Many people have questions concerning IRA Financial Group. Possible investors who want to invest need more information before they decide to use this business for traditional and alternative investments.
There have been various people who get scammed when trying to invest in alternative assets and self-directed options. Generally, the self-employed are the ones who get the short end of the stick, so everyone must research their options thoroughly so that they don’t become a victim of scammers.
Overall, IRA Financial Group has some good points about it and a few negative reviews, so it’s important to dive in. Continue reading this IRA Financial Group review before deciding if it’s the best choice:
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What’s IRA Financial Group?
IRA Financial Group is a small company and was founded by tax and ERISA experts in 2010. Though it’s small and has only been around for about 10 years, it’s grown to become one of the largest in the industry. In fact, it holds about $4.9 billion in retirement funds and has established tax structures.
It specializes in providing self-directed solutions for IRAs and gives clients access to real estate and gold assets. Those who prefer alternative assets should speak with a tax lawyer to ensure that this is the right choice for them.
Some of the largest law firms have helped the self-employed create a specific self-directed retirement plan to meet their needs. It’s possible to use this company to do so.
What Does the Company Do?
The primary objective of IRA Financial Group is to focus on the many ways to invest. With that in mind, it’s easy to see what the company does.
Overall, IRA Financial Group offers investment opportunities for its customers. They can invest in real estate and gold, but it also has unconventional options, such as P2P lending, private business stock, and cryptocurrency.
These are all self-directed solutions that were approved by a tax lawyer. Since the company uses in-house tax specialists to come up with the products and services, it’s easy to see that it knows what it’s doing.
Those who prefer alternative assets are sure to enjoy working with the company. There are online resources available to those who need more help. Generally, self-employed individuals don’t have access to 401(k)s and still want to invest; this company makes it possible through many alternative assets.
Investors may also want assistance with checkbook writing, and this is another option available. The firm includes cryptocurrency that others don’t offer.
Investment Options with IRA Financial Group
Though IRA Financial is a small company, it has many investment options available. These are the choices provided by the company’s self-directed IRA stylings:
Real Estate
IRA financial lets people choose various real estate investments as alternative assets. The real estate available includes land parcels, newly developed projects, and mobile homes.
Peer-to-Peer Mortgages and Lending
With these self-directed solutions from IRA Financial, people can get private loans, promissory notes, and other alternative assets.
Physical Precious Metals
Alternative assets, such as gold and silver, are highly popular, and IRA Financial offers these options:
- Private placement
- Stock options
Self-directed Retirement Funds (Self-directed IRA and Others)
For those who want something more than alternative assets, it might be wise to consider tax-free retirement funds. IRA Financial offers many products, and it’s possible to achieve goals and have everything. Self-directed retirement plans can include:
- Self-directed Roth IRA
- Self-directed IRA LLC – A person forms a limited liability company for a specific need, and they are the manager who makes investment decisions.
- Self-directed retirement IRAs – These self-directed retirement accounts offer more investment options than traditional financial institutions and are often tax-free.
- Solo 401(k) – Not tax-free and often suitable for the self-employed
Customer Care Services
When people decide to handle a self-directed retirement solution, they often have questions and concerns. IRA Financial offers dedicated support from ERISA professionals. That way, the people get appropriate services and options that meet their needs.
This company offers great customer service to its clients, whether they’ve been there for a while or just opened an account. Customers easily access customer support through online or mobile platforms.
With that, investors can read blogs, listen to podcasts, or enjoy the investment guides available in the resource section of the website. Since a tax professional started the company, it is IRS compliant and offers a bit of audit protection.
However, IRA Financial doesn’t provide live chat customer service on the website. Many investors find this to be a problem. Still, it’s possible to call or email. Start investing by speaking to a professional today.
Buyback Guarantee
IRA Financial doesn’t include information about its buyback commitment through the online platform. There’s nothing to say that it plans to introduce those services. However, investors still have direct and unlimited access to various investment opportunities.
Fees Associated with IRA Financial Group
The company doesn’t offer much information about its fee structure on the website. Clearly, there is a minimum investment amount the investor must make before they can start investing.
Though IRA Financial claims to have decent and fair fees, it’s impossible to determine that without being allowed to compare them. It’s strange and borders on being non-transparent.
Before people can start investing with the company, it’s crucial to learn about any hidden fees. Generally, it’s best to contact customer support and ask them about the flat fee and other costs. Hopefully, the company includes this information on the website in the future.
