Equity Trust Company Review: An Unbiased Look at Service Quality & Customer Experiences
Looking into Equity Trust Company for your investment needs? This equity trust company review cuts through the noise to evaluate the company’s performance in handling self-directed IRAs and its variety of investment vehicles, such as real estate, cryptos, and precious metals. We examine its services, fees, and customer feedback, equipping you with the insights to make an educated choice on this custodian’s reliability and service quality.
Key Takeaways
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Equity Trust Company specializes in self-directed IRAs and offers a broad range of investment options, including traditional stocks and bonds, as well as alternative investments such as real estate, precious metals, and cryptocurrencies.
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The company serves as a self-directed IRA custodian, handling necessary compliance with IRS regulations, asset titling, fund disbursements, account statements, and IRS reporting to streamline the investment process for clients.
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Although Equity Trust has an A+ rating from Better Business Bureau and has resolved the majority of customer complaints, it has faced criticism in the past, spurring efforts to fortify trust and enhance customer service quality.
Overview of Equity Trust Company
Equity Trust Company, with its extensive range of financial services, serves as a guiding light for individuals and institutions seeking to traverse the investment landscape. Primarily specializing in self-directed IRAs and alternative investments, Equity Trust Company has built a framework to facilitate a variety of investment options for clients, including the opportunity to invest in alternative assets such as real estate, precious metals, and cryptocurrencies.
Services offered
Delving into Equity Trust Company’s services reveals a wealth of investment opportunities. Alongside self-directed IRAs, the company extends its services to alternative and traditional investments, including those in the stock market, offering an expansive investment landscape to its clients.
A closer examination of these alternative investments reveals opportunities in:
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Real estate
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Precious metals
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Private equity
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Loans
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Cryptocurrencies
While certain investments like real estate may take over a month to complete due to the nature of the asset, the gold IRA company also provides access to numerous cryptocurrency providers, potentially offering lower fees for cryptocurrency investments.
The role of a self-directed IRA custodian
In its capacity as a self-directed IRA custodian, Equity Trust plays a vital role in maintaining compliance with IRS regulations. The company handles the necessary paperwork and administration of assets in accounts, thus providing a seamless experience for its clients.
Beyond holding and administering assets, Equity Trust – as a custodian – also:
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Upholds IRS regulations
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Manages asset titles
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Disburses funds and checks
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Generates account statements
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Reports to the IRS
This comprehensive list of responsibilities underscores Equity Trust’s commitment to providing a robust and thorough service to its clients, including handling necessary paper work.
Exploring Alternative Investments with Equity Trust
Equity Trust opens the door to a vast array of alternative investments for those wanting to diversify their portfolios beyond traditional investment models. The company enables investors to venture into the world of real estate, precious metals, and cryptocurrencies, thus providing a myriad of opportunities to expand their investment horizons.
Although Equity Trust’s fees for alternative investments are contingent on the account balance, they generally fall between $225 and $425 annually. This fee structure, combined with the diverse investment options, provides a compelling proposition for those seeking to explore the realm of alternative investments.
Real estate investing
Equity Trust’s real estate investment options are as diverse as they are compelling. From rental properties, fix-and-flips, to commercial properties, the company offers an investment palette that caters to a variety of real estate investment preferences.
To invest in real estate with Equity Trust, one can follow these steps:
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Establish and finance a self-directed account through an accredited self-directed IRA custodian.
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Identify a property for acquisition.
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Instruct the custodian to initiate the investment process.
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With Equity Trust’s assistance, optimize tax-free cash flow for fix-and-flip transactions.
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Acquire real estate for flips using IRA savings, thereby retaining all profits within the IRA.
Precious metals
For those with a penchant for precious metals, Equity Trust offers a golden opportunity. Investors can choose to invest in a variety of precious metals, including:
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gold
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silver
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palladium
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platinum coins
This offers a wealth of investment options.
The company values precious metals based on the value of the metal type from third-party sources utilized by depositories where the precious metals are stored. Investors can conveniently access the valuation of their precious metals through the quarterly report and the Portfolio Positions page within the myEquity online account management system.
