What is mainstartrust.com? Does it offer reliable and trustworthy products and services? Should you make it a point to contact this company’s support staff to get assistance with getting started with its product offerings, or should you avoid it completely? Join me in today’s review as I help you get insight into what Mainstar Trust is all about so that you can make an informed decision on whether to rely on it. Let’s get into it right away.
Name of the company: Mainstar Trust
Official Website URL: https://mainstartrust.com/
Overall Rating: (4 / 5)
Important to mention (before we go into more details of this review)
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With that being said, let´s continue with the review on Mainstar Trust!
Table of Contents
- What is mainstartrust.com?
- The Service offered by Mainstar Trust
- How does Mainstar Trust Work? (How to Get Started)
- Does Mainstar Trust offer IRA services?
- Can you open a Precious Metal IRA with Mainstar Trust?
- Payment methods accepted when paying for services and products offered by Mainstar Trust
- Is Mainstar Trust Genuine or Is It a Scam?
- Pros and Cons
- Final verdict
What is mainstartrust.com?
Mainstar Trust exists as a limited Trust Company that offers specialized custodial services to customers who have self-directed Individual Retirement Accounts (popularly referred to as SDIRAs). Prior to 2016, this Kansas-based firm was known as First Trust Company of Onaga.
According to the information presented on its official website, Mainstar Trust has helped thousands of customers find their way into the complex world of SDIRAs. Its staff members are trained to deliver unique and dynamic custodial services, which are curated to meet client’s individual needs, as well as a wide array of situations.
Mainstar’s custodial services are not limited to traditional investment options- it has the capacity to serve customers who own alternative assets with the intention of benefitting from holding them for a long-term horizon. This company’s operations are structured to enable you to expand and diversify your financial power, as you rest easy with the knowledge that all your assets are well-protected.
The Service offered by Mainstar Trust
Currently, Mainstar Trust is concerned with the provision of custodial services to customers who own SDIRAs. SDIRAs have been a favorite option for a significant number of investors, owing to the outstanding benefits they present, including:
- They offer more control of one’s financial future
- Customers have access to a wide range of alternative investments
- They can be customized to help you meet your savings objectives
- Significant tax advantages as one accumulates sustainable wealth.
Mainstar Trust has its doors open to all customers who’d like to reap the above-listed benefits, and who have one or several assets in the form of:
- Private equity
- Real Estate Investment Trusts (REITs)
- Publicly Traded Stocks
- Real Estate
- Limited liability companies
- Mutual funds
- Mortgage notes
- Private Promissory Notes
- Limited Partnerships
- Mortgage Notes
- Precious metals (IRS approved)
Mainstar’s services are available for SDIRAs that are classified as Traditional IRAs, Roth IRAs, Inherited IRA, Rollover IRAs, Automatic Rollover IRA, Employee Benefit Plan Individually Directed Account, Simple IRA, SEP IRA, Health Savings Account, and Taxable Accounts.
How does Mainstar Trust Work? (How to Get Started)
Adding alternative investments to your IRA can be quite complex. In most cases, it leads to additional administration, tax, and legal requirements. SDIRA owners are, as such, requested to engage the services of a financial advisor who can help them understand all underlying opportunities, risks, and costs. Mainstar Trust presents itself as a company that you can turn to if you need to know your way around SDIRAs. To get started with Mainstar Trust, you need to:
- Open your SDIRA, then contact Mainstar Trust to offer the custodial services
- Or, you can contact a Mainstar Trust representative to discuss the available options.
There are many other custodians you can reach out to, so why would you settle on Mainstar? This company claims to be the best in the industry owing to the following factors:
- Its staff members are experienced – Mainstar Trust has been around for more than 4 decades.
- The capacity to offer dynamic services which target your individual needs.
- It’s a company that prioritizes your financial goals and retirement objectives.
- You can access its staff members readily if you want help with navigating your financial journey.
That said, you can get started with this company in 3 simple steps, which are:
- Opening of the Self-Directed IRA, through the completion of the IRA application.
- Funding your SDIRA (through a rollover process, transferring funds from another IRA, or through making a contribution)
- Select and purchase your investments (using a Mainstar Trust Purchase Authorization form).
Does Mainstar Trust offer IRA services?
This company only offers custodial services. It, thus, only helps you find your way around the complex SDIRA terrain so that you can reap the benefits of your investments without getting hit with unnecessary and unforeseen taxes or fees. If you are looking for a company that offers IRA services, then you can check out my recommendations below:
Important: Please ALWAYS make sure that you know exactly what fees are associated before you sign anything, I have seen so many reports online of people getting surprised with so-called hidden fees that they had no idea about until it was too late. Transparency is what you want to look for in this industry.
**My #1 recommended gold & silver IRA company is 100% transparent + they got a few other benefits you might want to have a look at if you are interested in a new IRA, see this page
Can you open a Precious Metal IRA with Mainstar Trust?
No. Mainstar Trust offers custodial services. Its staff members can guide you through the process to open an SDIRA with which you will purchase precious metals. The process followed may not necessarily be similar to that followed by precious metal IRAs.
See my #1 Recommended Gold & Silver IRA Solution on this page
Payment methods accepted when paying for services and products offered by Mainstar Trust
Mainstar Trust accepts payments that are made using credit cards. With a Visa, MasterCard, or Discover Card, you can transfer funds to your SDIRA, as you get ready to purchase your investment assets.
Is Mainstar Trust Genuine or Is It a Scam?
Mainstar Trust is a genuine company, in my opinion. You will, of course, need to do your background research about this company to come to a conclusion about how genuine it is. The customer feedback and ratings provided on Trustpilot imply that it is a firm that you can rely on to deliver the advertised services. With a rating of (4.3/5) stars, Mainstar Trust is definitely a company that’s worth checking out (if you need a custodian for your SDIRA).
There are a couple of articles on the internet that tie Mainstar Trust to partnerships with Ponzi schemes, so you need to do your due diligence to ensure that you do not end up on the losing end. You can also have a look at the recommended alternative below, as your chart your way to a secure financial future.
**For precious metal investors – You might want to look at these top-5 rated IRA service providers that offer precious metals IRA Services
Pros and Cons
As always in our reviews we point out some obvious points on both the positive spectrum aswell as on the negative one. Below you got some clear pros and cons:
- Excellent consumer trust ratings on Trustpilot
- Has been around for quite some time (experienced staff members)
- Custodial services cover a wide variety of investments (both traditional and alternative assets
- Links to Ponzi scheme case
- Limited payment options
Do You Own or represent Mainstar Trust?
If you are a representative, or associate of Mainstar Trust and have found something not to be correct in this review please, feel free to tell us 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 simply by sending us an e-mail to email@example.com.
Overall Rating: (4 / 5)
Mainstar Trust has been operational for several decades. You may have come across it under the name First Trust Company of Onaga (all clients who approached it prior to 2016). It is hard to determine whether the quality of its services has changed since then, but the ratings on Trustpilot show that it’s impressing its current customers. If you are simply looking for an IRA service provider, Mainstar may be worth considering (of course after doing sufficient background research about it). You can alternatively go with the recommended options below:
That will be all for this review on what mainstartrust.com is all about. I hope you found it informative, and that you now know whether or not you’ll be relying on this company to achieve your retirement investment objectives. If you have any questions pertaining to its service offerings, kindly drop them in the comments section. Feel free to share your experience with Mainstar Trust, if you’re a current (or former) customer.
I wish you well,
Eric, Investor and Team Member at Gold Retired!