- A+ BBB rating
- Expert customer support
- 12+ years in business
- 1,000+ 5-Star reviews
- High setup fees
- U.S. investors only
Broad Financial offers self-directed IRA accounts with checkbook control, ideal for investors seeking flexibility investing in alternative assets.
While setup fees are higher than its competitors, Broad Financial’s strong customer support and resources help it stand out.
Read more to determine if Broad Financial aligns with your goals.
The Verdict for Broad Financial
I’ve given them a rating of 8 out of 10.
Broad Financial is a highly regarded SDIRA provider with exceptional customer support.
While it gives investors the most flexibility in investing in alternative assets, its set up fees are quite high.
Review the account options Broad Financial offers and the fee schedule to see if it aligns with your investing goals.
| Category | Rating (out of 10) |
|---|---|
| Investment Options | 9 |
| Pricing & Fees | 7 |
| Account Setup & Maintenance | 8 |
| Customer Service & Support | 9 |
| Security & Compliance | 7 |
| Reputation & Reviews | 9 |
| Resources & Tools | 8 |
| Overall Rating | 8 |
In this review of Broad Financial, I’ve followed GIC’s detailed criteria for evaluating the self-directed checkbook IRA services.
About Broad Financial
Broad Financial is a leading provider of self-directed IRAs and solo 401(k)s and is on a mission to empower investors to leverage alternative assets to diversify their retirement portfolios.
The company was originally founded as a private real estate firm in 2004, but expanded to offer SDIRA accounts with checkbook control beginning in 2009.
Madison Trust Company is a SDIRA custodian that was created out of Broad Financial in 2014.
Broad Financial was founded to help everyday investors create wealth and financial security by investing in alternative assets like real estate, cryptocurrencies, and private companies.
The company firmly believes that diversification into alternative assets is key to achieving long-term retirement goals.
The company is led by Daniel Gleich who brings more than 25 years of financial strategy leadership.
Broad Financial serves more than 20,000 clients across all 50 states and is BBB accredited with an A+ rating.
Investment Options
Broad Financial offers different types of SDIRA accounts depending on what you’re looking for and how much control you’d like to have over your account.
These include:
- Self-directed IRA
- Self-directed IRA with checkbook Control
- Self-directed solo 401(k)
Checkbook control is offered by establishing an LLC or trust. Broad Financial will set up and manage either entity on your behalf in order to invest in assets that might require a custodian.
A self-directed solo 401(k) is designed for self-employed individuals and small business owners who do not have access to an employer-sponsored 401(k) program.
This option gives investors higher contribution limits and the ability to invest in alternative assets.
Broad Financial allows you to invest in:
- Real Estate
- Precious Metals
- Promissory Notes
- Private Equity
- Crypto
- Startups
- Crowdfunding
Checkbook accounts give you direct ownership over assets in your portfolio and the greatest control over investment decisions.
These accounts also allow you to open a checking account under your LLC or trust’s name at a local bank, giving you direct access to your funds if you need them.
When you’re ready to set up an account you can go online and choose the account you’d like to open.
You can rollover an existing retirement account or make a contribution with a wire transfer. Once the account is funded you can begin investing.
Custodian services for Broad Financial accounts are provided by Madison Trust Company.
Pricing & Fees
IRA LLC
| Fee Type | Fee |
|---|---|
| Setup Fee | $1,295 |
| Multi-member LLC | $350 |
| Registered Agent | $125 |
IRA Trust
| Fee Type | Fee |
|---|---|
| Setup Fee | $1,195 |
Solo 401(k)
| Fee Type | Fee |
|---|---|
| Setup Fee | $995 |
| Annual Compliance Fee | $149 |
The set up fee for a regular self-directed IRA is $100. A SDIRA with checkbook control has a significantly higher setup fee.
An IRA LLC can be set up for $1,295 while a trust is $1,195, however, these fees can vary based on the state you register in.
For companies registered in Connecticut, there is a $125 registered agent fee.
A solo 401(k) comes with a $995 one-time set up fee and an annual compliance fee of $149.
Madison Trust Company provides custodian services for SDIRAs opened with Broad Financial. There is a $105 quarterly custodian fee.
Broad Financial does not charge transaction or asset based fees.
Compared to other SDIRA providers, Broad Financial charges higher set up fees.
Account Setup & Maintenance
Broad Financial strives to make it as easy as possible to open an SDIRA or solo 401(k).
