naming account holder as beneficiary.
All invoices, payments, etc show up online under "transactions"
Yes. CS picked up immediately; transferred quickly to informed repNot a BBB member; rating: B
40 complaints; listed ones seem to be immaterial (unaware of fees) and quantity could be due to size, but worth noting
Yelp reviews (only 4) talk of high call volume / long waits, duplicate fees and delays in getting money out. Not enough to be representative, however (note that Pensco also got only 1.5 stars per 23 reviews...implies Yelp only shows the negative)6:00am-2:30pm PST (8-4:30 CST)Alex Douglasadouglas@mtrustcompany.com; alternatives@mtrustcompany.com; oa@mtrustcompany.com(800) 258-7878www.mtrustcompany.comOak BrookIL
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Entrust AdministrationExcluded due to bad reputationTrust$295+ or %$50 $95/$125See SchedulePoor Service(800) 392-9653www.entrustadministration.comOaklandCA
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