This is a third party review of Advanta IRA. This due diligence report reviews over 100 different data points for Advanta IRA to provide you with a thorough due diligence report of the company to help you make a better decision. The public version provides only 20 of these data points. If you want to see the full version of this review, you can click the button below.
Information last updated on: 10/27/2016
Company certified on: 10/27/2016
Advanta IRA
Introduction
Advanta IRA is composed of a group of elite self-directed IRA administrators serving clients nationwide. While maintaining separate entities, they work and market themselves together to offer clients exceptional experience and knowledge that is paramount in administrating self-directed IRAs.
Advanta IRA ensures all elements of the administration of client accounts are performed properly and in compliance with Internal Revenue Service rules and regulations. They file reports on your behalf, issue statements and help you follow contribution limits and permissible transaction guidelines. You are able to focus on the more important task of identifying promising investments to add to your portfolio.
Advanta IRA
Contact Information
Website: | |
|---|---|
Phone Number: | (800) 425-0653 |
Email: |
Offices:
Corporate Office: | 13191 Starkey Rd, Suite 9, Largo, FL 33773 |
Atlanta Office: | 3525 Piedmont Rd NE, Bldg. 8 Suite 101, Atlanta, GA 30305 |
Business Hours: | 8:30 AM - 5:00 PM EST (Monday - Thursday) & 8:30 - 4:00 (Friday) |
Advanta IRA
Company Details
Company Classification: | Administrator |
Date Established (under current name): | 2012 (Former Entrust Franchisee started in 2003) |
Type of entity: | LLC |
Who provides custody for client assets: | Mainstar Trust |
Company is registered in: | Florida & Georgia |
Primary Line of Business: | Providing self-directed IRA administrative services to clients for alternative investments |
Other Lines of Business: | None |
Typical Client: | Retail & Institutional |
Capable of working with Financial Advisory Firms | Yes |
Governmental Agency Oversight: | None |
Company's Last Audit: | Aug 2016 by Mainstar Trust (custodian) |
Summary of Assets Under Custody
Number of Active Clients: | 4,300+ |
Number of Active accounts: | 4,300+ |
Amount of assets company provides custody for: | $700 Million |
Self-Directed IRA Industry Affiliations
Self-Directed IRA industry affiliations (outside of this company): | Advanta IRA Services is located in Tampa. Advanta IRA Administration is located in Atlanta |
Ownership of industry related websites: | None |
Industry related company affiliations: | None |
Industry related non-profits: | None |
Industry related associations: | None |
Industry related board of trustee positions: | None |
Industry related publications: | None |
Advanta IRA
Fee Schedule
Account Setup Fee: | $50 |
Account Termination Fee: | 0.005% of teh account value up to a maximum of $250 |
Service Fee Classification: (flat, transaction-based, asset-based, hybrid) | Choice of Asset Based Fee or Per Asset Fee |
Company Fee Schedule: | Advanta IRA Fee Schedule* (as of 1/1/16) |
* Use the Advanta IRA Fee Calculator (click button below) to calculate your estimated fees based on the company's published fee schedule. This is a useful tool when comparing different custodians based on your cost to use them. Please note, if you have never before used a self-directed IRA custodian or administrator to administer your account, the fees will be different than most broker dealers that provide transactional services for stocks, bonds, and mutual funds.
