As more investors seek gold IRAs to boost their financial stability for the future, several companies have arrived on the market to address a vast range of goals. Broad Financial LLC is not one of the newest gold IRA companies, but it also has not been established as long as some of its competitors. Located in Monsey, New York, and founded in 2004, Broad Financial specializes in handling the creation and management of self-directed IRAs and solo 401(K) accounts. Originally a real estate firm, Broad Financial LLC gives its customers a number of options beyond gold IRAs. In addition to listing the good and bad points of this company, this Broad Financial review includes a summary of data from its Better Business Bureau page.
Positive Aspects of Broad Financial
Broad Financial reviews mention a number of strong points for gold IRA investors to consider.
This company offers a total package for investors who want to get started with self-directed gold IRAs. For example, the company consults with investors for free in order to familiarize them with their services and regulations. Investors who choose to open a self-directed IRA require an LLC to do so, and this company handles that potentially complex process for the relevant state.
With connections to specialized self-directed IRA custodians, Broad Financial can help its clients create an account in which to store their assets right away. Not only does the company give its investors instructions on how to integrate a checking account with their IRA, but the company also is willing to work directly with banks on the behalf of its investors. Finally, investors have continual access to help regarding their account.
Checkbook Control Model Fees
Rather than charging standard IRA fees or the custodian-model fees used with many self-directed IRA accounts, Broad Financial LLC has created its own schedule of fees. The Checkbook Control Model, as the company calls it, lets investors maintain more control over their transactions through a linked checking account. Both the fees for set-up and those for annual holding are fixed, which means that investors never have to worry about unexpected costs appearing later.
Negative Aspects of Broad Financial
A few negative aspects of this company surface when Broad Financial reviews are perused.
Online Investment Limits
When clients invest online with this company, they are limited to purchases of $5,000 or less. While investors can still reach the company by phone or mail to make larger purchases, this may be inconvenient for some investors. This could even be considered somewhat puzzling in view of the security provided by modern online transactions.
Some Broad Financial complaints have concerned the fact that the company does not offer bullion. The company does offer a wide range of coins, but many are numismatics that do not necessarily meet the regulations set by the IRS. This means that investors must make their purchases carefully in order to keep their IRAs compliant.
Although this should not necessarily be considered a sign of a Broad Financial scam, it could cause problems in some cases. The issue is this: Investors who make online purchases may not actually owe the amount listed on the company website because the prices change according to real-time market values. By the time the transaction finalizes, investors may owe more than they had planned on spending.
Rating by The Better Business Bureau
Better Business Bureau: The Broad Financial BBB page shows an A+ rating for the company but states that one complaint has been filed and closed in the last three years. According to the complaint listed on the Broad Financial BBB review, a customer paid for services but requested a refund soon afterwards and failed to receive it when it was expected. The response from the company cited a misunderstanding on the part of the investor and stated that the refund had since been issued to the credit card used by the investor.
Currently, neither TrustLink nor Business Consumer Alliance list Broad Financial in their databases. If those sites list the company in the future, investors may have more Broad Financial complaints as well as compliments to consider.
As with any investment, consumers should carefully read every Broad Financial review they can find to determine whether this company offers the quality and range of services they require. Does Broad Financial scam its clients? While the company has had one complaint at BBB and is not listed at the other major consumer reporting agencies, no, it does not appear to scam its clients at this time. However, whether this company is the best option for the unique retirement plans held by investors is something that must be decided on an individual basis.