Today we will take a look at Equity Trust for you. What is Equity Trust? A scam or a legit investment opportunity for you? Will it be for you, or are there better alternatives out there? These are some of the main topics this review will focus on. Ok, here we go!
Company: Equity Trust
Owner: Richard Desich Sr. (founder)
Price: Depends on your investment amount
Who is it for? Investors, retirees
Overall rating: (3.2 / 5)
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They employ high-pressure sales techniques like calling you every day.
To avoid this, please do your own research before you decide what firm to invest with.
You can do this by checking the reviews and ratings independent 3rd party consumer protection agencies give them.
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With that being said, let´s continue with the review on Equity Trust!
What is Equity Trust about?
Equity Trust was founded in 1974 and has been in business for now.
It is one of the leading providers of self-directed IRAs and 401ks in the U.S. It got over 130,000 clients and around $12 billion of retirement plans and assets under administration.
How does it work?
Plain and simple, the company works as a custodian of IRAs and 401ks.
The Products, Services, and investment options
- Precious metals
- Real estate
- Tax Liens
- Private Lending
- Private placements
- Other alternative investments
Yes, IRAs are offered. It is a kind of Equity trust specialty, below you got (what probably are of importance) the yearly fee costs:
Important to mention here:
Many Equity Trusts’ peers got bot lower yearly fees, and some even waived the fee up to the first three years.
Can you get the gold (and other metals) delivered to your home?
This isn´t mentioned on their website, so you can (most likely) assume that it is not an option with this company. The reason for considering this is that similar companies take pride in being able to deliver gold (and other precious metals) to your doorstep.
Can you store your investment with the company?
Once again, this isn´t mentioned on their site. However, all custodians offer at least a third-party partner storage option to their clients, and I would be surprised if Equity doesn’t do that.
Can you sell back to the company?
Once again, this is not mentioned on their website.
Can anybody in any country use the service?
No, their service is for citizens living in the U.S. only.
Is Equity Trust a scam?
So, is Equity Trust a scam? No, of course not. It is a legit company. It would never have survived this long (since 1975) if it wasn´t, right? It also got real owners and an actual physical address. However, if they are your best alternative out, there is a whole other story, and that leads us to what the most well-known and trusted review and rating sites have to say about them:
Reviews, ratings, and complaints on Equity Trust:
Better Business Bureau
Current Rating: NOT accredited A+ (3 / 5) (out of 45 reviews)
Current rating: (1.5 / 5) (out of 120 reviews) Click to view reviews (opens in new window)
Current rating: (2.6 / 5) (out of 25 reviews) Click to view reviews (opens in new window)
Current rating: N/A
Current rating: (1.3 / 5) (out of 39 reviews) click to read them (opens in new window)
Current rating: (1.8 / 5) (out of 8 reviews) click here for details (opens in new window)
Are there any red flags?
Well, first of all, they are NOT accredited by the BBB. Also, there are some pretty severe negative reviews and complaints online that are easy for anyone to read, below is one example from a “not so happy” client:
Lots of high fees, slow to react to requests, takes 6 weeks or more to get a transaction done.But the most egregious act is that a third party defrauded me out of $64k and Equity Trust will not even bar them from doing business through their site anymore.
They are really hard to deal with because it doesn’t appear their employees are trained very well, and if I called in multiple times for the same issue, I received conflicting answers each time.
Now, as I’m getting ready to close my accounts, I’m gearing up for them to try and slap a cancellation fee on me. I will not pay and will have to fight them tooth and nail.
Click here to read more negative reviews (opens in new window)
Important to mention here:
Even if a company gets complaints, it doesn´t mean they are wrong. You can assume that if you are in business for 10, 20+ years, you will get a complaint (or a few) over the years, right?
However, when the complaints start to stack up and get “a bit too many, ” you might want to begin to be concerned about them.
You should know that other IRA custodians and gold brokers got more than hundreds of reviews with a better overall score than Equity. Some of them even got ZERO (!) complaints from BBB.
How´s the support?
One thing that I always put a lot of weight on when it comes to the overall quality of the support of a company is if they got a live chat function or not. Equity Trust does not have a live chat, which slows down the overall support experience.
They do have an e-mail address and a phone number that you can call with your questions for support.
Why Should You (Or Should NOT) go with Equity Trust?
You always want to compare the pros against the cons of a company before you take any decision. Below I have highlighted some key points that can be taken into consideration:
- over 130,000 clients and over $12 Billion in assets
- Been in business for a long time (since 1974)
- The yearly IRA fees are higher than some of its competitors
- The website lacks a bit of info and support
- NOT accredited by the BBB
- The negative reviews online
Do You Own or Represent Equity Trust?
If you are a representative or associate of Equity Trust and have found something not to be correct in this review, please, feel free to tell, and I will make sure to update the info on this post. The easiest way to do it is in the comment section below, or else you get the e-mail on the about page.
Final Words and Verdict on Equity Trust
Verdict: Not recommended
Overall rating: (3.2 / 5)
I think that sums this review up pretty well. This is a legit company, no doubt about that. I mean, over 130,000 clients and in business since 1975, right?
The rating of 3,2 out of 5 stars feels like a fair one. First of all, the business is not accredited by the BBB.
Then the other things that take the rating down from a higher one are the fact that there are some pretty serious complaints online on the company, and they are a bit more than just a few.
Also, the lack of some info and support on their website takes the rating down a bit.
If it will be the right one for you or not is another discussion.
As always, the choice is up to you.
What Company Do I Recommend?
You have made a wise choice for reading this review, and you are an intelligent person. I am sure that you will find the right company that suits your needs the best. It is always recommended to research and compare different companies with each other before you make an educated pick.
If you are looking for a reputable gold IRA custodian besides any other company, you should check out Augusta Precious Metals.
Augusta Precious Metals has ZERO complaints from A LOT of real users. They are used by celebrities respected by well-known publications and websites.
And A LOT more benefits!
I hope you found this short review on Equity Trust to be helpful, and now you should have a better understanding of what it is and if it is something for you or not. If you have used any of their services, please share your experience in the comment section below, as it can help others. Also, if you got any questions on this review, I will be more than happy to answer them below!
I wish you the best!
Founder of: Gold Retired