Advanta IRA Reviews: Legit or Not? Find Out Here

7.6/10 (Expert Score)
Product is rated as #69 in category Dealers
7.6Expert Score
Advanta Review

We found this SDIRA provider to be legit and highly reliable. They have an exceptional selection of investments to offer as well.

Trust
8
Fees
8
Customer Service
7
Reputation
7.5
Pros
  • Diverse Options
  • Specialized SDIRA
  • Highly Experienced Team
Cons
  • Limited Online Presence

Advanta IRA: Unique Highlights Overview

Advanta IRA is a prominent self-directed IRA administrator that offers several unique features designed to empower investors and enhance their retirement portfolios. Here are some of the standout highlights:

Find the Best Gold IRA Company of Your State

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

Dedicated Account Managers

Advanta IRA assigns each client a dedicated account manager who provides personalized assistance throughout the investment process. This one-on-one service ensures that clients receive tailored support, enhancing their investment experience. 

Extensive Experience and Expertise

With over 20 years in the industry, Advanta IRA’s team comprises attorneys, Certified IRA Services Professionals (CISP), and Self-Directed IRA Professionals (SDIP). This depth of expertise ensures that clients receive knowledgeable guidance in navigating self-directed retirement accounts. 

Wide Range of Investment Options

Advanta IRA allows clients to diversify their portfolios by investing in a broad spectrum of alternative assets, including real estate, private equity, cryptocurrencies, precious metals, and more. This flexibility enables investors to tailor their retirement accounts to their specific interests and financial goals. 

Comprehensive Educational Resources

Committed to empowering investors, Advanta IRA offers a wealth of educational materials, including weekly seminars, webinars, blogs, case studies, and videos. These resources are designed to help clients make informed investment decisions and maximize their retirement savings. 

Checkbook Control through Self-Directed IRAs

Advanta IRA provides clients with the option of establishing checkbook control, granting them the ability to make investments directly from their IRA without the need for custodian approval for each transaction. This feature offers greater flexibility and speed in managing investments. 

Transparent Fee Structure

Advanta IRA offers a clear and competitive fee schedule, ensuring clients are aware of costs upfront. Their fees are based on recordkeeping services, with no hidden charges or commissions, providing transparency and value to investors. 

Commitment to Compliance and Security

Advanta IRA ensures that all account activities comply with IRS rules and regulations, providing clients with peace of mind. Additionally, uninvested cash in accounts is held exclusively in FDIC-insured institutions, up to applicable limits, ensuring the security of client funds. 

These unique highlights make Advanta IRA a compelling choice for investors seeking to take control of their retirement savings through self-directed accounts.

Who are the People Behind Advanta IRA?

Advanta IRA is led by a team of seasoned professionals dedicated to providing expert guidance in self-directed retirement accounts. Here are key members of their leadership team:

Jack Callahan, J.D., CFP™ – Founder and Managing Partner

Jack Callahan established Advanta IRA in 2003, bringing a strong background in finance and law. He holds degrees in both fields and is a graduate of the University of Florida. Under his leadership, Advanta IRA has grown to oversee more than $1.3 billion in client assets. 

Bo Koerner, CISP – Chief Operations Officer

With 25 years of experience in retirement planning and customer service, Bo Koerner earned his accounting degree from the University of South Florida. He holds the designations of Certified IRA Services Professional (CISP) and Self-Directed IRA Professional (SDIP). As COO, Bo leads staff training and assists clients in understanding self-directed IRA regulations. 

Scott Maurer, J.D., CISP – Vice President of Sales

Scott Maurer holds a law degree from the University of Florida and is a Certified IRA Services Professional (CISP). As Vice President of Business Development, he educates individuals on self-directed IRAs and has been a guest on various retirement and investing platforms. Scott also utilizes his own self-directed accounts for investments. 

Rachael Moore, MBA – Vice President of Marketing

Rachael Moore is a graduate of the University of Florida and holds an MBA from Emory University. With thirty years of experience in sales and marketing, she leads Advanta IRA’s marketing team, creating strategies to drive awareness of self-directed investing. 

Larissa Greene, CISP – Director of Education / Business Development Specialist

Larissa Greene holds the Certified IRA Services Professional (CISP) designation and has been educating investors since 2011. She has experience with various alternative assets and uses her own retirement funds for private lending. 

Corey Daharsh, CISP – Business Development Specialist

With over ten years in the financial industry, Corey Daharsh is a Certified IRA Services Professional (CISP). He specializes in educating clients on diverse investment strategies and has assisted hundreds of clients with their transactions since joining Advanta IRA in 2016. citeturn0search6

This leadership team combines extensive experience and specialized knowledge, positioning Advanta IRA as a trusted administrator in the self-directed retirement industry.

