Investors can open Bitcoin IRAs with Broad Financial, an IRA provider. However, the company has a poor reputation for being slow to do even routine tasks. In addition, customers feel deceived and cheated due to the company’s high and hidden expenses.
Read this Broad Financial review to find out if they are the best IRA provider for you before you invest with them.
What Is Broad Financial?
In Montvale, New Jersey, you can find Broad Financial, a provider of financial services. One Paragon Drive Suite 270, Montvale, NJ 07645, USA is the address. The number to call is 833-342-1992, and business hours are Monday through Thursday, 10 AM to 6 PM, and Friday, 10 AM to 4 PM.
Self-directed IRAs and single participant 401(k)s are their areas of expertise. Customers can move their IRA funds to any bank they like and invest in alternative assets like Bitcoin that aren’t available with traditional IRAs.
The company does not, however, represent itself as a frontrunner in the gold IRA or the Bitcoin or Either IRA markets. They merely state that they are a provider of Self Directed IRAs in general. There are three partners in Broad Financial:
- Finkelstein, Brain
- Dr. Daniel Gleich
- Klein, Mervyn
Broad Financial is one of the few companies offering a Bitcoin IRA, however, they don’t say what they do with your bitcoins or where they keep them.
The website of Broad Financial doesn’t provide any more information than this. Their website boasts numerous 5-star reviews, making it appear as though they are the top Bitcoin IRA service available.
But there have been so many complaints that you simply can’t ignore them. The company’s inadequate platform and customer service have earned it a bad reputation. To assist you to see what the corporation doesn’t want you to see, I’ve compiled the various Broad Financial complaints I found online. But first, let’s have a look at the public’s opinion of the company:
Broad Financial Reddit: Annoying And Horrible
I came across a thread about Broad Financial on Reddit when researching them for my review. As it turns out, this provider of IRA financing services has a poor reputation.
The question of whether iTrustCapital or Broad Financial is superior was posed by a Reddit user. A user commented that they are Broad and that the setup process is quite frustrating for them. They also have issues with the Broad Financial service costs being too high.
A second person commented on how frustrating it is to create a Broad Financial account. The corporation dumps you into the deep end and then brags about how easy its software is to use.
It had been six weeks since the customer had been able to buy Bitcoin, despite the company’s promises that the process would only take 10 days.
People on Reddit aren’t the only ones who have complaints about one particular Bitcoin IRA service. Numerous customers have posted negative comments about the service and prices at Broad Financial on Google.
Some examples of the many negative comments made about this company are as follows:
Zero Support for Customers
The critic notes that Broad Financial provides zero avenues for contacting support. After receiving payment, customers receive no further assistance from the company. Customers feel abandoned by the company’s staff, who offer assistance before vanishing after a sale is made, according to numerous online reviews.
Company Charges Hidden Fees, Stops Caring Once They Get the Money
One reviewer claims that before you pay, the firm will promise you the moon. However, once you pay them and join their clientele, you will learn about the real restrictions and additional costs.
The company’s policy of collecting a $275 processing charge from any return is absurd. They suggest staying away from Broad Financial.
Poor communication with customers and sloppy follow-through
One of the many negative evaluations of Broad Financial’s customer service can be found on Google. Tanya is upset that she received so little help from the company when she was using her IRA to make a real estate investment.
After she filed for an LLC in California, the company didn’t get back to her for three weeks, even though the property was in Hawaii. They contacted her again, but this time to inform her that the closing date had been pushed back to within two weeks.
Tanya further notes that the company has exorbitant fees for every service and provides little in the way of support. They are not someone she would ever suggest to anyone.
Tanya called the company’s executives three times, but each time they claimed to be “out of the office” and never got back to her. Her advice is to avoid Broad Financial at all costs.
Broad Financial Makes Everything Extremely Difficult and Painful
John recommends keeping away from Broad Financial. Opening an account with this company, he adds, was a terrible ordeal. There were numerous emails, apologies, and erroneous documents or goods sent to the wrong email addresses, among other things.
During this confusion, Broad provided John with the paperwork he needed to open a Bank United account, but he declined. Bank United, however, called him to open an account, therefore they must have obtained his data without his knowledge or consent.
Plus, there’s more.
When he questioned this, Bank United claimed they had no idea how they obtained his personal information without his permission. John emphasizes that his time spent working with the Bank United squad was particularly awful.
On August 12th, when they were supposed to, nobody followed through and opened the tenant-landlord account. John called them again on August 27 to find out they still couldn’t complete the task.
The branch, however, had already deposited the funds and indicated that this was an option.
He tried to complain but was told that, since the issue involved private banking, only the bank itself could resolve it.
