IRA Innovations Review

IRA Innovations Review Table
IRA Innovations Review Table - by, April 1, 2011
3.5/ 5stars
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IRA Innovations Review Table
  • Editor Rating
  • Good
Review Summary :

The company offers low entry level fees which makes it easier to get started. From there things go up, but overall, IRA Innovations is developing a great reputation with customers. They’ve been doing that since 2003.

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Pros:

  • Low starting fees
  • Long-standing reputation among customers
  • Wide variety of investing options

Cons:

    li>No live chat support
  • No specific cryptocurrency offering
Quick Facts about IRA Innovations
Year Founded:2003
Location:Hoover, Alabama
Annual Fees:Starting at $195
Offers 401(k)?:Yes
Offers Roth IRA?:Yes
Crypto Offered?:No
Reviewed By:Jack Choros
Published On:May 12, 2020
Last Modified:May 26, 2020
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The IRA innovations is a small IRA provider that maintains its head office in Alabama and also has offices in Tennessee. The company is run by just two people, yet IRA Innovations still manages to keep up with other competitors in the self-directed IRA industry.

The organization promotes the opportunity to invest in precious metals and does very well with their client offerings when it comes to lending, private business deals in real estate investing opportunities. Those areas of the company’s forte.

While IRA Innovations doesn’t have an extensive lineup of customer reviews on different websites, the review sites that do feature the company offer generally positive comments among the client base.

When it comes to fees, IRA Innovations keeps things pretty simple. They charge clients with lower amounts of money in their accounts a slightly higher interest rate, but charge everyone based on the value in their account. High net worth individuals may not want to choose IRA Innovations and those just starting out with retirement planning might be perfectly happy. It really depends from client to client.

All of that being said, it’s time to explore this comprehensive review of IRA Innovations and see how it compares to other self-directed IRA providers across America, like GoldStar Trust Company.

The Founders and Management Team of IRA Innovations

In comparison to other IRA companies, IRA Innovations has to easily be one of the smallest providers, with a small two-man team listed as the staff at the organization.

Bill Gulas, President and CEO, IRA Innovations

Bill Gulas, President and CEO, IRA Innovations

Bill Gulas started the company, and ironically, he did so because of his own customer journey. He struggled to find someone in Alabama, where the company has its head office, which could handle his 401(k) rollover and thought that there must absolutely be a better way.

That’s what inspired Gulas to build his own company. He is now in his 10th year of being an IRA administrator, and he got into the business by contacting other IRA providers and finding a suitable custodian to work with. He is a graduate of the University of Alabama and resides in Birmingham.

Mike Todd, Business Development, IRA Innovations

Mike Todd, Business Development, IRA Innovations

Gulas’ partner is Mike Todd. He’s been with IRA Innovations since the beginning although he’s not considered a founder. Todd pursued a securities license before connecting with Gulas, which is when he then decided to purse retirement investing as a career.

He invests in mortgages, properties and other businesses, helping clients do the same. Together, Gulas and Todd lead seminars explaining the benefits of choosing IRA Innovations over other companies.

IRA Innovations and Investing Account Types

IRA Innovations offers five basic accounts types. They’re listed below with short descriptions.

Traditional IRAs and Roth IRAs at IRA Innovations

A Traditional IRA allows investors to deduct contributions from their income while they are working and wait until they withdraw or retire to pay the income tax. A Roth IRA on the other hand doesn’t offer tax deduction opportunities off of contributions, but it does allow for withdrawals to be tax-free upon retirement. This is more beneficial for people with considerable wealth who don’t want to get knocked down by a high income tax bracket upon retirement.

SEP IRAs at IRA Innovations

A Simplified Employee Pension lets employers contribute to employee pensions and write off their own contributions. The employee gets to defer paying taxes like they would in a traditional IRA. The employee doesn’t need to file separate tax forms to be tax compliant with their account.

A Simple IRA at IRA Innovations

A Simple IRA is like a SEP IRA except that it’s limited to employers that have fewer than 100 employees. SIMPLE IRAs are for companies with 100 employees or less. It allows employees to match up to three percent of their employees’ contributions and ultimately helps employees retire sooner because of that matching capability.

