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Speak with a Broad specialist:
(800) 395-5200Schedule a CallOpen an Account

July 25, 2019

The Most Overlooked Aspect of a Self-Directed IRA Plan

After all the research you’ve conducted into Self-Directed IRA plans, you’re almost there — but possibly still missing one key factor to make your decision choosing the right Self-Directed company.

Obviously, understanding each company’s fees is very important. Also important is whether or not the company offers Checkbook Control.

But there’s something during this process that often goes overlooked. Underrated. Unaccounted for.

Bad customer support can kill an otherwise great retirement plan. It can flush all your hard-earned, tax-sheltered money – which you’ve taken years and years to accumulate – right down the drain.

Self-Directed IRAs may be unfamiliar or confusing to you, so stellar customer service isn’t a luxury – it’s an absolute must!

Unfortunately, some people find this out too late. Ian M. had to learn the hard way after he opened an account with “Company X.” Here’s Ian’s review from Company X’s Better Business Bureau page:

“I deeply regret switching my account to this trust company. They were very responsive before they had me hooked, but now that I’m on board, they are a zero. They will not respond to email in any way: send to [company’s support email address] and it goes into a black hole, it’s not even acknowledged. The same for other email addresses. They will answer the phone, but not be able to help; they will suggest emailing them, which email is then ignored. Their business model seems to be to collect fees then do absolutely nothing. What a mistake.”

Our salespeople here at Broad Financial have talked to countless people who have told them some variation of Ian M.’s experience with Company X. They were lured in by Company X’s high placements on Google searches and other effective marketing efforts, only to learn that they would soon be neglected by an uninspired and inept customer support team.

David M is another frustrated Company X customer:

“I had a check from my ******* ***** account to pay a contractor. Things changed and I did not use that contractor. I returned the check with the form I was told to use. Included it with my monthly rent checks. After seeing my rent checks post but not the unused ******* ***** check I returned did not post to my account. I started asking questions. 2 days later I find out they don’t know where the check is. This is SO unacceptable. This business is based on properly handling clients funds. I ask to speak with the manager of the department of the people that do this task. I was not given any help. I ask for the contact info of that group or person, again I was not given any help. They have no complaint process.”

If you’re skeptical, listen to Lisa’s story:

“I have dealt with ******* ***** since 2008. Financially, it has been a good move. I have steadily made between 6-10% on my money. However, dealing with the untrained, unprofessional staff is a pain in the tookus. Just an example – they can’t get my phone number updated, after numerous attempt over the course of YEARS to get them to stop calling my old number that I saved as a ****** phone number. I have had more than one transaction that has taken months to resolve. One transaction has never been properly resolved…If you want a self directed IRA, look elsewhere.”

Lisa’s admission that she has actually made profits only reaffirms the idea that a good plan doesn’t make up for terrible customer support. Lisa was so miffed by Company X that she took the time to write that scathing review despite making money with them!

With Broad Financial, you receive the complete package of affordability, reliability, and unrivaled customer service. “The Broad Advantage,” as we like to call it, becomes extremely apparent to any who finds us after a negative experience with a different company, as shera f. did:

“Wow! What a refreshing change to get knowledgeable, timely, and helpful customer service when we have questions. Mark was very helpful and I had no idea B.F. could help us with transitions to products that we may need when circumstances change.”

You can read 60+ other reviews that are similar to this one on Broad Financial’s Better Business Bureau page.

We understand that your retirement money is sacred, and the self-directed waters can seem treacherous, so it is our primary concern to provide the best possible support.

Not so with others, including Company X. One reviewer even listed his name as “Miserable that I chose (Company X)!” Here’s his/her’s harrowing tale:

“Worse customer Service EVER. I am 60 years old and I can honestly say I have NEVER had such poor customer Service. There is never any follow through EXCEPT asking for more fees. I am closing an account right now that has taken since July to get this far. They have lost forms I have sent in, then claimed they couldn’t open duplicate forms sent via email (which three other companies were able to open when I tested it) then they have the audacity to charge me fees to close my account and maintenance fees during the time I have tried to close the account. And oh yes fees to have my stock re-registered – which by the way, I’m the person who re-registers them for the company I hold stock in so they are charging me to do my job. Their fees are endless. Their maintenance fees are exorbitant. The worse thing is since July I have been given different directions by different ******* associates on how to complete the closing of my account. If you talk to one person they say one thing and then the next person tells you something altogether different. DISASTER place. Stay away stay away stay away!!! I’m still in the muck of it all so hope the pain is over soon!”

If you want to avoid being another disgruntled Company X customer, be sure to emphasize customer support in your research..

It's not by chance that Broad Financial has an immaculate track record of satisfied customers. Our customer support team works tirelessly to provide the best possible experience as you proceed in securing your financial future.

Your prosperity is our pleasure.

And if you ever need a reminder of what displeasure looks like, here are a couple more Company X reviews for your consideration:

J Mytro

“I started the closure of my account Feb 15 2017 and have yet to close as of May 22 (3 months later). I sent all of the paperwork to them and even had to resend it multiple times since they did not “RECEIVE” it via email. The customer support team is telling me that i owe 2017 fees ($400) and they will not waive them since i was billed on Dec 31 2016. The customer service team told me they could not waive 2017 fees since it was May 22 2017 and their grace period ended on March 31 2017. I think they are dragging out the process of closing my account so they can charge me more fees or late fees. I checked the reviews on YELP and found 44/54 1 star reviews, all focused on the same thing, high fees, bad customer service, and delays in processing account closures. Way too many people are complaining about the same things online to make my case an isolated issue. I asked to speak with the person who could waive the fee and was told “NO ONE PERSON MAKES THESE DECISIONS”. As you probably know, that was a 100% BS. After 5 hours on the phone with their team trying to close my account, i have given up..DO NOT WORK WITH THIS COMPANY. FRAUD – HIGH FEES – HEAD ACHE – WASTE OF TIME”


“By far one of the most inefficient companies I have ever had dealings with. They review their employees based on the number of customers each employee contacts every day. That means that if they simply send you vague instructions to complete a form (5 or 6 times over) the employee looks good to them. But as a customer I want to deal with someone who cares about my transaction, and someone who values my time. Several forms went back and forth 5 or more times before being accepted. As an example, I actually received a request to include a cover sheet before they would complete a request. There was a cover sheet – it just wasn’t their cover sheet. Rude! In the beginning they were also giving out bad advise as to how to manage the asset. This bad advise cost us dearly.”

It may not be the first, second, or even third thing that comes up in your SD IRA research, but customer support is often the #1 factor in an unhappy customer. And unhappy customers go on to write paragraph-long, excoriating reviews that you know come from a place of sincere dissatisfaction.

There is no substitution for a dedicated, knowledgeable staff that is readily available to listen to your questions/concerns and help figure out a solution. There is no value you can place on the peace of mind that offers.

Save yourself the mental and emotional anguish by seeking a Self-Directed IRA company with excellent customer service, and nothing less.

You’ll thank yourself later.


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