IRA Innovations: Unique Highlights Overview
IRA Innovations LLC is a provider of self-directed retirement account administration and education, specializing in alternative investments such as real estate, notes, precious metals, and private placements within IRAs, HSAs, ESAs, and 401(k)s.
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- Comprehensive Investment Options: IRA Innovations allows clients to diversify their retirement portfolios by investing in a wide range of alternative assets, including real estate, private companies, lending money, and precious metals.
- Educational Resources: The company provides free local presentations and workshops to help individuals better understand their investment opportunities and the requirements of self-directed accounts and transactions.
- Transparent Fee Structure: IRA Innovations offers a clear and competitive fee schedule, including a one-time account setup fee of $50 and an account termination fee of $150.
- Client Portal Access: Clients have access to a secure online portal for account management, enhancing convenience and transparency.
- Positive Customer Reviews: The company maintains a 4.7 out of 5 rating on BirdEye.com and an A+ rating with the Better Business Bureau, reflecting high customer satisfaction.
These features position IRA Innovations LLC as a versatile and client-focused option for individuals seeking to diversify their retirement portfolios through self-directed IRAs.
Who are the People Behind IRA Innovations?
IRA Innovations LLC is led by a dedicated team of professionals committed to providing exceptional self-directed retirement account services. The key individuals behind the company include:
Mike Todd – President
Mike Todd has been with IRA Innovations since 2007, building relationships and educating others about the merits of self-directing their IRAs.
In 2021, following the passing of the original founder, Bill Gulas, Mike took ownership of the company. He graduated from the University of Alabama in Huntsville with a degree in Electrical Engineering and began his career in sales for a semiconductor firm.
His passion for finance emerged through co-founding an investment newsletter and obtaining a securities license.
Mike personally invests in mortgages, properties, and private businesses with his self-directed IRA and is enthusiastic about helping clients achieve financial freedom.
He is also an engaging speaker, presenting to groups about utilizing self-directed IRAs.
Christina Babineaux – Vice President
Christina joined the IRA Innovations team in 2022, bringing extensive knowledge of business development and IRAs.
A graduate of Huntingdon College with a degree in Business Management, she began her career as a young entrepreneur, co-owning a local bakery before transitioning into banking. Christina’s banking career progressed from a teller position to Vice President of Private Banking and Cash Management Liaison over 18 years.
She is actively involved in her community, serving on the Boards of Directors for the Vestavia Chamber of Commerce and The Laura Crandall Brown Foundation, where she is the Chair of Development. Christina is passionate about her work, clients, and community service.
Tribute to Bill Gulas – Founder
Bill Gulas founded IRA Innovations, LLC, and led the company for 18 years until his passing in 2021. He was passionate about assisting clients in taking control of their retirement funds.
Bill held a master’s degree in Marketing Research and a bachelor’s in Accounting from the University of Alabama.
He was also a lifetime member of Holy Trinity-Holy Cross Greek Orthodox Cathedral, contributing significantly to his community and various ministries. Bill’s vision for IRA Innovations continues under the leadership of Mike Todd, who shares his commitment to excellent customer service.
This leadership team combines extensive experience in finance, business development, and client relations, ensuring that IRA Innovations provides knowledgeable and personalized services to clients seeking self-directed retirement solutions.
Does IRA Innovations Offer Gold IRA Services?
Yes, IRA Innovations offers Gold IRA services through self-directed IRAs, allowing clients to include physical gold and other precious metals in their retirement portfolios. Here’s how it works:
How Gold IRA Services Work at IRA Innovations:
- Establish a Self-Directed IRA:
- Account Setup: Open a self-directed IRA with IRA Innovations, which acts as the administrator for your account.
- Select Approved Precious Metals:
- IRS Compliance: Choose gold or other precious metals that meet IRS standards for purity and form. IRA Innovations can assist in ensuring your selections comply with these requirements.
- Purchase Metals:
- Transaction Facilitation: Direct IRA Innovations to purchase the selected metals on behalf of your IRA. They will coordinate with your chosen precious metals dealer to complete the transaction.
- Secure Storage:
- Depository Selection: Select an IRS-approved depository for storing your metals. IRA Innovations does not store physical metals but will work with your chosen depository to ensure proper storage. Note that separate depository fees apply.
- Account Management:
- Ongoing Administration: IRA Innovations handles the administrative tasks associated with your self-directed IRA, including record-keeping and compliance reporting.
Benefits of a Gold IRA with IRA Innovations:
- Portfolio Diversification: Including physical gold can provide a hedge against market volatility and inflation.
- Tax Advantages: Holding gold within a self-directed IRA offers potential tax benefits, depending on the type of IRA (Traditional or Roth).
- Control and Flexibility: A self-directed IRA allows you to make investment decisions aligned with your financial goals.
Considerations:
- IRS Regulations: Ensure all investments comply with IRS rules to maintain the tax-advantaged status of your IRA.