Advanta IRA
Available Account Types
Type of Account: | Available at Advanta IRA |
|---|---|
Traditional IRA | Yes |
Roth IRA | Yes |
SEP IRA (or SERSEP) | Yes |
SIMPLE IRA | Yes |
Individual 401(k) | Yes |
Defined Contribution Plan (Group plan e.g. 401k, 403b 457) | No |
Defined Benefit Plan (pension) | No |
ESOP (Employee Stock Ownership Plan) | No |
Health Savings Account (HSA) | Yes |
Education IRA (ESA) (Coverdell Education Savings Account) | Yes |
Non-Qualified Account (Individual) | No |
Non-Qualified Account (Joint Tenants) | No |
Trust Account | No |
Partnership / Limited Partnership | No |
UTMA / UGMA Custodial Account | No |
C-corp, S-corp, or LLC account | No |
Other: | Record keeping account for DB or DC plans via a TPA |
Advanta IRA
List of Allowable Assets
Type of Asset | Allowed For Custody? |
|---|---|
Real Estate | Yes |
Private Placement (Reg A) | Yes |
Private Placement (Reg D) | Yes |
Private Placement (e.g. REIT, BDC, etc) | Yes |
Precious Metals | Yes |
Futures or Managed Futures | Yes |
Options or Hedges (non-publicly Traded) | Yes |
Bitcoin (or other virtual currency) | Yes |
FOREX | Yes |
Hedge Funds | Yes |
Limited Partnerships | Yes |
Single-member LLC (or Checkbook LLC) | Yes |
Multi-member LLC | Yes |
REITs | Yes |
Annuities (fixed or Variable) | No |
Viaticles or Life Settlements | No |
Insurance (other) | No |
Trust Deeds | Yes |
Tax Liens | Yes |
Private Lending (Unsecured Notes) | Yes |
Private Lending (Secured Notes) | Yes |
Private Company Stock | Yes |
Public Company Stock (or ETFs) | No |
Publicly Traded Options | No |
Church Bonds | Yes |
Mutual Funds or Closed-End Funds (CEF) | No |
Livestock, Horses, or similar animals | Yes |
Business Development Company (BDC) | No |
International Real Estate | Yes |
International Asset (other than real estate) | Yes |
Other | N/A |
Does Advanta IRA sub-custody certain assets at other firms: | No |
Does Advanta IRA provide sub custody services to other firms: | Advanta can provide recordkeeping services for pension plans and 401k plans in which a third party plan administrator does the IRS reporting and they can hold the alternative assets. |
Asset Specialization: | None |
Most popular assets held: |
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Advanta IRA
Operations
Client account title format: | Advanta IRA FBO: [ Participant Name ] and [ Account Number ] |
|---|---|
Number of full-time employees: | 20 |
Process for setting up a new account:
Contact Advanta IRA for the appropriate forms (800-425-0653) or visit their website. A business development specialist will then assist in getting the forms completed properly and then requesting the funds from a current custodian to be moved to the new account.
Process for adding a new asset to client account:
Clients would work with their dedicated account manager to make sure all Advanta forms and investment documents are completed properly.
Procedures in place to protect client information:
They have a privacy policy and are bound by banking regulations to protect a client's information. No information is disclosed to 3rd parties without the client's approval.
Procedures for annual valuations:
They request that the client complete an annual valuation and send them supporting documents for that annual valuation. The client must get a qualified and independent 3rd party to value their assets but formal appraisals are not required.
Procedures for when an investment is suspected to be or is found to be fraudulent:
(Not Disclosed)
Advanta IRA
Technology
Does company participate in DTC system: | No |
Details of DTC: | N/A |
Does company accept Fed Funds wires: | Yes |
Fed Funds wire details: | (Not Disclosed) |
Client account access: | Clients can view their account online and can also receive email notices of any changes within their account balance. |
Accounting: | (Not Disclosed) |
Account reporting: | (Not Disclosed) |
Trading investments: | (Not Disclosed) |
Safekeeping of client assets: | They maintain the hard copies of negotiable documents and electronic copies of all documents. |
Record keeping of client assets: | (Not Disclosed) |
Document storage: | They maintain the hard copies of negotiable documents and electronic copies of all documents. |
Compliance: | (Not Disclosed) |
Security and client information protection: | (Not Disclosed) |
Advanta IRA
Management Team
- Jack Callahan, Managing Partner
- Robert Koerner, Director Of Operations
- Scott Maurer, Director of Business Development
- Mike Cornetet, Director of Marketing
Access Company Management Profiles
Glassdoor Ratings: (How company rates as an employer) (No profile available)
Advanta IRA
Client Protection
Insurance coverage limits for client assets: | Does not provide custody services |
Coverage for uninvested cash balances: | FDIC Insurance coverage up to $250,000 |
Errors & Omissions coverage (E&O): | (Not Disclosed) |
Additional or supplemental insurance coverage for client accounts: | (Not Disclosed) |
Have any owners or managing members of the company been charged with a felony, theft, or fraud: | No |
Has the company itself ever been investigated, charged, or convicted of a felony, fraud, theft, or industry related violation: | No |
Advanta IRA
Customer Satisfaction
Better Business Bureau: (click to review BBB overview) | |
Accredited Business since: | 01/31/2014 |
BBB Rating: | A+ |
Yelp Ratings: (click to review yelp ratings) | (No ratings profile available) |
Number of people on customer service team: | 20 |
Number of people on the "premier" or " institutional" customer service team: | 5 |
Number of people on the team that performs investment reviews for client assets: | 6 |
Average turnaround time for a client's new investment (assuming all documents required have been send in by client): | Less than 24 hours |
Average turnaround time for setting up a new client account (assuming all documentation required has been sent in by client): | Same day |
Method of client account access: | Online access, annual statements, daily email notifications |
Is client education provided by company: | Ongoing live seminars and webinars on self-direction and they also bring in many guest speakers |
Is financial advice provided by company to client: | No |
Advanta IRA
Self Direct Your Retirement Transparency Index
The Self Direct Your Retirement Transparency Index is a metric we have developed to indicate how transparent self-directed IRA custodians and administrators are about their company. We value transparency as an ideal trait from a company that is providing custody or administration of your retirement accounts. It shows that the company has nothing to hide about their activities. You should consider this when you are making your choice.
