Provident Trust Group Reviews

CEO: Theresa Fette 

President: Jason Helquist 

Size of Company
50 employees 

Number of Clients
34,000 clients 

Assets Under Management
$6 billion 

About
Provident Trust Group is a Trust company specializing in Self Directed IRAs.  It is a non-discretionary administrator and custodian of IRA assets. Provident Trust is currently owned by Ascensus. Ascensus is a technology-enabled solutions provider that offers savings plans of various kinds. The company is notable for its management of state retirement plans including those of Oregon, Illinois, and California. 

Plans Offered
Self Directed Traditional IRA – This is a classic IRA modified to allow for Self Direction. Contributions are tax deferred and allow for a tax deduction in the year made.
Self Directed Roth IRA – Similar to a Traditional IRA but uses after-tax dollars for contributions. This means that investments can grow without any further tax consequences.
Self Directed Inherited IRA – This is when a beneficiary inherits an IRA or other employee-sponsored retirement plan. This kind of account differs from a Traditional IRA in the fact that the beneficiary cannot make any additional contributions. However, the beneficiary can still manage the funds to maximize the investment. The exception to the rules of an Inherited IRA is when a spouse is the beneficiary. The spouse can make the account his/her own without having to designate it as an Inherited IRA.
Self Directed Individual 401(k) Plan (Solo 401(k)) – This is a retirement plan that can be utilized by self-employed individuals with no full-time employees. The tax benefits are similar to those of an IRA with two major differences: 

1. Higher contribution limits
2. Ability to take out a personal loan

Self Directed SEP IRA – This plan offers similar benefits to a standard 401(k), but is designed for self-employed individuals or small companies. The main advantage of the SEP IRA is that the rules are much simpler and compliance is not as burdensome.
Self Directed SIMPLE IRA – A Savings Incentive Match Plan for Employees is a type of employer-sponsored retirement savings plan. It is meant to be utilized by companies with fewer than 100 employees.
Self Directed Qualified Investment & Safekeeping Plan – This is a general structure that allows companies to offer innovative retirement plans that allow for alternative assets. Common iterations include the Profit-Sharing Plan, the Defined Benefit Plan IRA, and the Self Directed 401(k) Plan. 

Services
Provident Trust provides all the standard Self Directed IRA services including: 

• IRS Required Reporting 
• Record Keeping 
• IRA & Qualified Plan Administration 
• Transfer Processing 
• Alternative Asset Custody 
• Rollover Assistance 
• Self-Directed Education 
• Contribution Processing 
• Distribution Processing 

Process
Provident Trust has structured the Self Directed IRA process similar to other Custodians. The client follows a 3-step process of opening the account, funding the account, and then investing. Provident provides fully electronic processing with e-signatures, online fund transfers, and online investment initiation. 

Accounts can be funded in 1 of 3 ways: 

1. IRA Transfer – This is moving assets between two similar accounts. Most Self Directed investors usually use this as their initial funding method. Typically, transfers are the most common funding option as the previous IRA already exists and there is no need for IRS reporting. 

1. Direct Rollover – This is a transfer of funds or assets between different types of plans. This is a reportable action but generally not taxable. 

1. Indirect Rollover – This is when the owner takes a distribution and then immediately deposits the funds into a different retirement account. This is reportable, generally not taxable, and it has a strict requirement that the rollover take place within 60 days of the distribution. Additionally, only one IRA-to-IRA rollover is allowed every 12 months. 

Financial Professionals
Provident Trust works with a wide variety of financial professionals including: 

• Financial advisors 
• Entity creation companies 
• Prime brokers 
• Real Estate Brokers 
• Marketplace Lenders 
• Hedge fund managers 
• Banks and institutions

Fees

Traditional IRA
$395 per year
$50 establishment fee

ROTH IRA
$395 per year
$50 establishment fee

SEP IRA
$445 per year
$150 establishment fee

SIMPLE IRA
$445 per year
$150 establishment fee

SOLO 401(k) PLAN
$495 per year
$150 establishment fee

For a complete fee schedule please click here: https://trustprovident.com/Forms/FeeSchedule-Generic.pdf 

Address

8880 W. Sunset Rd.
Suite 25
Las Vegas, NV 89148 

Hours of Operation 

Monday – Friday 

6AM – 4PM (PST)  

Phone

(888) 855-9856

Fax 

(702) 253-7565 

Email 

info@trustprovident.com