- Fees: Be aware of account setup fees, annual maintenance fees, transaction fees, and storage fees associated with holding physical metals.
- Due Diligence: Conduct thorough research when selecting precious metals dealers and storage facilities.
What Products Can You Purchase at IRA Innovations?
IRA Innovations specializes in self-directed retirement accounts, offering clients the flexibility to diversify their portfolios beyond traditional investments. Here’s an overview of the investment products available through IRA Innovations:
Real Estate Investments
- Types of Real Estate: Clients can invest in various real estate assets, including residential properties, commercial properties, rental properties, and undeveloped land.
- Benefits: Real estate investments can provide rental income, potential appreciation, and portfolio diversification.
Private Company Investments
- Equity in Private Companies: Investors have the opportunity to purchase stock or ownership stakes in private businesses, startups, or other privately held entities.
- Benefits: Investing in private companies can offer significant growth potential and the chance to support emerging businesses.
Lending Money (Private Lending)
- Promissory Notes: Clients can act as lenders by issuing loans to individuals or businesses, secured or unsecured, with terms they establish.
- Benefits: Private lending can generate interest income and provide a predictable return on investment.
Precious Metals
- Approved Metals: Investments in IRS-approved precious metals, such as gold, silver, platinum, and palladium, are permissible within self-directed IRAs.
- Benefits: Precious metals can serve as a hedge against inflation and economic uncertainty.
Other Alternative Investments
- Additional Options: IRA Innovations allows for a variety of other investments, including auto paper, commercial paper, hedge funds, and more.
- Benefits: These alternative investments enable clients to leverage their expertise and interests, potentially enhancing returns and achieving financial objectives.
Considerations
- Due Diligence: Investors are responsible for conducting thorough due diligence on all potential investments to ensure they meet individual risk tolerance and investment criteria.
- IRS Regulations: Certain investments may be subject to specific IRS rules and regulations; it’s essential to understand these guidelines to maintain the tax-advantaged status of the retirement account.
By offering a broad spectrum of investment options, IRA Innovations empowers clients to diversify their retirement portfolios beyond traditional assets, potentially enhancing returns and achieving financial objectives.
IRA Innovations Fees and Pricing:
IRA Innovations offers a transparent and straightforward fee structure for their self-directed retirement accounts, enabling clients to understand and anticipate the costs associated with account setup, maintenance, and transactions. Below is a detailed breakdown of their fees and pricing:
Account Setup and Termination Fees
- Account Establishment Fee: A one-time, non-refundable fee of $50 is charged to establish a new self-directed IRA account. citeturn0search6
- Account Termination Fee: A fee of $150 is applied when closing an IRA account, covering the administrative costs associated with account closure. citeturn0search6
Annual Asset Holding Fees
Annual fees are determined based on the number of assets held within the account and are due upon the purchase of an asset and annually on the anniversary month of the asset purchase.
- Single Asset: $275 per asset per year.
- Multiple Assets:
- 2 Assets: $350 per year.
- 3 Assets: $425 per year.
- 4 or More Assets: $500 per year.
Transaction Fees
- Purchase, Sale, Exchange, or Transfer of Assets: A fee of $95 per transaction is charged for the processing of purchases, sales, exchanges, or transfers of assets within the IRA.
- Special Services: Services such as expedited processing, overnight mail, or wire transfers may incur additional fees, which vary based on the specific service requested.
Precious Metals Storage Fees
For accounts holding precious metals, additional storage fees apply:
- Annual Storage Fee: $100 per year for segregated storage of precious metals.
Additional Service Fees
- Special Asset Handling: Certain assets that require additional administrative work may incur extra fees, which are assessed on a case-by-case basis.
- Late Payment Fee: If payment is not received within 20 days from the date reflected on the invoice, a past due notice will be issued, and a late fee may be applied.
Considerations
- Fee Changes: IRA Innovations reserves the right to change its fee schedule at any time by providing clients with 30 days prior written notice.
- Payment Responsibility: Clients are responsible for ensuring timely payment of all fees to maintain the status of their accounts and avoid any service interruptions.
By maintaining a clear and competitive fee structure, IRA Innovations aims to provide clients with the necessary information to make informed decisions regarding their self-directed retirement accounts. Clients are encouraged to review the fee schedule in detail and contact IRA Innovations directly for any clarifications or personalized assistance.
What Do IRA Innovations Reviews Say?
IRA Innovations has garnered positive feedback across various review platforms, reflecting a strong reputation in the self-directed retirement account industry. Here’s an overview of their ratings:
BirdEye
- Rating: 4.9 out of 5 stars
- Reviews: Based on 9 customer reviews
- Highlights: Clients commend the company’s professionalism, responsiveness, and expertise in self-directed IRA services.
