Quest Trust Company IRA Review

Quest Trust Company IRA
Quest Trust Company IRA - by, April 1, 2011
4.5/ 5stars
on
Quest Trust Company IRA
  • Editor Rating
  • Very Good
  • 0/5 Avg. User Rating
  • 0 No reviews yet!
Review Summary :

Quest Trust Company was founded in 2003 and ranks as one of the top IRA companies in the United States according to customers. Take a look at the fantastic customer reviews, the fairly priced fees and the plethora of investing options available with this provider.

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Pros:

  • Fantastic customer reviews
  • Reasonable fees
  • Lots of interesting investing options

Cons:

  • No crypto offering
  • No live chat customer support
Quick Facts about Quest Trust Company IRA
Year Founded:2003
Location:Houston, Texas
Annual Fees:$295
Offers 401(k)?:Yes
Offers Roth IRA?:Yes
Crypto Offered?:No
Reviewed By:Jack Choros
Published On:May 11, 2020
Last Modified:June 2, 2020
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Quest Trust Company aims to deliver unparalleled customer service. While our review doesn’t rank the company at the very top of that category, Quest Trust Company does do a fairly good job of taking care of its clients. The organization’s profile with the Better Business Bureau and its positive comments on other sites is proof of that.

The reason people have so many good things to say about Quest Trust Company is partly because the fee structure offers many options, including the choice to pay annually, quarterly, per asset or even as a family.

Much like other self-directed investing firms, Quest Trust offers many types of alternative investments. Cryptocurrency is unfortunately not listed on the company website as one of them.

That aside, this review displays the pros and cons of Quest Trust Company fairly well. But at the end of the day, it’s up to you to decide which provider is best for you, whether it’s Accuplan IRA or another provider.

The Management Team and Board of Directors of Quest Trust Company

Quincy Long is the President of Quest Trust Company.

Quincy Long, CEO, Quest Trust Company

Quincy Long, CEO, Quest Trust Company

He’s been a licensed lawyer since 1991 and is the co-author on a book on retirement investment and called Real Estate Investment Using Self-Directed IRAs and Other Retirement Plans. He speaks across the country about real estate and retirement investing and is one of the most highly sought after experts in the industry.

Nathan Long, President, Quest Trust Company

Nathan Long, President, Quest Trust Company

Nathan Long is the President of Quest Trust Company. His key responsibility is to oversee the business practices of the company. Long is a certified retirement investing professional. He’s been with the company since 2007.

Forrest Clark, Quest Trust, Vice President of Special Services

Forrest Clark, Quest Trust, Vice President of Special Services

Forrest Clark is listed as the Vice President of Special Services. Clerk graduated from law school in 1973. In 1988, his closing Company became the largest in the United States. Clark brings with him a wide breadth of experience and proven track record of success in every venture he has ever launched.

Beatriz Atkins, Executive Vice President, Quest Trust Company

Beatriz Atkins is the Executive Vice President. She’s been with Quest Trust Company for several years and acts as a mentor to other female employees working with the company. She became the youngest ever Certified IRA Services Professional through the Institute of Certified Professional Bankers in 2013.

Beatriz Atkins, Executive Vice President, Quest Trust Company

Overall, apart from members of the Long family, it seems like most of the executive team is fairly young. Clearly Quest Trust Company is an upstart company, but let’s see how this young team impacts the actual products and services the company is able to provide to IRA investors.

Investing Account Options at Quest Trust Company

Quest Trust Company adequately promotes on its website that they offer all of the different account types that most competitors will offer. That includes both a traditional and Roth IRA account, a health savings account, education savings accounts and more.

Traditional and Roth IRA accounts are for individual investors. Taking the traditional approach means getting tax write offs during contributing years and deferring income tax until it’s time to withdraw and ride off into the sunset. A Roth IRA account doesn’t lower your income tax burden while you are contributing but you also don’t have to pay income tax when you retire. The latter is better for investors who think they might have a high net worth when it’s all said and done, because of course nobody should want to pay taxes if they are in a higher income tax bracket.

Fortunately the IRS and the American government don’t just restrict IRA investing opportunities to individuals. There are also SEP IRAs, SIMPLE IRAs and 401(k) plans to consider. A SEP is for self-employed individuals and small businesses with fewer than 100 employees. So is a SIMPLE IRA.

Both allow business owners to contribute to employee plans and write off contributions, but was slightly different rules. A 401(k) plan is usually reserved for companies with more than 100 employees. It offers a slew of options where the average employee can get up to 3% of their contributions matched by their employer. The reason this kind of account is very common for larger corporations but not smaller businesses is because it requires a higher degree of administrative work to maintain a 401(k) plan on a large scale. That means most small businesses can’t afford the administrative fees that come with a 401(k).

Investment Options at Quest Trust Company

Just like any other IRA provider, Quest Trust Company is subject to the rules of the IRS. The rules dictate that investors are not allowed to use IRA investing as a business-style vehicle. This means no investing in S-Corporations, no investing in works of art and no investing in life insurance policies or other kinds of collectibles.

