Today we review Sense Financial for you. What is Sense Financial? How does it work? Are they what you are looking for or should you look at other alternatives instead? Thi is just a few of many questions we help you answer in this short review! Ok, with that said, let´s go!
Company: Sense Financial
Owner:Sense Financial Services, LLC
Price: Depends on your investment (for fees see further down in review)
Who is it for: Alternative Investors
Overall rating: (4 / 5)
Important to mention before we go into more details of this review: We always strongly recommend to do your research online before you choose a company to invest with. There are so many reviews online of clients being ripped of and scammed. So please do investigate thoroughly before you make your decision.
With that being said, let´s continue with the review on Sense Financial!
What is Sense Financial?
Sense Financial is a company that serves its clients by offering self-directed retirement plans, which it usually sets up with “checkbook control”. Simply put, Sense Financial has established its name as one of the top firms that offer Checkbook IRAs and Solo 401K accounts. This company has over the years been working on the provision of very high quality and tailor-made services for its clients.
Customers in more than 50 states can attest to the excellence of Sense Financial’s staff members so far.
If you pick a plan with this company, you can invest your funds in any of the following assets:
– Real Estate
– Mortgage notes
– Trust deeds
– Precious metals
– Private lending
– Private business
– Tax Deeds
– Stocks and Funds
This company seeks to help all clients to take control of their retirement future through investing in the assets they are well-informed about.
How does Sense Financial Work?
You can begin investing your assets through this company’s Solo 401k accounts by simply following the three steps it has outlined in its official website. As a new client, you will be required to:
1. Open a 401k account
The first step is to open your self-directed IRA (SDIRA), with your qualified personal business venture, that you are wholly responsible for sponsoring. It can also be any sort of healthy self-employment venture.
2. Rolling over the funds
The next step is to roll over the funds that you have in your 401k or any other type of IRA. Sense Financial will typically allow you to kickstart a rollover process if you have any type of retirement plan except a Roth IRA.
3. Controlling The Checkbook
Finally, you will gain control over your checkbook, so that you can direct your retirement funds and investments. You will not incur any custodial fees or any delays that arise from long decision-making processes.
The establishment of a Solo 401k account with Sense Financial includes the fulfillment of certain services. They include:
– The Adoption Agreement
– The Basic Plan Document
– A PPA Amendment
– The Summary Plan Description
– A Trust Agreement
– The Appointment of Trustees
– Action by the Board of Directors
– Beneficiary Designation
– The clarification of the loan procedure
– Loan Documentation
– The creation of Transfer Request Forms
– IRS Registered Tax ID (EIN)
– IRS Opinion Letter and the Serial Number
For those who want to open a Checkbook IRA, then they can follow the following steps:
1. Opening a Self-directed IRA
The first step lies in the opening of an SDIRA with a custodian that is IRS-approved.
2. Roll Over the funds
You can then proceed to roll over the funds in your existing IRA to your newly created SDIRA.
3. Create a special purpose LLC
You then have to create a special purpose Limited Liability Company and is placed under the ownership of your IRA. This automatically makes you the manager of this LLC.
4. Directing the custodian
You then have to direct your custodian to buy 100% of the Limited Liability Company Units. Finally, you can fund the LLC and start investing.
Interested in a Gold & Silver IRA? If so, then you can see our #1 recommendation on this page instad
Which services does this company actually offer?
Sense Financial mainly offers its clients Self Directed or simply Solo 401ks. In order to take part in a Sense Financial’s Solo 401k plan, then a client must fulfill the following conditions:
- They must be running a self-employment business
- One has to be the owner of sole proprietorship business, working as an independent contractor, is a consultant, or simply runs a small business.
- They must not have full-time employees
- Only the participant and his or her spouse should take part in the management and running of the business.
This company also offers its unique Roth Solo 401k. remember that it does not allow you to roll over the funds from a pre-existing Roth IRA, so you have to create a new Roth Solo 401k. The biggest advantage of having a Roth Solo 401k is not having to remit any taxes for your earnings. This is because all you will have already have paid all taxes on your contributions.
You can also decide to create a Checkbook IRA with Sense Financial. A checkbook IRA has been, since time immemorial perceived as a very powerful wealth for the creation of wealth. It gives individuals the opportunity to invest in the assets that they have a good understanding about.
For a Solo 401k account, you should be willing to part with the following fees:
– An initial set up fee of $1000
– Annual fees (these are paid in the second year) – $200
For the Roth Solo 401 k IRA and Checkbook IRAs, you have to consult the support team at Sense Financial by calling them through the number (949) 228-9394, or sending them an email at firstname.lastname@example.org.
Please make sure that you know exactly what you are going to end up paying when all is said and done before signing anything, as we hear about rippoffs taking place when it comes to so-called hidden fees. You do not want to get surprised by having to pay for such hidden fees that you had no idea of on before hand, transparency is what you want from the company you decide doing business with.
**This IRA provider offer you a low one-time flat fee (instead of many different fees that might end up very confusing)
Is Sense Financial a Scam or Legit & Genuine?
So, is Sense Financial a scam or a legit and genuine company? Yes. This company is genuine. The customer reviews and ratings only point to it being a reliable company. On Yelp and BBB, this company has a 5-star rating from its customers. This company is not yet BBB accredited, but it has an A+ rating.
However, th reviews are not that many and you might want to keep in mind that may of it´s peers got reviews and recomendations from alot more independent 3rd party consumer protection sites, below is what we found on Sense Financial:
BBB (Better Business Bureau)
Rating: (5 / 5) A+ (out of 9 reviews) click here for details (opens in new window)
Rating: (5 / 5) (out of 20 reviews) click here for details (opens in new window)
The general impression is that you can trust this company to deliver on the promised services.
The conclusing from this:
Well, as you clearly can see above they got an A+ rating from BBB, however, they are not an accredited business by BBB, they also got a 5 sar rating from Yelp out of the 20 reviews on that website.
** See our top 5 rated precious metals IRA providers on this page
Pros and Cons
It is always recommend to compare the positive sides against the not so positive ones to get a better overall view of something, right? As alwasy in our reviews we provide you with some clear points on both sides of the spectrum:
- It has an A+ rating on BBB
- Great customer ratings and reviews
- Offers Checkbook IRAs and Solo 401k accounts (more control and ability to make more money)
- It does reveal all of its fees and charges
- You cannot roll over your funds from a Roth IRA to a Solo 401k account
Do you own or represent Sense Financial?
If you are a representative, or associate of Sense Financial 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
Overall rating: (4 / 5)
Ok, I think that sums up the overall view of Sense Financial pretty good, it is a legit company for sure, and also seem to be a good alternative. However, if it is the best one out there is another story. What takes the rating down a bit is because they do not clearly display their fees on the website and also their online reviews and ratings from independent 3rd party consumer protection sites are not that many as the absolute top rated ones on our list, even if the few ones that exist are impressive.
You have to make the decision yourself of course.
Important: Please make sure to do your own research and compare different alternatives against eachother before you make any decisions.
You made a wise decision to read this review, and that tells me you are an intelligent investor as well as a smart person overall, so I am absolutely sure that you will find the right company to do business with, that suits your particular needs the best and that you are comfortable doing business with.
Below you can look at our top 5 recommended gold & silver companies that is also recommended by the most independent 3rd party consumer protection agencies than other gold dealers and IRA providers in the industry:
I hope you found this short review on Sense Financial to be helpful and that you now have a better understanding on what it is and if it is for you or not. Please, if you have used any of their services then share your experience in the comment section below as it can help others. Also, if you got any questions about this I would be more than happy to answer them below!
I wish you success!
Michael, founder of Goldretired