Today we review The Trust Company Of America! What is The Trust Group Of America? Is it a scam? Have they changed their name to E*Trade? Let´s have a look at what I found while doing the research online. You might want to look at other alternatives, let´s look into it!
Company: The Trust Company Of America
website: trustamerica.com (redirects to etrade.com)
Owner: Stephen Finn (founder), David Barry (CEO)
Who is it for: Retirees mostly
Overall rating: (3.5 / 5)
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What is the Trust Company of America?
The TCA or Trust Company of America was created in 1972 and named The Franklin Trust Company. It is the biggest independent RIA or Registered Investment Advisor custodian in the US. It offers back office and trading technology services. This company is based in Colorado and has over $16 billion worth of assets in its custody. TCA is known for its fully integrated technology, efficient trading, and excellent back-office services. They have advisors who reach out to clients and sell via their representatives through a program they charge.
TCA work closely with E*TRADE (more about that further down) but something that I don´t understand is why you get redirected to the E*TRADE website when you try to access TCAs website? If anyone knows why then please leave a comment in the comment section.
Trust Company of America provides custodial services to customers with different net worth. Their clients include young families with as little as $10,000 to open an IRA account and individuals with assets worth millions of dollars. They aim to cater to all traders regardless of their financial muscles. They bundle thousands of customers simultaneously and trade on their behalf before distributing the transactions back into the accounts.
This company’s core application includes the what-if-trading. This is a complicated algorithm used to carry out calculations when testing a financial model based on different assumptions where scenarios keep changing consistently. TCA exports all trades daily to a third party as required by the law. The legislation ordered custodial companies to give an accurate report showing the costs of reads and holdings. Every morning, they get back the report with updated information.
The information is sent to a relational database management system or RDBMS. It must have more than eight indexed tables and nested joins to apply what-if-trading and give the functionality required to satisfy clients and regulators.
TCA has more than 100,000 client accounts. It provides self-directed accounts, but it’s mostly known for its service in Registered Investment Advisors. It is a depository trust company licensed in Colorado from 1977. Over the years, it has built a good reputation and hence the high amount of assets under its care.
What about the FEES?
Please make sure that you know exactly what fees are accossiated before you sign anything. I have seen so many reports online of people being surprised with so-called hidden fees they had no idea about. Transparency is what you are looking for in a company.
Is Trust Company Of America a Scam or Legit?
No, I do not think it is a scam. However, if it is the best alternative out there for you is a whole other story.
TCA opened its file with Better Business Bureau on 7th July 1077, and it’s yet to be verified. Potential clients can view genuine complaints from other clients through its profile in BBB.
It is also a bit confusing that when you search for the comåanies website you come to a website where the company isn´t named The Trust Company Of America… Not sure what to make of that to be honest, could just be that they have changed their name. I could not find any explanation while I did the research other than that they work closely with the company the redirection goes to.
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Management of TCA
The leadership of Trust Company of America is solid, led by CEO David Barry. The company’s founder is Stephen Finn. TCA has over 180 active and registered independent advisors. They all have resources and technology to make their roles smoothly and exceptionally beneficial to their clients. TCA works closely with third-party companies to enhance their services, such as E*TRADE, an online trading platform targeting retail investors. They help TCA offer first-class financial services.
This fact might explain why you get redirected to the ETRADE website when you try to access TCAs website, would still prefer if they had their own website though but that might be just me?
Who uses the Trust Company of America?
Trust Company of America is for all Americans. This company’s retirement plans are for thousands of people looking for expert consulting, service, and technologies leading to better retirement packages with a beneficial outcome. Every client works with their financial advisor to accumulate assets, which will help them throughout their lives.
TCA is the gateway to wealth creation that can be passed from generation to generation. When the account holder is no more, the assets are transferred to the beneficiaries. The family is not lost or confused after a loved one’s death because TCA manages the trust.
Anyone looking forward to an independent IRA will find Trust Company of America an excellent option. The company’s services enable you to realize your dreams and it’s easy to open and contribute:
- A traditional IRA requires you or your partner to have a taxable income.
- People of all ages are allowed to open or contribute to Roth IRA. The only thing that limits people is their tax filing status or the money they modified as gross income.
- Opening the account takes minutes, and TCA eases the management of your investment.
- It is possible for investors to manage their investments, and TCA will give them professional financial advisors at a fee. You may also choose to use an automated approach, which means your assets are monitored automatically and rebalanced to provide you with the benefits you want in life.
Do You Own or Represent Trust Company Of America?
If you are a representative, or associate of Trust Company Of America 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 simply by sending an e-mail to email@example.com
Final words and verdict
Overall rating: (3.5 / 5)
I believe this is a legit company, I have some question marks on the fact that BBB have not yet accredited the business and also about the redirecting to ETRADEs website. Other than that, Trust Company of America looks like a pretty solid company and has been in the business for almost half a century; clients have assured security and exceptional services. Another drawback is that their services tend to be costlier compared with other custodians.
As always the decision is up to you to make, however, I would strongly recommend that you look on different companies before you make up your mind. Compare them against eachother, especially the fees and make sure you know exactly what you are going to have to pay.
You are a smart person and I am absolutely sure that you will find the company that suits your particular needs the best and that you feel comfortable doing business with.
and / or
I hope you found this short review of The Trust Company Of America to be helpful and that you now have a better understanding on what it is and if it might be something for you to get involved in. If you have used any of their services then please share your experience in the comment section below as it might help others to make a better decision. 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