Does Advanta IRA Offer Gold IRA Services?

Yes, Advanta IRA offers Gold IRA services as part of their self-directed retirement account options, allowing investors to include physical precious metals like gold, silver, platinum, and palladium in their retirement portfolios. Here’s how their Gold IRA services work:

Account Setup

  • Open a Self-Directed IRA: Begin by establishing a self-directed IRA with Advanta IRA, which involves completing the necessary application forms and providing required identification documents.
  • Fund Your Account: You can fund your new IRA through contributions, rollovers, or transfers from existing retirement accounts.

Choose Your Precious Metals

  • Select Approved Metals: The IRS permits specific precious metals for IRA investment, including certain gold, silver, platinum, and palladium coins and bars that meet minimum fineness requirements. Advanta IRA provides guidance on permissible metals to ensure compliance. 

Purchase Process

  • Select a Dealer: While Advanta IRA does not sell metals directly, they can assist you in selecting a reputable precious metals dealer.
  • Execute the Purchase: Once you’ve chosen your metals, Advanta IRA facilitates the purchase by coordinating payment from your IRA funds to the dealer.

Storage Requirements

  • Approved Depository: IRS regulations require that physical metals in an IRA be stored in an approved depository. Advanta IRA coordinates with these facilities to ensure your metals are securely stored and compliant with IRS rules.

Account Management

  • Ongoing Support: Advanta IRA provides continuous account administration, including record-keeping and ensuring adherence to IRS regulations.
  • Valuation and Reporting: They offer regular account statements and valuations of your precious metal holdings.

Distribution Options

  • Taking Distributions: Upon reaching retirement age, you can choose to liquidate your metals for cash or take physical possession, both of which are subject to IRS distribution rules and potential taxes.

Benefits of a Gold IRA with Advanta IRA

  • Diversification: Including precious metals can provide a hedge against market volatility and inflation.
  • Control and Flexibility: A self-directed IRA allows you to make investment choices that align with your financial goals.
  • Expert Guidance: Advanta IRA’s team offers personalized support to help you navigate the complexities of precious metals investing within an IRA.

Considerations

  • IRS Regulations: Strict rules govern the types of metals allowed and their storage; non-compliance can lead to penalties.
  • Fees: Be aware of associated costs, including account setup, annual maintenance, transaction fees, and storage fees.

Advanta IRA’s Gold IRA services provide a structured pathway for investors interested in incorporating precious metals into their retirement strategy, offering both diversification and potential protection against economic uncertainties.

What Products Can You Purchase at Advanta IRA?

Advanta IRA specializes in self-directed retirement accounts, enabling investors to diversify their portfolios beyond traditional assets. Here’s an overview of the investment products available through Advanta IRA:

Real Estate

  • Residential Properties: Invest in single-family homes, multi-family units, or condominiums.
  • Commercial Properties: Acquire office buildings, retail spaces, or industrial properties.
  • Raw Land: Purchase undeveloped land for potential appreciation or development.
  • Rental Properties: Generate income through residential or commercial rentals.
  • Real Estate Investment Trusts (REITs): Invest in publicly or privately held REITs.

Private Equity

  • Startups and Private Companies: Invest in early-stage companies or established private businesses.
  • Limited Partnerships and LLCs: Participate in private placements, venture capital, or hedge funds.

Precious Metals

  • Gold, Silver, Platinum, and Palladium: Invest in IRS-approved physical bullion and coins.

Private Lending

  • Promissory Notes: Act as a lender by issuing secured or unsecured loans to individuals or businesses.
  • Mortgage Notes: Invest in existing mortgages or deeds of trust.

Cryptocurrencies

  • Digital Assets: Invest in cryptocurrencies like Bitcoin, Ethereum, and other digital currencies.

Foreign Currency

  • Forex Trading: Engage in foreign currency exchange markets.

Commodities

  • Oil and Gas Investments: Invest in energy resources, including oil and natural gas ventures.
  • Timberland and Agriculture: Invest in farmland, timber, or other agricultural assets.

Tax Liens and Deeds

  • Property Tax Liens: Purchase tax lien certificates or tax deeds for potential property acquisition.

Structured Settlements

  • Annuities and Settlement Payments: Invest in income streams from structured legal settlements or annuities.

Other Alternative Assets

  • Crowdfunding Ventures: Participate in equity crowdfunding opportunities.
  • Intellectual Property: Invest in patents, trademarks, or royalties from creative works.

Advanta IRA’s platform offers a wide array of investment options, providing investors with the flexibility to tailor their retirement portfolios according to their knowledge, interests, and financial goals. 