IRA Innovations Fees

Fees that IRA providers usually charge clients based on a few different models

  • Value-based fees
  • Fees per asset
  • Annual or monthly maintenance fees

IRA Innovations charges based on the value of the client’s account. This means if you’re just starting out on your retirement investing journey, you pay less. High net worth individuals on the other hand might be better served growing their account with a different provider that operates mostly on flat fees. Investors really need to do their own math in order to figure it out. Here’s a breakdown of the different fee levels:

   
Total Account Value: Annual Account Fees:
 $                          –  $                                   195.00
 $           15,000.00  $    14,999.99  $                                   260.00
 $           30,000.00  $    29,999.99  $                                   325.00
 $           45,000.00  $    44,999.99  $                                   390.00
 $           60,000.00  $    59,999.99  $                                   450.00
 $           90,000.00  $    89,999.00  $                                   525.00
 $         125,000.00  $ 124,999.00  $                                   650.00
 $         250,000.00  $ 249,999.00  $                                   775.00
 $         500,000.00  $ 499,999.00  $                               1,500.00
 $750,000 and up  $                               1,850.00

The chart above shows that somebody with more than $750,000 in their IRA will pay $1,850.00 in annual fees, which is roughly 0.24%. Those with less than $15,000 pay a $195 fee, which is a fee of 1.3%.

Customer Support at IRA Innovations

IRA Innovations’s customer support information varies by state. Head offices are located in Tuscaloosa and Birmingham, Alabama, and Brentwood, Tennessee. The company can also be reached by email through the Contact Us form online. There is no option to do a live chat with anyone at IRA Innovations.

IRA Innovations Customer Reviews

IRA Innovations doesn’t track reviews on platforms like Google, Yelp or TrustLink. The company does however have a 4.7 out of 5 rating on BirdEye.com and maintains an A+ rating with the Better Business Bureau. There are no customer complaints about the company on the website. That said, IRA Innovations is not officially accredited by the BBB.

Frequently Asked Questions about IRA Innovations

Here are the answers to the most commonly asked questions by IRA Innovations clients.

Where is IRA Innovations Headquarters?

IRA Innovations’ main office is located at 100 Concourse Parkway Suite #170. That’s in Birmingham, AL. The phone number is 205-985-0860.

Are there any investments not allowed in an IRA Innovations?

Many IRA providers offer investors the chance to invest in a Limited Liability Corporations, but IRA Innovations doesn’t do that. They also don’t allow any kind of IRA investing where the asset can be used for personal use. This means things like owning a home or renting out an Airbnb that you personally use is out of the question

Can I Invest In Real Estate Through a Limited Partnership or Limited Liability Corporation?

Again, while this is possible, it’s not something offered at IRA Innovations. Other IRA providers offer LLC options for investing, but the IRS frowns on that and monitors those kinds of accounts closely.

How Can I Convert a Traditional IRA to a Roth IRA?

Investors have up to two months to convert a Traditional IRA into a Roth IRA. If it takes longer, the government will take income tax from the investor. That’s the rollover way! This is the perfect solution for investors who literally just want to change their account but have no intention of actually touching the assets directly.

Anybody who wants to get their hands on precious metals or other assets can conduct a transfer instead. With a transfer, the assets go into the investor’s personal possession and then they can move money over to a new account. Just keep in mind this is unnecessary for those that are literally just switching accounts over.

What Happens If I Need To Withdraw In An Emergency?

It’s possible to claim financial hardship and withdraw from an IRA account before the age of 59 1/2. In order to make that claim however, investors need to make a request and ensure that it falls within the policies and procedures outlined by the IRS Code.

How Do I Find The Best Retirement Plan for Me?

Here are a few things you should consider:

  • How old are you?
  • Do you own a company or run your own business?
  • How much do you think you can contribute regularly?
  • When do you want to retire?
  • What’s your current tax situation like?

What Can I Buy in My IRA Besides Real Estate?

Investors can buy notes, invest in commissions, timber deeds, account receivables, and private placements are just some of the things investors can put their money into inside of an IRA Innovations account. Clients can invest in crop and cattle too, believe it or not!

Should You Choose IRA Innovations for your Self-Directed IRA?

IRA Innovations is definitely an IRA provider worth investing with. The company works with a small team that caters to the personal needs of clients. They offer many kinds of accounts and many different types of investments clients use to their advantage.

Overall the company has a fair pricing structure, but it works more to the advantage of investors who are just starting out with investing as opposed to high net worth clients. Flat fees would likely be cheaper for high net worth individuals, so it may be better to go somewhere else.

That said, IRA Innovations still offers a full range of investing options suitable for almost any investor. Private business deals, capitalizing off of lending opportunities, or buying gold or silver are all great opportunities.

IRA Innovations Review Table
IRA Innovations Review Table - by, April 1, 2011
3.5/ 5stars
on
IRA Innovations Review Table
  • Editor Rating
  • Good
Review Summary :

The company offers low entry level fees which makes it easier to get started. From there things go up, but overall, IRA Innovations is developing a great reputation with customers. They’ve been doing that since 2003.

Have you purchased products from IRA Innovations Review Table? Leave a review!

Leave your rating

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