IRA Services Trust Company - 2.9 Total Stars

Ranked 5th out of 10

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About IRA Services 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.

1969

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 

101

Number of clients 

35,000

History 

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. 

 

Services 

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 

 

Unique Elements 

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 

 

Fees 

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 

Location 

Headquarters  

401 East 8th Street, Suite #222  

Sioux Falls, SD 57103  

   

Operations Center  

1160 Industrial Rd Ste 1 

San Carlos, CA 94070-4128 

 

Contact info 

Tel: (800) 248-8447 

Email: info@IRAServices.com 

 

Hours 

Monday    7AM–5PM 

Tuesday    7AM–5PM 

Wednesday    7AM–5PM 

Thursday    7AM–5PM 

Friday    7AM–5PM 

Saturday    Closed 

Sunday    Closed 

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