Broad Financial

Broad Financial Cryptocurrency IRA

About Broad Financial

Broad Financial LLC is a leading investment and financial services firm that specializes as an IRA facilitator and custodian, especially self-directed IRAs. They have 10,000 clients in all 50 states. Broad Financial is known for being IRA specialists for cryptocurrency investments.

The company boasts an A+ rating as an accredited business from the Better Business Bureau since 2011. The Business Consumer Alliance gives a AAA rating and for the past three years lists no official Broad Financial Complaints. Google Reviews shows a 4.5 out of 5-star rating, and gives a 9 out of 10 stars for quality, service, and pricing.

Founded in 2004 by three partners with IRAs focusing on real estate as well as Wall Street products (stocks, bonds, and mutual funds). In part, this was because of historical restrictions on IRA investments.


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Following the 2008 financial crisis, they sought to have more control over our IRA investments. They now provide customers more flexible self-directed IRAs and Solo 401(k).

Let’s take a look at the three founders:

  • E. Brian Finkelstein, formerly of Kidder Peabody, UBS, and Cantor Fitzgerald, has 25 successful years of successfully managing risk for several of the largest bond trading firms.
  • Mervyn Klein, formerly of the Read Group and Hudson Development, brings his 20 successful years of managing real estate investments.
  • Daniel Gleich, formerly of Hudson Development, brings his 15 successful years of managing real estate/ construction management projects.

What is a Broad Financial IRA?

In 1974, Congress enacted the first version of the Individual Retirement Arrangement (IRA). With limitations on annual contribution, it allowed for an IRA to earn and accumulate income tax-free. Earnings were tax-deferred until withdrawal when retired. Early withdrawals were subject to a penalty tax. Contributions were not deductible.

Over the years, various amendments made limited contributions deductible, loosened restrictions, made IRAs available to more taxpayers, introduced more IRA variations, among other things.

Now, qualified contributions are deductible, earnings are accrued tax-free, and withdrawals are taxed, usually after retirement when the applicable tax rate is typically lower. This is known as the “traditional IRA”.

The original annual limit on contributions started at $1,500 and has increased to $6,000 plus an extra $1,000 for taxpayers over 50 and ½ years old. Presently, a non-working spouse can contribute up to $6,000 annually.


Since the beginning, the law required an IRA to be held by an independent third-party custodian who can invest the IRA’s assets only in a diverse portfolio of stocks, bonds, and money market accounts. Different forms of IRA have emerged since the IRA inception. They all must be held by a custodian.

The third-party custodian has custody of an IRA’s assets. That custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS. A custodian is a fiduciary with fiduciary duties and rules with which they must comply.

Broad Financial for years engaged a separate unrelated party to serve as custodian for our IRAs. They then set up a sister company, Madison Trust Company, approved by the IRS to be the custodian. With this arrangement, Broad Financial can ensure that Madison, the IRA custodian, while acting within the scope of its fiduciary duties, is acting solely in the interests of their customers, the IRA owners. Also, it enables us to offer specialized self-directed IRAs.

Roth IRAs

Traditional IRAs allow you to invest part of your income in a custodial IRA account. Your contribution is deductible so you are using “before-tax dollars” to invest. Your IRA account earns and accumulates income tax-free until you withdraw it, usually at retirement.

Roth IRAs are the same as traditional IRAs with tax differences. While contributions to a traditional IRA are deductible, contributions to a Roth IRA are not deductible. You are using “after-tax dollars” to invest.

While held by the IRA earnings are compounded tax-free as in a traditional IRA. But, unlike a traditional IRA, qualified Roth distributions are not taxable.

The Roth theory, such as it is, assumes that since you made contributions with after-tax dollars you shouldn’t be taxed on the IRA growth.

Tax-free withdrawals must satisfy the following conditions:

  1. At least five years have elapsed since the first contribution.
  2. At least one of these additional conditions is met:
  • The owner is age 59 1/2.
  • The owner is disabled.
  • The owner has died (distribution is to estate or heir).
  • Withdrawal is for a first-time home with a lifetime limit of $10, 000.

Self-Directed IRAs

Traditionally, IRA owners leave it to custodians to make investment decisions. Typically, those third-party custodians invest IRA funds in bonds, mutual funds, and CDs because of the relative simplicity of administration.

However, the IRS does not require that the custodian make investment decisions. A special advantage of a self-directed IRA is that an IRA owner can direct the investment of the fund in enterprises with which they have unique or special knowledge and experience. This advantage is not usually afforded by third-party custodians.

However, the ultimate investments are made only with the consent of the custodian who exercises their fiduciary duties. A custodian concerned about its exposure might not want the administrative burden and fiduciary risk of self-directed IRAs. Or the custodian can simply refuse to invest the IRA funds in certain investments directed by the owner.

A self-directed IRS works only if the custodian agrees with your direction and accepts your investment choices. Because the IRS permits custodians to impose their own restrictions on the type of investments for your IRA funds, a custodian can refuse to accept certain types of investments.

Broad Financial set up Madison Trust Company a sister corporation, not a controlled subsidiary, to act as the third-party custodian. Subject to the fiduciary restrictions on its conduct, Madison makes investment decisions in collaboration with Broad Financial on behalf of their customers.