John concludes his assessment by urging readers to avoid doing business with Broad Financial because of the hassle it causes.
Customers can expect rude service from the company’s employees.
The reviewer states that they had some inquiries concerning the custodial and facilitator services provided by Broad for a self-directed IRA.
He was handed off to an unprofessional and unpleasant man. The firm representative’s answers to his questions were extremely cryptic.
The reviewer says he or she was shocked by the poor service because they just spoke for two minutes. After the reviewer called the representative out on his actions, the agent abruptly placed him on wait. Then he returned to abruptly cut off the call.
That’s why it’s so important to check a provider out thoroughly before entrusting your retirement savings to them. Lexi Capital, for instance, is a renowned gold IRA provider known for its illegal advertising practices.
It appears that Broad Financial employs similar strategies to acquire customers. People are fooled into trusting them, only to be caught in a snare of unexpected costs.
Representatives from Broad Financial come off as more like used-car salesmen than seasoned financiers.
The reviewer claims that the Broad Financial agent she spoke with was rude and unprofessional. He insisted, “It’s up to you to do your due diligence.” The information is available on our website, etc.
She notes that the support staff was ineffective. The reviewer was surprised by how unsatisfactory the service was, given the size of the transaction ($1,000,000).
You pay a little more, but you get what you paid for, the representative proclaimed, comparing their service to the Lamborghini of automobiles.
She claims such is not the case because the representative’s tone and delivery were more akin to a used car salesperson than those of a seasoned financial expert.
The Exorbitant General Financial Fees Are Useless and Could Lead to an IRS Audit.
Sam warns me to be wary about dealing with them. He describes how the company oversimplified its self-directed IRA setup for a certain investment, leading him to make a foolish decision. Sam paid over a thousand dollars in fees, and the corporation would not give him a refund.
He says he was forthright about his goals and made an investment that was funded 50% by his cash and 50% by his self-directed IRA.
The purpose of this action was to finalize the acquisition of real land. Sam claims they purposely made things too easy for him to agree to. He learned later that this was a major red flag and that the IRS had disqualified him.
Two lawyers he consulted advised him to form an IRA LLC with another LLC, with his partner serving as the IRA LLC’s manager, and to file a tax return every year.
Plus, there’s more. Separating the money would be difficult and could lead to an audit by the IRS.
According to Sam, both lawyers advised him to steer clear of this situation. He tried calling Broad Financial for help, but his call went unreturned. Sam claims he lost more than $1,000 due to the company’s dishonest sales practices.
Once they get your money, their behavior will change from what they promised.
Linda has nothing but praise for her initial experience with Broad Financial. It was only when she paid the infamous “broad Financial fees” that things began to improve.
When she called the company to ask a few inquiries, she was met with coldness and indifference. The company says it will respond to all inquiries, but it never does.
“Broad Financial Does Not Provide Individualized Service.”
Specifically, Gabor says that Broad Financial transferred his case to Madison Trust, where a very inept agent handled things. The reviewer had to involve the supervisor since they gave him false information.
Broad Financial still didn’t bother to apologize or provide an explanation for all the issues. According to the reviewer, this type of service is beneficial only if your transactions never exceed a few hundred dollars, not tens of thousands. He was very dissatisfied because he had hoped for a more individual approach to their service.
You may find plenty of glowing recommendations for Broad Financial on Google, but I felt it would be more interesting to highlight the complaints people have had about the company. Because companies will do whatever to keep you from seeing them.
Another Client Reveals Broad Financial’s Dubious Dealings
Tanya says the company’s customer service and procedures are terrible. When it came to using her self-directed IRA to make a real estate purchase, she received scant instructions.
She says it took the business almost three weeks to respond after she filed for an LLC in California, which she shouldn’t have done because the property was located in Hawaii.
Tanya emphasized that it took the business almost three weeks to inform her of the delay. Only two weeks remained until closing. Based on Tanya’s experience, “They charge for everything and are of very little assistance.”
She said she will never refer their services to anyone. Tanya tried calling the Broad Financial executives to discuss the difficulties, but all three of them claimed to be “out of the office” and unable to return her call.
She advises caution in dealing with that group.
Conclusion
Broad Financial isn’t the finest IRA option after reading the many customer complaints regarding their rates and service.
They don’t have the professionalism or high standards required to do a good job. It’s recommended that you look elsewhere for your Bitcoin IRA needs and stay away from Broad Financial.
Don’t Go for Board Financial
There are many issues facing this company. Customers are unhappy with their slowness, hidden costs, and bad customer service. Stay away from this company if you value your time and despise surprise fees.
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