Hello and welcome to another review at Gold Retired. Today’s review is about Principal IRA. What is Principal IRA? What are the products and services it offers? What are the IRAs offered and how much are the IRA fees? Should you even consider it? Let’s get started and find out!
Company: Principal Financial Group
Who is it for: People looking to invest in an IRA.
Overall rating (2 / 5) NOT RECOMMENDED
Important to mention before we go into more details of this review:
We always strongly recommend doing your research online before you choose a company to invest with. There are so many reviews online of clients being ripped off and scammed. The most common way people are getting scammed is through so-called “hidden-fees” so please investigate thoroughly before you make your decision.
With that being said, let´s continue with the review on Principal IRA!
No matter the reputation or the size of a company, it’s always highly recommended to investigate it, its services and its reviews thouroughly before making your decision, if you want of course to get the most out of your investment. Even huge companies that have been around for a long can have awful services, so be careful, be smart!
We save you the hassle of investigating these companies through a series of reviews of different IRA providers and precious metals dealers, at goldretired, we aspire to help you choose the company that suits you the best, and offers you the most benefits!
What is Principal IRA?
Principal Financial Group is a global retirement, insurance, and financial services provider headquartered in Des Moines, Iowa and founded in 1879 by Edward Temple.
Apart from IRAs, this company also offers life insurance, health insurance, banking, residential mortgages, and group benefits.
Here’s a screenshot of the physical address of this company:
This company is huge! It has 14,000 employees and $1.1 Billion in operating income. With this kind of numbers, you would expect outstanding services. Is that the case though? Read the rest of the review and find out!
What are the products and services offered?
When it comes to IRAs, Principal Financial Group offers the following options for you to invest in:
- Mutual funds
- Exchange-traded funds
- And more
The IRAs offered by Principal Financial Group are the following:
- Traditional IRA
- Roth IRA
- Rollover IRA
**Want to see what IRA solution I would recommend? Click here
The only information I found on their website about their IRA fees is the following:
There are no account opening or ongoing maintenance fees for accounts over $10,000, whether you’re rolling over existing retirement funds into an IRA or making an initial deposit in a start-up IRA.
I honestly didn’t like this and would’ve preferred to get a full fee schedule just to make sure there are no “hidden fees” with this company because that’s where most of the rip-offs take place.
==> Want to take a look at our #1 recommended IRA solution instead? (low one-time fee)
Can you store with the company?
There is no information on the Principal Financial Group website about whether you can store precious metals with them or not.
Can you sell back to the company and can you get the precious metals delivered home?
The website doesn’t include information about this too.
Principal IRA is a global company but there is no information about the exact companies it allows.
What about online ratings and reviews?
When buying something online, it’s always advised that you check the online reviews and ratings since they’re a direct reflection of the experiences people had with the company you have in mind. You can evaluate technical details such as fees online, but customer service, support, overall transparency and professionalism, all these can be figured out perfectly through the reviews of the clients.
Customer reviews: (1 / 5) + 36 complaints closed in last 12 months.
Here’s an example of one of the extremely bad complaints they have:
Click here to come to the BBB website where these complaints can be found (opens in new window)
Rating: (1 / 5)
The reviews on Yelp are also awful, check out the reviews by two people who absolutely regretted working with this company!
Click here for more details ( opens in new window )
As you can see, the vast majority of the customers who workes with this company are completely unsatisfied with their services and especially their customer support. All these people regret working with this company and should’ve been more cautious before making their decision. That’s one more reason why you should pay major attention to the reviews of any company before choosing where to put your hard-earned money!
Learn about the #1 rated company by most 3rd party consumer protection agencies in the industry on this page
Do you Own or Represent Principal IRA?
If you are a representative, or associate of Principal IRA 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 got the e-mail on the about page.
Final Words and Verdict
Verdict: Legit ( Based on the physical address provided and BBB accreditation )
Overall rating: (2 / 5)
To answer the question in the title, you should definitely avoid Principal IRA. Not only are the fees of these company not transparent, but it also has major red flags in the customer reviews!
What IRA company do we recommend?
You made a wise decision to read this review and you are a smart person. I am absolutely sure that you will find the right company that suits your particular needs the best. I would advise you to compare different alternatives against each other before you make a decision. Below you got my absolute #1 recommended IRA custodian:
That’s all for this review! I hope you now know everything about what Principal IRA is and why you should absolutely look in other directions. I’ll be more than happy to answer questions or remarks you might have! Share anything you want to say in the comments, sharing is caring!
Owner of: Gold retired.
- Many alternative investment options
- Lack of transparency
- Many negative reviews from their clients