Folks, I just had a nightmare of a week with Equity Trust. Their hold times on the phone have been getting longer and longer and their “expedited” service has become unreliable lately. I’m thinking of switching to another IRA custodian. Prior to this past year, Equity Trust has had great service and I don’t know why they went downhill so quickly.
Has anyone heard if Equity Trust is financially strapped or why their service has become so bad lately? If this is happening to most or all IRA custodians, there is no reason to switch since it is a hassle to change over my assets to another custodian just to have the same thing occur.
If this deterioration in service is specific to Equity Trust, I’ll gladly change custodians to get better service and would appreciate any suggestions for another custodian. TIA.
Suggest you call around and select a new SDIRA Custodian after asking their rep some questions about what they’ll permit, etc.
Like any field-dominating big co tends to eventually do, ET’s domineering philosophy is causing some clients to move elsewhere.
I’ve got one here in Seattle area that I like primarily because its a local bank and I can if quick action is needed, drive app over to a near-by branch.
Thanks, John. I’d been with Equity Trust since 2006 with no problems and was very happy with their service until this past year. They used to be very responsive but now I dread calling them since my average hold time is about 10 minutes each call.
This past week, I paid $100 extra for “expedited” service on 2 transactions and still had to send the docs 3 times since they didn’t get it the first 2 times. Even the 3rd time, I had to cc a customer service rep and the call to make sure she put it into the system (yes, there was another 10-minute hold on this call also before I could talk with customer service). Even with “expedited” service, they still didn’t make their deadline and, accordingly, I missed mine. Wasted $100 in addition to losing this possible deal.
I’ll definitely call around now. What happened this past week with Equity Trust can’t happen again ever. I wonder why their service got so bad.
I come from a different perspective but still have to deal with Equity Trust. I could bash them for hours on end, but my action plan going forward says it all.
Subcription agreements funded through any plan administered by Equity Trust will not be accepted.
My experiences with Entrust have been night and day better.
Equity trust is fine, also worked a lot with Entrust. Personally my favorite though is Quest IRA who use to be a part of entrust. Service is fantastic, transactions are super easy!
Thank you for all the replies. I have on my list to call UDirect, Quest, and Entrust.
My big concern with companies like Entrust and UDirect are that they are based in California and their main offices (that conduct the actual transactions) are on Pacific time. I’m on the East Coast and on Eastern time. The 3-hour time difference might be a problem since our real estate attorneys and banks have office hours shifted 3 hours earlier than theirs. Could be a problem if a wire goes out from Entrust or UDirect at, say 4 pm PST, and reaches my attorney’s trust account at 7 pm EST and my attorney’s office is closed by then. I’ll have to ask these companies how they handle this time difference. Other than that, Entrust and UDirect get great recommendations from people.
And the nightmare with Equity Trust continues. As soon as this deal is done, I’m removing all assets from these guys and switching to another IRA custodian. Deal STILL not funded despite paying extra for “expedited service” early last week. I can’t believe these guys. I called these guys 4 times today and am on hold with them now as I type this to check on the wiring of my funds. Average hold time each call: ~10 minutes. Deal was supposed to be funded last Friday.
I suggest NOT using Equity Trust if you are considering opening a self-directed IRA account.
Sorry to hear about all the hassles you’re going through. I just caught up with this thread and wanted to give you another company to consider, Next Generation Trust Services in Roseland NJ.
I don’t have accounts there personally, but I know the principal, Jaime Raskulinecz. Jaime was one of the first graduates from the Lender’s Workshop and I provided advice (along with Ed Garcia) as she built a property management company. She is a real estate investor herself, and for me that is an important criteria for hiring professionals in any field.
I haven’t talked with Jaime in a long time, but have kept up with her progress into trust services. She was with Entrust for some time before starting her own firm last year. If you talk to her please tell her I said Hi!