The Self Direct Your Retirement Transparency Index is split into two parts. The first part is whether they voluntarily provided this information to us or whether we had to find this data on our own. Companies that provided us with the data were given the "company certified seal". If they did not participate, the seal does not show up in their profile. The second part of the index is how transparent the companies were in providing us with this information. A higher transparency number indicates a more transparent company. A number above 80% is ideal. There may be legitimate reasons companies do not want to share certain information, but you should consider this when making your decision.
Below the seal, we have listed the last time the company provided us with information. As long as the company has the certified seal, the information should be considered up-to-date. We contact the company periodically to ensure the information is accurate. If the company chooses not to verify the information, then we remove the seal. Transparency is only one factor you should consider when choosing a self directed IRA custodian or administrator.
Willingness to provide information - High
Company Certified Information
Information last updated on: 10/27/2016
Advanta IRA
Compared to Peers
Visit the Self-Directed IRA custodian & administrator comparison page to see how Advanta IRA compares to its peers.
Advanta IRA
Company Spotlight - Industry Trends
We asked Advanta IRA to provide their individual insight into the following questions. This section is a bit more personal. The idea is that it will give you more insight into the company you are considering to provide custody of your investments.
What trends do you see in the self-directed IRA industry? | More and more individuals looking to use self-directed IRAs to get control over their investments and out of the stock market. The industry as a whole is seeing great growth. |
What trends in asset types do you see at your firm? | Bigger focus on real estate related investments, especially investments into privately held funds and real estate investment projects, over simple rental properties. More people looking for a more passive investment where they own a small percentage of a larger deal and don’t need to have an active day-to-day role. |
What is your firm's biggest concern about the self-directed IRA industry? | Individuals/Companies who use the self-directed vehicle as a way to entice individuals to fraudulent investments. Self-directed IRA administrators and custodians do not evaluate investments and thus fraudsters try to exploit this with soliciting for new investors. |
Please list some additional concerns your firm has about the industry? | Inattentiveness by other custodians to the needs of their clients and this is why we have an account manager system where every client gets assigned to one specific representative |
Do you see any changes in regards to what investors want from custodians and administrators? | They want better customer service for a fair price, and this is what we strive to provide to all of our customers. |
What are your company's biggest challenges? | Getting more and more individuals who are not self-directing to learn about our services and product. |
What are the self-directed IRA industry's biggest challenges? | Fighting against the belief that retirement funds should be held by a brokerage firms, banks and advisers, and the idea that self-directing is inherently “risky” (which it is not if you understand what you are investing in) |
What needs to be changed in the Self-Directed IRA industry? | Focus on more awareness of possibilities for all clients and investors. |
How could the Self-Directed IRA Industry improve? | Focusing on what is best for clients. |
What is the biggest reason for the company's success? | Great Customer Service |
Company's view of important of the following items (ranked in order of importance)
- Visibility - Creating greater visibility about self-directed IRAs to investors
- Transparency - Providing clients with transparent information
- Legitimacy - Prevention of fraudulent investments and schemes.
- Coordination - Coordinating with other custodians, administrators, and professionals
Advanta IRA
Conclusion
Advanta IRA has a high level of transparency. This is exactly what we look for in a custodian or administrator. Without this high level of transparency, we would not have access to the information we would need to make the best decision possible.
Looking for companies with this high level of transparency is only the first step in the process of finding a suitable self-directed IRA custodian or administrator. With this information, you can make a determination about whether Advanta IRA is the best choice for your retirement investing needs.
Please use our Self Directed IRA Custodian & Administrator Comparison Tool to help you make that determination.
One of the biggest areas of frustration we see from self-directed IRA investors is when they realize they have chosen the wrong self-directed IRA custodian or administrator. It takes time to set up an account and fund your investment. The last thing you want to do when you are trying to fund your investment is to think about changing to a different custodian. Choose your Self-Directed IRA custodian or administrator wisely. If you put the time in now to find the right company, you will save time, money, and aggravation later. Read our Choosing a Self-Directed IRA Custodian report for more information.
Next Steps... Once you have located your ideal Self-Directed IRA Custodian or Administrator, you will be on your way to self-directing your retirement. If you decide that this process seems too complex and you need assistance or financial advice, feel free to contact us. Our firm specializes in providing financial advice pertaining to alternative investments held in self-directed IRAs and 401ks. We are fiduciaries and provide unbiased financial advice to our clients. Contact us if you want to learn more about our wealth management services.
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