Who is Broad Financial?
Broad Financial was originally founded in October 2004 as a private real estate firm focusing on the development of residential, retail, and industrial real estate along the East Coast. When their partners later invested their IRAs, they followed the well-trodden path to invest exclusively in Wall Street products, i.e. stocks, bonds, and mutual funds.
When the market crashed in October 2008, Broad Financial became determined to regain control of the IRA platform, divert it from Wall Street, and allow investments in those areas experiencing positive earnings. The company established the system for upgrading an IRA into a self-directed format, and this blossomed into the complete self-directed platform that they offer today.
What I Learned From Broad Financial?
When talking with the agent, I found that he was knowledgeable and spoke with authority about Broad Financial’s business. He stated that their service is similar to CheckBook IRA, using LLC’s to give clients control over their investment.
Broad Financial offers two plans for investors. The first is the Solo 401K, for self-employed clients who must maintain a self-employment status throughout the duration of an IRA investment. The second plan is the Self-Directed IRA, an investment vehicle inside the LLC structure that the company sets up for each individual client.
The agent calls Broad Financial a facilitator, in that the company’s main purpose in precious metals IRAs is to set up the LLC for each client. The LLC gives a client total control over how to invest their IRA funds: real estate, private loans, and other assets.
The client then opens a bank account at the bank of their choice with the LLC and rolls the IRA into this account. This transaction is a tax-free event, since no distributions are made.
The client then contacts the company’s affiliate, Gold for America, for assistance in purchasing precious metals with funds from the rolled over IRA. They help assisting you in answering questions and give useful information about what types of precious metals are allowed in the IRA and how to buy them smartly.
Another layer in the process is with Broad Financial’s custodian, IRA Services. Their agent explained that IRA Services acts like a trust company and temporarily holds assets or funds entering or leaving the account. IRA Services reports this information to the IRS and sends any required forms.
Broad Financial – Gold IRA Fees
| Initial Setup Fees | $1400 |
| Annual Admin Fees | Not Disclosed |
| Annual Storage Fees | $115 |
| Minimum Purchase Amount | $10,000 |
| Preferred Depository | Delaware Depository |
Rankings, Complaints & Customer Reviews
Better Business Bureau
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Based on the Better Business Bureau website, Broad Financial has received a rating of A+ for its solid level of customer service and quality products provided to investors.
The company has been accredited with the BBB ever since October 5, 2011, and has met its standards in terms of staying committed to resolving customer complaints. Over the last 3 years of the company’s business operation, 2 complaints have been filed, and these were also closed within 12 months.
Business Consumer Alliance
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AAA |
With a rating of AAA, Broad Financial appears to be a notable investment company with its level of service and commitment to providing the best products to its clients. There were also no complaints filed against the company over the past 3 years.
http://www.checkbca.org/report/broad-financial-llc-156258907
TrustLink
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No ratings were given to Broad Financial on the TrustLink site. This can be a cause of doubts for investors who are looking to work with them since they are unaware of the company’s level of service it offers its customers.
Ripoff Report
About 7 reports were posted on the Ripoff Report site, which were all directed at Broad Financial. The reports were as early as 2008, and the latest complaint was posted on November 20, 2015. The complaints were on the company’s poor level of service and dishonesty.
http://www.ripoffreport.com/reports/specific_search/Broad+Financial
Conclusion – Final Thoughts
Broad Financial is noted for some positive features such as greater control over holding metals. However, there were several people dissatisfied with the long processing times, expensive initial fees and requirement to work with 3 separate companies.
Although Broad Financial seems to provide a notable solution for those who wish to obtain optimum control over their investment, the process involved is very complicated. For a new investor looking to get started in gold, dealing with such intricacies can be difficult.
| Pro’s | Con’s |
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| Bottom Line: While Broad Financial offers a solution that provides more control over your investment, the process appears overly complicated and involves having to work with three separate companies. | |
Which Company Do I Recommend?
Official Website – Client Testimonials – Recommended Packages
Give them a call: 1-844-913-7373
In the end, I was more comfortable working with a more established and credible company in which I can trust and also make it easy for me to get started in gold investing.
Regal Assets specializes in gold IRA’s and has received numerous positive reviews from past clients. I also liked the fact that Regal Assets offered affordable fees for admin, storage costs and the shipping of products was fast and reliable.
For more information about Regal Assets, check out this review.
Overall, I liked the benefits that Regal Assets provides and it was among the reasons why I ended up choosing them to work with as an investment company. To learn more about rolling over into a gold IRA visit Regal Assets or Call 1-844-913-7373.
I've been a financial engineer for over 30 years and have been investing in gold since 2008.