Advanta IRA Fees and Pricing:

Advanta IRA offers a transparent and flexible fee structure for their self-directed retirement accounts, allowing clients to choose a plan that best suits their investment strategy. Below is a detailed breakdown of their fees and pricing:

Account Opening Fee

  • One-Time Setup Fee: A $50 fee is charged to establish a new self-directed IRA account. 

Annual Recordkeeping Fees

Clients can select between two fee options:

  • Option 1: Asset-Based Fees
    • Real Estate Holdings: $345 per property per year.
    • Other Assets (e.g., notes, LLCs, private placements): $295 per asset per year.
    • Non-Recourse Loan Holdings: $150 per loan per year.
    • Precious Metals Holdings: $250 per depository per year (excluding depository storage fees).
  • Option 2: Value-Based Fees
    • Account Value Between $0–$14,999.99: $200 annually.
    • $15,000–$29,999.99: $300 annually.
    • $30,000–$59,999.99: $400 annually.
    • $60,000–$89,999.99: $500 annually.
    • $90,000–$124,999.99: $600 annually.
    • $125,000–$249,999.99: $700 annually.
    • $250,000–$499,999.99: $850 annually.
    • $500,000–$749,999.99: $1,500 annually.
    • $750,000 and up: $1,850 annually.

Transaction and Additional Fees

  • Purchase, Sale, or Exchange of Real Estate/Other Assets:
    • Purchase: $145 per transaction.
    • Sale/Exchange: $95 per transaction.
  • Additional Capital Contribution/Funding to Existing Investment: $50 per transaction.
  • Wire Transfers:
    • Incoming: $15 per wire.
    • Outgoing: $15 per wire.
    • International: $60 per wire.
  • Trust Check/ACH for Bill Pay: $10 per transaction (no fee for bills paid using Advanta IRA’s online portal).
  • Cashier’s Check: $10 per check.
  • Express Delivery:
    • Next Day: $50.
    • 2nd Day: $30.
    • International: $100.
  • Returned Items/Stop Payment Requests: $30 per occurrence.

Account Termination Fee

  • Full Account Termination: $200.
  • Partial Termination: 0.5% of the account value (minimum fee of $25).

Additional Considerations

  • Cash-Only Accounts: Subject to a $25 per quarter charge.
  • Depository Storage Fees for Precious Metals: Not included in the annual recordkeeping fee and are billed separately by the depository.

Advanta IRA’s fee structure is designed to provide flexibility and transparency, allowing clients to choose the plan that aligns best with their investment strategies and account holdings. For the most current and detailed information, it’s advisable to consult Advanta IRA’s official fee schedule or contact their customer service directly. 

What Do Advanta IRA Reviews Say?

Advanta IRA has received positive feedback across various platforms, reflecting its commitment to customer satisfaction and quality service. Here’s an overview of their ratings:

  • Birdeye: Advanta IRA holds a 4.5-star rating based on 151 reviews. Clients commend the company’s efficiency, helpfulness, and reasonable management of self-directed IRAs.
  • Better Business Bureau (BBB): Advanta IRA Services, LLC has been accredited by the BBB since January 31, 2014, and maintains an A+ rating. This accreditation indicates a high level of trustworthiness and minimal customer complaints.

Overall, Advanta IRA is regarded as a reputable provider of self-directed retirement accounts, with clients appreciating their personalized service and diverse investment options. As with any financial service, it’s advisable to conduct thorough research and consider multiple sources of information when making decisions.

Why aren’t There Many Advanta IRA Complaints?

The relatively low number of complaints about Advanta IRA can be attributed to several key factors that reflect the company’s commitment to customer satisfaction, transparency, and efficiency. Here’s why Advanta IRA has minimal complaints:

Personalized Client Support

  • Dedicated Account Managers:
    Each Advanta IRA client is assigned a dedicated account manager who assists with account setup, compliance, and transactions.
  • Direct Communication:
    Clients do not have to deal with automated systems or multiple representatives, reducing frustration and misunderstandings.
  • High Customer Retention:
    Satisfied clients tend to stay with the company long-term, leading to fewer negative reviews.

Transparent Fee Structure

  • No Hidden Fees:
    Advanta IRA clearly discloses all fees upfront, reducing surprises and billing disputes.
  • Flexible Fee Options:
    Clients can choose between asset-based or value-based pricing, allowing them to pick a structure that best fits their investment strategy.

Strong Industry Expertise and Compliance

  • Over 20 Years of Experience:
    Advanta IRA has been in business since 2003, making them well-versed in self-directed IRA regulations.
  • Strict IRS Compliance:
    Their team includes Certified IRA Services Professionals (CISP) and legal experts, ensuring transactions follow IRS guidelines.
  • Reduced Errors:
    Because of their expertise, Advanta IRA helps clients avoid prohibited transactions, penalties, and tax issues that could otherwise lead to complaints.