Cryptocurrency investments
Keeping pace with the digital age, Equity Trust offers a platform for cryptocurrency investments. The company offers a range of cryptocurrencies including:
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Bitcoin
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Bitcoin Cash
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Ethereum
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Litecoin
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Stellar
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Ethereum Classic
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Ripple
Investors can incorporate these digital currencies into their investment portfolios.
While investing in cryptocurrencies exposes investors to significant market volatility, it also offers potential diversification and the opportunity for tax-deferred or tax-free growth within a Cryptocurrency IRA. Thus, despite the risks, the potential benefits make cryptocurrency investments an enticing proposition.
Traditional Investment Options
Despite the unique opportunities provided by alternative investments, traditional investment options continue to form the bedrock of any investment portfolio. Equity Trust recognizes this and offers investments in:
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Stocks
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ETFs
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Bonds
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Mutual funds
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Other public assets
This caters to a broad spectrum of investment appetites, ensuring a smooth experience throughout the entire process.
The process of setting up an account for Equity Trust’s traditional offerings appears to be relatively straightforward. However, for those who prefer a helping hand, the company also offers the option to collaborate with one of its specialized counselors to establish their portfolio, providing a blend of independence and guided support to its investors.
Stocks and bonds
Through ETC Brokerage Services, an affiliate of Equity Trust, investors have the opportunity to trade:
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Publicly traded stocks
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Money market mutual funds
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Exchange Traded Funds (ETFs)
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Options
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Fixed income securities (bonds)
To engage in stock and bond trading, individuals can establish an account with ETC Brokerage, provided they are already a client of Equity Trust Company. Following this, they will be able to trade stocks, bonds, mutual funds, and options, thus providing a comprehensive trading experience.
Mutual funds
Investing in mutual funds has never been more convenient with Equity Trust’s online mutual fund investing with complimentary trades. This provides a cost-efficient alternative for individuals interested in investing in mutual funds and having their funds transferred seamlessly.
To facilitate a seamless investment experience, Equity Trust offers the myEQUITY Mutual Fund Wizard or the option to contact ETC Brokerage for a user-friendly trading experience. The company also provides specialized counselors who can provide guidance throughout the mutual fund investment process, further enhancing the investment experience.
Customer Service and Support
As with any other business, customer service is a key element of Equity Trust’s operations. The company’s customer service receives mixed reviews, encompassing both positive and negative experiences from customers. These reviews provide a holistic view of the customer service experience at Equity Trust.
Equity Trust perceives customer feedback as a chance for enhancement. The company has expressed their disappointment upon receiving negative feedback and has shown a commitment to addressing and resolving the specific concerns of dissatisfied customers.
Positive customer feedback
Amidst the sea of customer reviews, positive feedback for Equity Trust’s customer service stands out. Customers have commended the company for the efficiency of their transactions and the assistance provided by their amiable and supportive customer service representatives.
The company’s staff, including live person representatives, have also been described as amiable, supportive, and exceptional in their dealings. The conducive work environment and prospects for employee development have been acknowledged as factors contributing to the favorable customer service encounters recounted by clients.
Negative customer feedback
However, not all customer experiences have been positive. Complaints regarding Equity Trust’s customer service range from issues with the product or service to challenges in interacting with customer service.
Examples of specific complaints include instances of insufficient customer service and ineffective business communication. Despite these issues, Equity Trust has shown a commitment to resolving disputes and has responded to 63% of negative reviews, striving to resolve them within a two-week timeframe.
Comparing Equity Trust to Competitors
In the fiercely competitive financial services sector, Equity Trust competes with the likes of iTrust Capital and Rocket Dollar. Each of these companies brings something unique to the table, and understanding these differences can provide valuable insights for potential investors.
While each of these companies has its own fee structure, Equity Trust’s fee structure comprises a 2% fee on buy transactions and a 1% fee on sell transactions, while Rocket Dollar imposes a simple one-time $360 fee for account setup. This provides a range of cost options for investors based on their specific needs and investment strategies.
Equity Trust vs. iTrust Capital
Equity Trust presents a wider range of investment options compared to iTrust Capital. While iTrust Capital predominantly offers investments in cryptocurrencies, gold, and silver within retirement accounts, Equity Trust provides a wide range of both traditional and alternative investment options.
