For those of you who have Self Directed Accounts with Quest Trust Company, you have by now received notice that they are moving all of their accounts to Inspira Financial. However, not a few with Solo 401k accounts need to find a new home.
What Happened, Why is Quest Transfering their Accounts
The owner of Quest, Quincy Long had stepped back from managing the day-to-day as he has been battling Parkinson’s for a few years. His great team kept things going. But it was time for a change.
At the same time, the Texas Banking Regulators require all banks (including trust companies like Quest) to hold a reserve of safe assets. One of those “safe” assets is US Treasury Bonds. For those who have been following the downfall of banks over the past year, The banks purchased T-Bills as a “Safe Asset: to comply. Then the Fed raised interest rates and dropped the values of those T-Bills. Suddenly some small banks no longer had enough safe assets. Some banks were able to adapt. Some that could not adapt fast enough were sold for pennies on the dollar to the bigger banks.
This seems to be what happened at Quest.
- John Hyre wrote a informative Facebook post with more on the matter, for those that want more info.
- Quest Trust Companies Announcement
- The Order from the Banking Commission of Texas
I Need a New Self Directed IRA Custodian
It is our understanding that except for a few Solo 401k accounts, all Quest accounts were moved to Inspira.
Inspira is a leading provider of health, wealth, retirement, and benefits with nearly 8 million accountholders and $62 billion in assets under custody. Self-directed IRAs and alternative assets are a core part of Inspira’s business, providing people ways to invest beyond traditional stocks and bonds, contributing to a diversified investment strategy. Learn more about Inspira self-directed IRAs.
It is our understanding that Inpsira will be keeping the same pricing structure as Quest. And for now, you can simply keep your accounts where they are.
But many of you still want to explore your options and we have received numerous emails here at MAREI wanting our recommendations. As every single custodian out there has different strengths and weaknesses as well as varying pricing structures, we don’t have a single recommendation.
We do have some companies that you should check out.
CNB Custody
CNB Custody is a Division of Community National Bank and a business member at MAREI. They have more than 35 years of experience, over 40,000 Customers, and more than $4.0 billion in assets under custody. And as they are based out of Seneca Kansas, they are considered a local company.
Michelle Thomas from CNB Custody was one of our guest speakers at a the May 2023 MAREI meeting where we learned more about Self Directed IRA Investing. (Watch the replay of the May Meeting Here)
Mainstar Trust Company
Mainstar Trust is also a business member at MAREI. With more than 40 years of experience and clients in all 50 states with over $8.5 billion in client assets. Their team each has an average of 20 years of experience. And being based out of Onaga Kansas with offices in Overland Park, they are also considered a local company. Named Top IRS Services Provider in 2023 by Financial Services Reveiw.
Carmen Matzke from Mainstar Trust was also one of our guest speakers at the May 2023 MAREI Meeting. (Watch the replay of the May Meeting Here)
CamaPlan
CamaPlan is a National REIA Vendor Member and a long time member of DIG – Diversified Real Estate Investor Group, in Doylestown PA. (DIG is a sister REIA to MAREI) Founded by veteran investors Carl Ficher and Maggie Polisano, Camaplan is a company run for investors by investors. Offering Self Directed IRAs, Solo 401ks and more.
Ryan Ficher from CamaPlan participated in MAREI’s Great Debate in 2020 where IRAs battled 401ks. (Watch the replay of this November 2020 Meeting Here) And if you explore their website they have a lot of educational articles, videos and more to help you invest with your Self Directed Account.
For Solo 401k Custodians
Because there are a few who must move their Solo401ks rather quickly, John Hyre an expert in the industry shared a list of companies that he would use. He also interviewed them.
Advanta IRA
- 3 different Solo K plans (DIY, custodial, custodial + tax returns/forms)
- Also have all other common plan types
- Brief Interview: https://vimeo.com/995381678/e37f4499c6
- aperny@advantaira.com
- https://www.advantaira.com/
Solo401k.com
- Just Solo’s – all Solo, all the time, very focused, see this blog for example (Geek Central, they have a lot more excellent “normie” content as well, as do both Advanta & U-Direct, you have to go back in time for Geek Stuff, the current content on this link is much broader in scope.): https://jeffnabers.com/
- DIY plan
- Financial advisory services if desired
- Interview + Sign Up Link: https://www.solo401k.com/hyre/?via=john
- Website: https://www.solo401k.com/
- Kim uses Solo401k.com
U-Direct IRA
- No DIY plan, custodial version of Solo, eases record keeping
- Most other plan types as well (Coverdell’s excepted)
- Brief Interview: https://vimeo.com/995543472/7cec7584cd
- Contact: info@udirectira.com
- Website: https://udirectira.com/