Financial Features
It’s important to understand that the company offers some cost information about different services. Though there are no IRA-related prices on the website, investors can use the other prices to make investment decisions.
Overall, it provides check writing with a custodian-controlled structure. This means that the investor makes the decisions, and IRA Financial does the rest.
This company doesn’t charge people to open up an IRA account. With that, there are no storage costs. However, investors are charged custodian fees.
If a person decides to use checkbook control, the custodian-controlled fee structure is a bit less ($180 to $360 deducted each quarter). However, there is a minimum balance requirement, which is unknown at this time.
With the custodian-controlled structure, the company charges transaction prices when investors trade on assets. They range from $35 to $45 and vary based on the asset traded. Don’t start investing before determining the prices for everything.
Company Reviews/Complaints
Overall, customers have different opinions about IRA Financial Group and its services. Some are positive, and others have been dissatisfied.
On its Facebook account, there are 34 reviews about the company, ranking it 4.6 stars. Customers with negative remarks focused on the onboarding, disorganization, confusion about the minimum balance requirement, and different answers to questions. The company did reply to those comments, promising to do better.
There aren’t any ratings from TrustLink, Yelp, or TrustPilot, but Ripoff Report says this company has one complaint out of three reviews. With that, it has a high rating on the BBB with five stars.
However, one client was researching self-directed IRA companies and came across IRA Financial, calling it for more information. Though the customer asked various questions, they weren’t answered fully, and the representative hung up the call.
There are many other options out there that have a lot of ratings, like Edward Jones, a very established company.
Potential Red Flags
Before someone decides to work with IRA Financial Group or any other investment company, it’s crucial to learn about any potential red flags. The negative complaints listed earlier do show some dissatisfaction from past customers. However, there’s one thing that seems to glare out as being a big problem.
When reading the reviews, it’s clear that this company has many positive followers, and they say good things about it. Since it has a high rating from most of the review websites, that’s a huge benefit. Even with that, this company doesn’t have many customer reviews, seeing as it has been around for over 10 years.
After 10 years in the industry, it only has 30 reviews total. That’s quite strange and makes people wonder what is going on. It’s possible that most people don’t talk about their good/bad experiences, but it is something to consider.
Pros and Cons
Before a person chooses to sign paperwork and work with one investment company or another, they must understand the pros and cons of each one. For IRA Financial Group, here’s what to consider:
Pros:
- Has more than 15,500 clients and is trusted with $4.9 billion in funds
- Unique services (IRS audit protection and customer education services)
- Reasonable fees
- Checkbook writing
- Decent customer support (some clients were unhappy with the company, but most have reported wonderful experiences)
- Flexibility (there are various sectors to invest in, such as cryptocurrency and real estate)
- Excellent ratings on the Better Business Bureau and Facebook, translating to an average of 4.6 out of 5 stars
Cons:
- Questionable transparency (fee structure is confusing)
- Few customer reviews in total, even though the company’s been around for 10+ years
- Some complaints listed
- Limited information on the website
- Outdated technology used, making it take longer to open an account
- Disorganized onboarding system
Is This a Genuine Company?
Overall, the answer is yes. IRA Financial is genuine. Though it has some hitches and a few unhappy clients, that doesn’t automatically indicate that it’s a scam.
Plus, when it does have negative reviews or comments, it responds quickly and professionally to each one. With that attitude, IRA Financial could improve its services for the future.
However, this company has been in business for many years, and it’s unimpressive to have just 30 reviews total.
With that, many competitors offering alternative investments that have been in the business for a similar amount of time are more transparent with their fees and have thousands of customer reviews. The bottom line is that this company is trustworthy and genuine, but people should do independent research to see if it’s right for them.
Conclusion
Self-directing individuals who like the idea of having the most control over their assets are sure to appreciate IRA Financial Group. Overall, the company does offer freedom to explore different alternatives to IRAs and 401(k)s.
Overall, IRA Financial provides customers with self-directed solutions to their retirement planning needs. Is this a recommended company? It is trustworthy and legitimate, so people should have no problems using it.
However, it’s not the best in the market. Though it’s got a great rating on various review websites, the lack of total reviews makes that aspect questionable.
In a sense, it’s best to do more research on similar companies before making a decision. Don’t sign paperwork of any kind until learning about balance requirement needs, wiring fees, and all the rest. Then, consider contacting the great team in customer support to learn more about retirement, investments, and available alternatives. From there, it should be easy to decide if this is the right company to do business with.
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About 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.
