Welcome to my “Is Provident Trust Group A Scam?” review!
Are you on the search for the best IRA firm to begin your alternative assets investment and build your IRA account?
Then, you probably found Provident Trust Group and was hoping that it is the one you have been looking for. Well, to find out, read this review! What is it? Is it legit? Or is Provident Trust Group a scam?
Here is the answer.
If you prefer to just save the time and hassle, you can click here to check out our top-recommended precious metals IRA company!
Provident Trust Group Review Quick Summary
- Name: Provident Trust Group
- Founder and CEO: Theresa Fette and Jason Helquist
- Price: Varies depending on your investment
- Rating: 3/5
What is Provident Trust Group?
Provident Trust Group is an IRA custodian with more than 30,000 clients and investors in the U.S. and has over $3 billion worth of client assets and assets under custody.
Moreover, it is considered as one of the most popular IRA custodians all over the United States. It was formed by a group of professional tax attorneys who are more than qualified to cater the needs of its clients for allowable assets like real estate, private placement, trust deeds, tax liens, and private lending.
Theresa Fette, the CEO of the company, was included in the 2012 Fortune Magazine’s list of the most powerful women entrepreneurs.
Currently, it is headquartered in Las Vegas, Nevada.
Provident Trust Group Services and Fees
Since Provident Trust Group is an IRA custodian, it provides various IRA services, including self-directed IRAs. The company offers IRA services for both individual clients and for businesses.
- Individual
- Traditional IRA
- Roth IRA
- Inherited IRA
- For Businesses – Account Types
- SEP IRA
- SIMPLE IRA
- Individual 401(k) Plan
- Qualified Investment Plan
Below, you can see the type of IRA, annual fees, storage fees, and fee schedule that you have to pay for in each.
How to Get Started – Account Setup and Investment Process
Unfortunately, you cannot start an account using Provident Trust Group’s technology platform or website. To begin account setup, you only need to contact the company via their contact information or during business hours and notify them that you want to start an IRA.
The website summarized the operations process and process in three steps:
- Open or start an account.
- Fund it by transferring/rolling over funds.
- Start investing.
Payment Options Available
Provident Trust Group, partnered with Citizens Business Bank and Ascensus, accepts Visa, MasterCard, Discover, or American Express as payment methods.
You can pay via their website and only needs your Account Number. Furthermore, you need to take note that you cannot use credit cards for your IRA Contributions.
Contributions to IRAs must be sent only by check or wire. See our fee calculator and privacy disclosure for more compliance requirements.
FAQs
Will they deliver your orders to your home?
Unfortunately, no. They don’t have this kind of service, unlike other companies like Augusta Precious Metals out there.
Can you store your precious metals or alternative investments with them?
No, you can’t store your investments like Gold Eagles directly with them. However, it offers storage options provided by its partners. One of them is the Delaware Depository, which offers IRS approved storage.
Again, the storage fees are not included on the list above. You need to pay for it separately.
Who can avail its services?
There is no clear information on this from its website. However, we can assume that it only caters to U.S. citizens since it is based on that country.
Ratings and Reviews
So far, Provident Trust Group sounds very promising. However, when I checked its online review ratings, BBB rating, and reviews, you can say that they are disappointing.
Considering that it has been around for years and that it is one of the most popular IRA custodians in the U.S., you should expect more.
Furthermore, it receive a lot of complaints and negative reviews. You can see them below.
If you scroll all the way to the bottom and read the recent comments this Provident Trust Group review got, you will read 2 reviews left by some recent Provident Trust Group customers.
In a few words these investors say that they have been robbed of their money in a sneaky way, they even had the Provident Trust Group advisor visit their houses and scam them!
Just read the comments and you will see!
Pros and Cons
Pros – Company Details and Ownership Structure
- Offers various IRA services
- It is well known
- The CEO is a professional with industry affiliations like Retirement Industry Trust Association (RITA) and Nevada Financial Institutions Division (NFID)
Cons
- Has a lot of negative reviews
- Low ratings
- Not Better Business Bureau (BBB) accredited
- Received a lot of complaints
- Storage fees are not included
- Annual fee is actually more expensive compared to others with better customer satisfaction and annual valuations
- No live chat feature on the website
Is Provident Trust Group a scam? – Due Diligence and Transparency Index
Provident Trust Group is not a scam. It does provide retirement plans and custodian services and has been around for a long time with strong client protection. However, the low ratings, poor customer service, and negative reviews say a lot.
These are from people who did business with the company. With that, this information serves as a warning for you. In the end, the decision will always be up to you.
If you are not satisfied with this, you can always check out the top recommended company for your gold IRA in the industry below! Compare with peer comparison and industry trends.
Thank you so much for reading my “Is Provident Trust Group A Scam?” review. If you have any comments or questions, feel free to leave them in the comments section.