It’s account setup process takes a few quick steps:
- Do an initial consultation with a Broad Financial specialist to outline your financial goals and determine if a self-directed retirement account makes sense for you
- Complete an online application to set up an account
- Fund your account with a rollover from an existing retirement account or wire transfer from an external account
- Form a LLC or Trust if you’re setting up a checkbook control account
- Open a checking account in the LLC or Trust’s name to make investment transactions
- Begin investing
Account set up will require you to verify your identity. You’ll need to provide your driver’s license and Social Security Number to set up an account as well as complete the entity set up process for checkbook control.
If you decide to rollover funds from an existing retirement savings account, Broad Financial will work with you to do so.
Broad Financial’s fees include regular account maintenance and compliance.
This includes tax forms and annual compliance for your LLC or Trust. Investors also get access to an online portal to manage your account.
Customer Service & Support
Broad Financial representatives are available by phone at (800) 395-5200.
Customer service hours are Monday through Thursday 8:00 am – 5:00 pm EST and Friday 10:00 am – 4:00 pm EST.
Clients report customer service specialists are responsive and knowledgeable, helping answer questions about opening an account.
One customer even said setting up an account with Broad Financial is easier than going to the grocery store.
Investors can schedule a consultation with a SDIRA specialist to learn more.
Security & Compliance
Broad Financial collects personally identifiable information from its clients but does not sell that information to third parties.
Sensitive information is encrypted to ensure client security.
For Solo 401(k)s, Broad Financial manages all compliance requirements. This includes plan amendments, a plan restatement, and tax filing assistance.
Broad Financial adheres to IRS regulations. It does not provide additional information about its audit process on its website.
Reputation & Reviews
Broad Financial has a 5-star rating from nine customers on the BBB and a 4.8-star rating from 258 customers on Google.
Reviews are overwhelmingly positive. There are some complaints on Google about poor customer service however many of those reviews are several years old.
One complaint from 2023 highlights a mix-up in account type.
The issue was quickly resolved and Broad Financial committed to fixing their processes to prevent a similar mistake from happening in the future.
Broad Financial maintains social media accounts on Facebook, X, LinkedIn, and YouTube.
Resources & Tools
Broad Financial has a robust education center to guide investors. It includes answers to questions about investment accounts and alternative assets like cryptocurrencies.
There are also free webinars and Broad Financial maintains a video library to help investors learn more about investing.
The company also offers a newsletter that sends news and updates on SDIRAs and solo 401(k)s.
For investors interested in a solo 401(k), there is a Solo 401(k) Contribution Calculator on their website.
Broad Financial Alternatives
Broad Financial is a top self-directed IRA provider however its set up fees are costly.
These are some alternatives to consider.
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Our Rating:
4.8
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Our Rating:
4.5
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Our Rating:
4.2
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Setup fee for IRA:
$360-$600
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Setup fee for IRA:
$50
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Setup fee for IRA:
$85
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Rocket Dollar
Rocket Dollar is ideal for investors who want the most flexibility. It offers self-directed IRAs and solo 401(k)s and investors can choose from a variety of assets, including the option to “bring your own deal.”
While the setup fees are higher than other SDIRA providers, the monthly fees are less than Broad Financial’s quarterly fees.
Equity Trust Company
With decades of experience, Equity Trust Company is one of the oldest SDIRA custodians out there. It offers a wider range of account types including HSAs.
Equity Trust is ideal for investors who want diverse account options beyond an IRA at an affordable rate.
Alto IRA
Alto IRA is an ideal option for budget-conscious investors. The platform gives you access to over 75 alternative assets and 200 cryptocurrencies.
With accounts starting at just $10 per month, Alto IRA is good for investors looking to diversify their portfolio without high fees.
Is Broad Financial a good company?
Broad Financial is a highly regarded SDIRA provider. It offers a variety of investment options – including checkbook control – with a number of different alternative assets.
While its set-up fees are quite high, Broad Financial is a one-stop-solution for investors who are serious about taking control over their investments.
Its highly rated customer support team and educational resources makes it a good option for investors who want to learn more about alternative approaches to investing.
Check out Broad Financial’s SDIRA options to see if it’s right for you.
FAQs
Who owns Broad Financial, LLC?
Broad Financial, LLC is a private company that does not disclose ownership details. It is led by CEO Daniel Gleich and Chairman Brian Finkelstein.
Does Broad Financial have any pending lawsuits or complaints?
There are no pending lawsuits or complaints against Broad Financial.
Should I open a checkbook IRA with Broad Financial?
Broad Financial offers a checkbook IRA for investors who want direct control over their investments.
While this can reduce delays and fees, it puts more responsibility on investors to manage their own portfolios. This includes conducting due diligence on investments and ensuring assets comply with IRS regulations.
Broad Financial
Broad Financial is the industry leader in offering self-directed IRAs and solo 401(k)s with checkbook control.
Product Brand: Broad Financial
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