Extensive Educational Resources

  • Webinars and Seminars:
    Advanta IRA offers weekly webinars, live workshops, and educational content to ensure clients fully understand self-directed IRAs.
  • Informative Blogs and Articles:
    Their website provides a wealth of resources, reducing confusion about investments, IRS rules, and account management.

Efficient and Secure Investment Process

  • Checkbook Control Option:
    Clients can set up an IRA LLC for checkbook control, allowing them to invest without delays from custodian approval.
  • Fast Transactions:
    Advanta IRA is known for processing investments quickly and efficiently, minimizing frustrations that can lead to complaints.

Positive Customer Reviews

  • High Ratings on Multiple Platforms:
    Advanta IRA has an A+ rating on the BBB, 4.5 stars on Birdeye, and generally positive feedback across independent review sites.
  • Minimal Complaints Registered:
    The company actively resolves any concerns before they escalate into public complaints.

Proactive Problem Resolution

  • Responsive Customer Service:
    If clients face issues, Advanta IRA’s team is known to address and resolve concerns quickly before they turn into formal complaints.
  • Flexible Investment Choices:
    Advanta IRA provides access to a wide range of alternative investments, so clients are less likely to feel limited by their investment options.

Trust and Credibility in the Industry

  • Accredited by the BBB Since 2014
  • Regulatory Compliance with State and Federal Laws
  • Secure Handling of Client Funds in FDIC-Insured Institutions

Advanta IRA’s customer-first approach, transparent pricing, compliance expertise, and strong educational resources contribute to its low complaint rate. Their dedicated account managers and fast processing times further enhance the client experience, preventing many of the common frustrations seen with other self-directed IRA custodians.

If you’re considering opening an account with Advanta IRA, their reputation for excellent service makes them a solid choice in the self-directed IRA industry.

Are There Any Advanta IRA Lawsuits?

Advanta IRA, a self-directed retirement account administrator, has been involved in several legal proceedings over the years. Notable cases include:

Bass v. Advanta IRA Services, LLC (2019): This case was heard by the District Court of Appeal of Florida, Second District. The court affirmed the decision without a published opinion, providing limited public details.

Advanta IRA Services, LLC v. FTE Properties, LLC (2021): Advanta appealed a final summary judgment entered in favor of FTE Properties in an interpleader action related to a real estate transaction. The District Court of Appeal of Florida, Second District, reversed the summary judgment, allowing Advanta’s claims to proceed.

These cases illustrate that, like many financial service providers, Advanta IRA has been involved in legal disputes. 

However, such involvement is not uncommon in the financial industry and does not necessarily reflect the overall quality or reliability of the company’s services. 

It’s important to consider these instances within the broader context of the company’s operations and client satisfaction.

Can You Trust Advanta IRA? Is Advanta IRA Legit?

Yes.

They are among the most well-reputed SDIRA providers in the US.

Whenever you’re curious about a company, just keep these tips in mind:

Tip #1: Check Their Regulatory Compliance and Accreditation

Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).

Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).

It will help you check how credible they are.

Tip #2: Look into The Company’s Background

  1. Research the company’s history, including years in business and any name changes.
  2. Examine the Better Business Bureau (BBB) rating and accreditation status.
  3. Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.

Tip #3: Does the Company Offer Good Resources?

  1. Assess the clarity of information provided about fees, storage options, and buyback policies.
  2. Evaluate the quality and depth of educational resources offered to investors.
  3. Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.

Tip #4: What are Their Product Offerings and Pricing?

  1. Ensure the company offers IRS-approved precious metals for IRA investments.
  2. Compare pricing with other reputable dealers to ensure competitiveness.
  3. Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.

Tip #5: Confirm the Storage and Custodian Partnerships

Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.

You’ll need a certified third-party storage provider.

Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.

Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.

Keep in mind that storage providers charge extra for segregated storage.

Some popular custodians include Equity Trust and Goldstar Trust.

Red Flags to Watch For in Gold IRA Companies

  1. Promises of guaranteed returns or claims of “secret” investment strategies.
  2. Pressure to act immediately or make large investments without proper consideration.
  3. Lack of physical address or unclear company ownership structure.
  4. Unwillingness to provide detailed information about fees or policies in writing.

By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.

Advanta IRA Review Summary:

Overall, Advanta seems like a decent choice for many investors.

However, it’s always best to check out alternatives as well. That way, you can be certain of getting the best deal possible. 

What are your thoughts on Advanta?

Let us know in the comments.

Advanta IRA Reviews: Legit or Not? Find Out Here
Advanta IRA Reviews: Legit or Not? Find Out Here

David
We will be happy to hear your thoughts

Leave a reply

Gold IRA Directory
Logo