Better Business Bureau (BBB)
- Rating: A+
- Accreditation: Not accredited
- Complaints: No customer complaints reported
- Highlights: The A+ rating indicates a high level of trustworthiness and customer satisfaction.
Chamber of Commerce
- Rating: 4.8 out of 5 stars
- Reviews: Based on 4 customer reviews
- Highlights: Customers appreciate the company’s competence, trustworthiness, and detailed-oriented service.
IRA Innovations consistently receives high ratings and positive reviews across multiple platforms. Clients value their professionalism, responsiveness, and expertise in self-directed IRA services. The A+ rating from the Better Business Bureau further underscores their commitment to customer satisfaction and ethical business practices.
Why aren’t There Many IRA Innovations Complaints?
The relatively low number of complaints about IRA Innovations can be attributed to several factors that reflect the company’s strong reputation, customer-centric approach, and transparent business practices. Here’s an in-depth analysis:
Transparent Business Practices
- Clear Fee Structure: IRA Innovations provides a straightforward and transparent fee schedule, ensuring clients are aware of all costs upfront. This reduces the likelihood of complaints related to hidden fees or unexpected charges.
- IRS Compliance: The company ensures all investments meet IRS guidelines, reducing the risk of non-compliance issues that could lead to dissatisfaction.
Exceptional Customer Service
- Dedicated Support: Clients receive personalized attention from a knowledgeable team that guides them through the complexities of self-directed IRA investments.
- Proactive Problem-Solving: IRA Innovations resolves issues promptly, preventing complaints from escalating to public platforms.
Focus on Client Education
- Workshops and Resources: IRA Innovations provides free educational resources, including local workshops and online guides, to help clients make informed decisions about their retirement accounts.
- Empowered Clients: Educated clients are less likely to experience misunderstandings or feel dissatisfied with their investment choices.
Specialized Services
- Diverse Investment Options: The company offers a wide range of investment opportunities, from real estate to precious metals, allowing clients to diversify their portfolios and align investments with their goals.
- Flexibility: Clients appreciate the ability to tailor their retirement strategies, leading to higher satisfaction rates.
Positive Customer Experiences
- High Ratings: IRA Innovations consistently receives high ratings on platforms like BirdEye and the Better Business Bureau (A+ rating), reflecting strong customer satisfaction.
- Loyal Clientele: Many clients report successful experiences and refer others, reducing the volume of negative feedback.
Strong Reputation and Longevity
- Established Track Record: IRA Innovations has been in business for over a decade, building trust and credibility in the self-directed IRA industry.
- Community Engagement: The company actively engages with its community through educational initiatives, enhancing its positive image.
Small Client Base
- Niche Market: As a provider of self-directed IRAs, IRA Innovations caters to a specialized audience. A smaller, more targeted client base often results in fewer complaints.
- Informed Investors: Their clientele typically consists of informed investors who understand the complexities of alternative investments, reducing dissatisfaction.
Effective Complaint Management
- Internal Resolution: IRA Innovations likely resolves most client issues internally, preventing grievances from becoming public.
- Open Communication Channels: The company maintains clear communication lines, ensuring clients feel heard and supported.
High Ethical Standards
- Integrity in Operations: IRA Innovations adheres to high ethical standards and best practices, minimizing the potential for disputes.
- Third-Party Reviews: Positive feedback on platforms like BirdEye and BBB highlights the company’s trustworthiness and commitment to clients.
The low volume of complaints about IRA Innovations stems from its transparent business practices, exceptional customer service, client education initiatives, and niche-focused approach. By addressing issues proactively and fostering trust with clients, the company minimizes dissatisfaction and reinforces its strong reputation. As always, potential clients are encouraged to conduct their due diligence and reach out directly to ensure the company aligns with their specific needs.
Are There Any IRA Innovations Lawsuits?
No.
We didn’t find any lawsuits involving this company.
Can You Trust IRA Innovations? Is IRA Innovations Legit?
Yes.
They are legit.
Whenever you’re curious about the legitimacy of an IRA company, 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
- Research the company’s history, including years in business and any name changes.
- Examine the Better Business Bureau (BBB) rating and accreditation status.
- Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.
Tip #3: Does the Company Offer Good Resources?
- Assess the clarity of information provided about fees, storage options, and buyback policies.
- Evaluate the quality and depth of educational resources offered to investors.
- Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.
Tip #4: What are Their Product Offerings and Pricing?
- Ensure the company offers IRS-approved precious metals for IRA investments.
- Compare pricing with other reputable dealers to ensure competitiveness.
- 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
- Promises of guaranteed returns or claims of “secret” investment strategies.
- Pressure to act immediately or make large investments without proper consideration.
- Lack of physical address or unclear company ownership structure.
- 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.
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IRA Innovations Review Summary:
Overall, IRA Innovations seems to be a good choice for investors.
They have a significant presence in this highly competitive niche.
What are your thoughts on this SDIRA company? Let us know in the comments.