Aside from prohibited investments, Quest Trust Company does allow investors to put money into traditional instruments like stocks, bonds or mutual funds. But of course as any self-directed IRA provider would do, they also allow you to choose to put your money in a variety of other vehicles including:

  • Residential real estate
  • Real estate investment trusts
  • Tax liens and deeds
  • Precious metals
  • Private Equity
  • Loans and mortgages

Most self-directed IRA providers will strive to give investors what they really want when it comes to alternative investment opportunities. That’s the whole point of being self-directed in the first place. Naturally, IRA companies charge a fee for this service. It’s how they earn revenue. Let’s detail Quest Trust Company’s fees in the section below.

The Fee Schedule at Quest Trust Company

Quest Trust Company hides its fees on the Forms section of its website in a nicely produced PDF file.

In reviewing IRA companies, there are only one or two that feature very rigid fee structures, most offer a few options. Quest Trust Company is no exception to that.

Investors can choose to pay fees for each asset they acquire, or pay a quarterly maintenance fee regardless of the number of assets in the account.

The flat fee per asset is $295 which is pretty reasonable. The quarterly maintenance fees start at $24.75 if your account is worth less than $5,000. Once an investor’s account value reaches beyond the hundred thousand dollars the fee is $130 every quarter.

By the time you move beyond three quarters of $1 million, the fee is over $460 per quarter. The higher end of Quest Trust Company’s fees are actually lower than most IRA providers, but the bottom end of the fees are higher than most. So overall we would rate Quest Trust Company as being somewhere in the middle when it comes to fees. Not the cheapest but not the most expensive.

Fees are always a reflection of how an IRA company is willing to treat its customers, but it’s not the only metric people should use to pick the right provider. Let’s discuss how Quest Trust Company handles customer support and the corresponding reviews that have come from the support they’ve offered people in the past.

Here’s a chart breaking down the quarterly fees based on account value:

Total Account ValueQuarterly Fees
$0-$4,999.99$24.75
$5,000-$9,999.99$34.75
$10,000-$14,999.99$48.75
$15,000-29,999.99$62.50
$30,000-$44,999.99$81.25
$45,000-$59,999.99$93.75
$60,000-$89,999.99$112.50
$90,000-$124,999.99$131.25
$125,000-$249,999.99$162.50
$250,000-$499,999.99$193.75
$500,000-$749,999.99$375
$750,000 and up$462.50

Customer Support at Quest Trust Company

Quest Trust Company can be reached by phone at 1-855-FUN-IRAS. While the company doesn’t have live chat support, one cool element they offer that no other provider does is the ability to pay for things using PayPal.

Quest Trust Company Customer Reviews

Quest Trust Company rates of four out of five stars on Google business profile. Usually if a company has only two or three reviews let’s say, they might rank five stars out of five stars. Quest Trust Company is not in that position. The Company has significantly more reviews.

Achieving four out of five stars when you have 37 customers giving you their feedback is very good. Just for that reason, we could easily rate Quest Trust Company one of the top IRA providers that we are reviewing. But a lot of times when it comes to reviews, reviewing Google is not enough. There are certainly other platforms that provide feedback on whether or not an IRA company is doing particularly well in serving people.

If there’s one thing to give Quest Trust Company credit for is that the company actually has a presence on social media. It uses its Facebook page to collect even more reviews and on that Facebook page, 44 customers are rating Quest Trust Company a 4.8 out of five stars. That’s impressive!

The company also has a five star rating on the Better Business Bureau website, but it should be noted that rating only comes from one reviewer.

Still it appears customers trust Quest Trust Company enough to put their retirement plans in the company’s hands.

With that out of the way, let’s jump to some frequently asked questions about Quest Trust Company.

Quest Trust Company Frequently Asked Questions

Here’s a list of frequently asked questions you might want to know the answer to about Quest Trust Company.

Yes, Quest Trust Company offers a Check Book Control LLC. Checkbook control refers to the fact that investors drawing checks on their IRA account through an LLC are treating it as a business. It should be noted that while many IRA providers including Quest Trust Company provide this service, the IRS definitely frowns upon it.

Cashing a check from Quest Trust is just like cashing any other check. They can be cashed at any bank, credit union, or with any cash advance business. Keep in mind cash advance businesses take a commission for the service and Quest Trust charges a fee to send you a check.

Investing in life insurance policies or "collectibles" like art and rare coins is prohibited from inclusion in an IRA, 401(k), or any tax-advantaged retirement account per IRS regulations.

Should You Choose Quest Trust Company for your Self-Directed IRA?

Quest Trust Company ranks in the middle of the pack when it comes to fees, but that’s actually a clear signal that clients actually like working with the company. You can see that in reading customer reviews and monitoring the ratings the company is receiving on other sites like BBB.

So yes, you should definitely consider using Quest Trust Company to host your IRA, but as usual, we recommend taking look at other reviews of the Top IRA Providers before making a final decision. The future of your retirement may depend on it.

 

Quest Trust Company IRA
Quest Trust Company IRA - by, April 1, 2011
4.5/ 5stars
on
Quest Trust Company IRA
  • Editor Rating
  • Very Good
  • 0/5 Avg. User Rating
  • 0 No reviews yet!
Review Summary :

Quest Trust Company was founded in 2003 and ranks as one of the top IRA companies in the United States according to customers. Take a look at the fantastic customer reviews, the fairly priced fees and the plethora of investing options available with this provider.

Have you purchased products from Quest Trust Company IRA? Leave a review!

Leave your rating

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