Ranked 4th out of 10
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About Forge Trust Company
IRA Services Trust Company, a subsidiary of Forge Global, is a non-depository trust company chartered by the State of South Dakota and regulated by the South Dakota Division of Banking.
Patrick Hughes – President
Robin Sennett – VP of Product Development
Kathirene (Casey) Smith – Trust Officer, Director of Client Services
Audrey Bough – Audit
Janet Bingham – Compliance Supervisor
Assets Under Custody
$11 Billion +
Number of Employees
Number of clients
1969 – Self Directed IRA Services founded
1979 – Company starts offering Self Directed IRAs
2008 – Licensed as a Trust Company in the state of South Dakota
2008 – BBB file opened
2019 – IRA Services Trust acquired by Forge Global, Inc.
IRA Services Trust Company services the following products:
- Traditional or Roth IRA
- SEP or SIMPLE IRA
- Self-employed 401(k)
- Inherited IRA
- Coverdell Education Savings Account
Over the past five years, IRA Services has placed a focus on custom integrated custody solutions. This is aimed at investment issuers and online marketplaces that wish to offer their clients the vehicle of a Self Directed IRA. IRA Services provides technology that allows for integration between the investment platform and the custodian platform.
Process for Opening an Account
The IRA Services website mentions the following regarding opening an account:
- The account must be opened and funded before engaging in the investment process.
- The account can be opened either by an online application or via a DocuSign form.
- This application/form asks for basic personal information like contact info and social security number.
- There are three ways to fund a new account.
- Make an initial contribution for the eligible tax year.
- Rollover funds from another qualified plan.
- Transfer funds from another custodian.
- The account must maintain a minimum cash balance of $500. The primary reason for this requirement is to provide for efficient fee processing.
Here’s is a partial list of fees as found on the IRA Services Trust Company website:
- Online application: Free
- DocuSign or PDF application: $50
- Quarterly Account Fee: $50 per quarter
- Quarterly Asset Fees: based on asset type
- Transaction Fees: based on transaction
- Disbursement Fee: depends on asset and invoice details
To see the complete current fee schedule for IRA Services please click on the following link: https://www.iraservices.com/pdfs/2020-fee.pdf
401 East 8th Street, Suite #222
Sioux Falls, SD 57103
1160 Industrial Rd Ste 1
San Carlos, CA 94070-4128
Tel: (800) 248-8447