Self-directed IRA with Check Book Control

Broad Financial also developed their hybrid “Self-directed IRA with Check Book Control”. It requires the formation of a specialized LLC designed to make and hold IRA investments. This Checkbook Control feature allows the IRA owner the flexibility to invest, in real-time, with no extra paperwork and no transaction fees.

It starts with Broad Financial setting up a Limited Liability Company (LLC) which will be the investing platform. It is customized to comply with laws that govern such platforms. The LLC is owned by the IRA. Madison Trust, the custodian, is self-directed to invest the IRA assets in the LLC as an alternative asset investment.

Then Madison, the custodian, delivers a capitalization check that is deposited in the LLC’s checking account. The custodian is, therefore, making just one investment of IRA funds. You, the IRA owner, are the designated manager of the LLC. As such you will make investments on behalf of the LLC out of the LLC’s checking account.

Cryptocurrency IRA

You can use the self-directed IRA with Check Book Control to invest profitably in cryptocurrency. The Broad Financial Bitcoin IRA is among the highest-rated tax-preferred vehicle for investing in a rapidly expanding cryptocurrency market.

Although Bitcoin is a widely-known cryptocurrency, your Broad Financial Bitcoin IRA can invest in any cryptocurrency traded on an exchange.

What is cryptocurrency? Currencies are “commodities”. The term “commodity” is usually associated with raw materials, agricultural products, and mining products. They are fungible, interchangeable with other items of the same kind.

bitcoinCurrencies likewise are interchangeable with other currencies, e.g. US Dollars for Euros. They are traded on currency exchanges.

Cryptocurrencies are just as much a commodity as other currencies. They can be traded for other currencies or used to buy goods and services.

However, cryptocurrencies are significantly different. First, traditional currencies are issued by central banks. The US Dollar (USD) is issued by the United States Federal Reserve Bank. Other countries also have their central banks that issue the respective currencies of those countries.

Second, the central banks’ monetary policies control the supply and demand for their currencies.

Cryptocurrencies are not issued by a central bank. Their supply and demand are not influenced by central bank monetary policies. Private companies issue cryptocurrencies similar to stocks or bonds. Hundreds of companies have issued cryptocurrencies that are publicly traded on the internet.

Cryptocurrencies are held in digital accounts called “wallets”. They are not represented by a piece of paper like dollar bills. An investor/owner of cryptocurrencies has a digital account much like a stock investor’s securities paper held by a custodian and reflected in a brokerage account. He can but rarely does request a stock certificate.

A cryptocurrency account consists of a computerized database that records the owner’s transactions. Cryptocurrency transactions are recorded on decentralized blockchains which are the basic elements of a cryptocurrency system.

Growing popularity of cyrptocurrencies. Cryptocurrency was conceived in 1983 as an electronic currency. In 2009, Bitcoin was issued as the first decentralized cryptocurrency. The first known price of Bitcoin was 30 cents per Bitcoin in 2011. By the end of the year, it was priced at $5.27, growing to $13.30 at the end of 2012.

In September 2021, Bitcoin traded at $45,695.

Since its launch, cryptocurrency has come to be accepted as a medium of exchange by 36% of medium-to-large U.S. companies in various countries. They include Microsoft, AT&T, Burger King, KFC, Subway, and AMC movie theaters.

Debit cards, such as ClubSwan, are being issued for routine merchandise purchases with cryptocurrency.

Most notably, in September 2021, El Salvador moved to make Bitcoin its legal tender. Previously, its only legal tender was the U.S. Dollar. The government launched the program by giving $30 worth of Bitcoins to anybody who wants it. Also, they are spending $1 million to distribute and install new ATM machines that will dispense Bitcoin in exchange for USD.

panama adopting bitcoin

Panama is strongly considering adding Bitcoin as an approved currency.

Panama, whose legal tender is also the U.S. Dollar, is closely monitoring El Salvador’s experiment and appears to be inclined to follow suit.

Broad Financial Bitcoin IRA Special Features

Other sponsors offer cryptocurrency IRAs. Broad Financial Bitcoin Checkbook IRAs have special advantageous features.

  • Most others charge a fee equal to a percentage, as much as 15%, of each purchase with a minimum. Their fee can be a percentage of each transaction or a percentage of the value of your IRA assets held by the custodian. These recurring annual fees mount up and deplete your IRA wealth as you are building it.

The Broad Financial checkbook IRA has the distinct advantage of a flat fee. They charge a flat fee regardless of the amount of your Bitcoin purchase or the value of your IRA assets. Your IRA custodian makes a one-time investment in a separate LLC that you, the owner, manages. The fee is not recurring.

  • The services of Madison Trust are offered as an integrated custodian. Others use unrelated third-party custodians.
  • Buy using the Bitcoin IRA, you can invest in the cryptocurrency of your choice (provided it is traded on an exchange of your choice). It can also invest in alternative assets like stocks. Other Bitcoin IRAs do not offer that flexibility.
  • The Bitcoin IRA can function as a flexible Self-directed IRA with Check Book Control.

Bitcoin Professionals

Trading in cryptocurrencies can be very lucrative. It can also be very risky. Crypto markets can be volatile. Individual investors must be very knowledgeable about crypto trading.

The Broad Financial Bitcoin IRAs are self-directed. However, you will have at your disposal the knowledge and expertise of our professionals at Broad Financial and Madison. You will make the investment decisions but we will be there to advise when you want it.

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Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.