Custodian hunt - who's everyone using for their Gold IRA?

Paul Hill

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Custodian hunt - who's everyone using for their Gold IRA?

paul_hill🏆Advanced (250-500k)

about 2 months ago

Key Takeaways

•I've got my own Gold IRA, roughly $380k in there right now, and I'm currently with Equity Trust, which has been...
•Not stellar, not terrible, just fine.
•I'm looking around for other options, specifically for self-directed IRAs that can hold physical gold and silver.

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Okay, so I've been helping a bunch of my clients here in SLC get set up with Gold IRAs recently, and while I've got my go-to dealers for buying the actual metals, I'm finding the custodian side of things to be a bit more of a patchwork. I've got my own Gold IRA, roughly $380k in there right now, and I'm currently with Equity Trust, which has been... fine. Not stellar, not terrible, just fine. Fees are a bit higher than I'd like, and their customer service can be a bit slow to respond sometimes, which is a pain when you're trying to get something moved quickly for a client.

I'm looking around for other options, specifically for self-directed IRAs that can hold physical gold and silver. I'm prioritizing good customer service, transparent fee structures, and ease of use for clients – especially those who are new to this and might need a little extra hand-holding. I've heard some mixed things about Strata Trust and Kingdom Trust, and I'm honestly a little overwhelmed with all the choices popping up now that gold is becoming such a hot topic again. My clients are typically in that $250k-$500k range for their precious metals allocation, so we're talking about substantial amounts that need secure, reliable custodianship.

Anyone here have any firsthand experience, good or bad, with other custodians? Who are you guys using for your own Gold IRAs, or if you're an advisor like me, who do you recommend to your clients? What prompted you to choose them, and what do you like/dislike? I'm particularly interested in hearing about any custodians that offer more competitive fees or a more streamlined online experience. Thanks in advance for any insights – trying to make sure I'm giving the best advice possible here!

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4 comments

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Best Answer▲ 9 upvotes

margaret_chen🏆Advanced (250-500k)

Totally get this. I went through the exact same thing last year trying to set mine up. My dealer was great for the metals, but when it came to custodians, it was like they just gave me a list and said "good luck!"

I ended up going with Equity Trust after a lot of digging. So far, so good. Fees seem reasonable and their portal is pretty straightforward. What kind of issues are you running into on the custodian side?

Comments (4)

margaret_chen🏆Advanced (250-500k)Real Investor•about 2 months ago

betty_king📊Growing (50-100k)•about 2 months ago

Interesting, you're helping clients and have your own Gold IRA. Are you finding that the custodians you're looking at for your clients are different from the one you chose for your own $380k, or is there some overlap there?

james_wilson👑Elite (1m-5m)Real Investor✓ Verified•about 2 months ago

It's interesting you're finding the custodian side so patchwork. Honestly, I've had the opposite experience. For the most part, it seems like the major players all offer pretty similar services at similar price points. The real differentiator for me has always been the dealer relationship and the variety of metals available. Maybe it's just my area, but the custodians feel more like a commodity. What kind of differences are you seeing that make it feel so varied?

dorothy_lopez💰Established (100-250k)Real Investor•about 2 months ago

Hey, good question! Custodianships can definitely feel like the wild west sometimes. One thing I found super helpful when I was looking was to check out the IRS's list of approved nonbank IRA custodians. It's not a complete list of every custodian, but it can be a good starting point to see who's out there and a good sign they meet certain requirements. Might help you broaden your search beyond just the usual suspects.

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