In terms of fees, Equity Trust provides a cryptocurrency trading platform without monthly, maintenance, or storage fees, and offers low transactional costs. On the other hand, iTrust Capital imposes a fixed 1% fee per trade for cryptocurrency trading.
Equity Trust vs. Rocket Dollar
In comparison with Rocket Dollar, Equity Trust provides a more diverse portfolio of investment options and waives the setup fee. Rocket Dollar, on the other hand, charges a setup fee of $360.
Rocket Dollar offers investment options including startups/private equity, managed real estate, land, health tech, hedged cryptocurrency, and financial tech. On the other hand, Equity Trust provides investment opportunities in real estate, private entities, cryptocurrency, and precious metals.
Trustworthiness and Reputation
In the financial services sector, trust and reputation are of paramount importance. Equity Trust has built a strong reputation, backed by an A+ rating from the Better Business Bureau. Despite the occasional hiccups, the company has emerged as a trusted financial services provider.
However, like any other company, Equity Trust has had its share of scandals and complaints. The company faced charges by the SEC in relation to a Ponzi scheme, and there were accusations of lending legitimacy to Ponzi schemes and other fraudulent activities. However, there have been no recent scandals, and the company has successfully closed 42 complaints in the last year.
BBB rating
Equity Trust’s A+ rating from the Better Business Bureau (BBB) speaks volumes about the company’s reputation. This rating is based on the BBB’s assessment of information in its files and represents a substantial level of trust from the BBB.
However, it’s worth noting that this rating can be influenced by several factors. While Equity Trust currently holds an A+ rating with the BBB, factors such as not being BBB accredited and the number of customer complaints have the potential to negatively impact its rating.
Recent scandals or complaints
While Equity Trust has had its share of scandals and complaints in the past, there have been no recent scandals. In the last year, the company has successfully resolved 42 complaints out of a total of 51 complaints filed against them. For those interested in learning more about the company’s performance, it’s recommended to check out equity trust company reviews online.
Equity Trust has a procedure in place for addressing and resolving these issues. The company addresses customer complaints by resolving disputes through the BBB and by reinforcing their commitment to client service.
Financial Professionals and Account Management
Equity Trust’s financial professionals provide custody services for a wide variety of assets, all consolidated into a single account. This includes both traditional and alternative assets, thus providing a comprehensive investment framework.
In addition to its team of financial professionals, Equity Trust also utilizes myEQUITY, an innovative online account management system, to streamline and facilitate the process of self-directed IRA investing for its clients. The company imposes a one-time setup fee of $50 and a $75 annual maintenance fee for accounts valued at $10,000 or less that are established by a minor.
Summary
In our journey through the realm of Equity Trust Company, we’ve explored the diverse investment opportunities, evaluated the company’s customer service, compared it with its competitors, and assessed its trustworthiness and reputation. Equity Trust emerges as a comprehensive financial services provider with a wide range of investment options, a commitment to customer service, and a strong reputation backed by an A+ BBB rating.
Frequently Asked Questions
Is equity trust legit?
Yes, Equity Trust is legitimate and highly regarded, with exceptional customer service and an A+ rating from the Better Business Bureau.
What kind of company is equity trust?
Equity Trust is an industry-leading custodian of self-directed IRAs, allowing you to invest in alternative assets for your retirement.
What is the purpose of an equity trust?
The purpose of an equity trust is to provide a broader range of investment options for your IRA, including real estate, private entities, cryptocurrency, and precious metals, in addition to traditional investments like stocks and bonds. This enables you to have a more diversified portfolio.
Is Madison Trust Company legit?
Yes, Madison Trust Company is legit, as they have an A+ rating on the BBB and provide services to over 20,000 clients across all 50 states. Their professionalism and reasonable fees have been positively reviewed.
What are the investment options offered by Equity Trust?
Equity Trust offers a wide range of investment options, such as self-directed IRAs, real estate, precious metals, cryptocurrencies, stocks, bonds, and mutual funds. Consider exploring these options for potential investment opportunities.
