Another one of the options when it comes to investing in a BitcionIRA is called Broad Financial, so this Broad Financial Review is going to look at whether you should be considering them for your own investment processes.
It’s considered a diverse option for investment and it’s been around a lot longer than the other main options for Bitcoin investing. Not only that, but they’re considered a leader in the area of Self-Directed IRAs and financial services.
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The Background of Broad Financial
Founded back in 2004 as a real estate company, Broad Financial actually includes a range of ‘alternative asset classes’ as options for your individual retirement account (IRA).
It took them five years to see the difficulties that were coming as a result of the financial crisis and the recession because of a strong focus on stocks, mutual funds, and even bonds. That was when they started branching out into newer options for investment in the financial services industry. They broke free of the constraints of regular IRAs and 401(k)s and started working on ways to make these options more individual.
Checkbook Control, the option that they came up with to go with this new thought process, lets you write a check to invest in your IRA. There’s no more extensive paperwork or authorization.
What’s really neat about it too is you can invest in things like private business, real estate, cryptocurrencies, and gold. It’s entirely up to you and it has no transaction fees or asset fees, which is a very interesting aspect of any investment system.
Because there’s no one in the middle (a custodian) you don’t have to worry about paying extra money for things that really aren’t benefiting you. There’s a single charge that takes care of the costs of doing the work for you and storing it, but there’s nothing extra for them going through the processes or each individual transaction that you want to make.
You also have fewer people involved in the process because you’re the one controlling the investment.
Understanding the Management
Broad Financial actually has three partners and you’ll find plenty of information about them through the company.
Where the other two main options like to keep their management team a little more secret, Broad Financial makes sure that you know everything you possibly can about their people and where they come from. Even more importantly, it lets you know all about their background.
Brian Finkelstein is the first and he has 24 years of experience in worldwide financial markets. He’s been a Chief Executive Officer and even the President of Helix Financial Systems. He’s been Director of Global Finance Operations for UBS as well and through these positions, he’s managed to continue building up the money market and more.
Mervyn Klein is focused on financially responsible business and entrepreneurship models and has helped to develop commercial projects for some of the biggest names around. He’s also worked as a consultant for MK Read and Company and has helped start-ups to really launch themselves into the future. He also founded Hudson Development LLC with Gleich.
Finally, Daniel Gleich, who actually registered his first company while he was a freshman in high school. Creditline, through DPG, helped to repair credit for those who were struggling and even helped those individuals to get new accounts.
He helped with the launch of Time Equipment Corporation and served as the managing director of R.B. Miller & Associates, with some excellent, high power clients. He and Klein founded Hudson Development LLC back in 1997 and now work together on Broad Financial.
Opening Your IRA
When it comes to opening your account you want something simple, but it’s a little difficult to know what you’re getting with Broad Financial before you start.
What they tell you is that you’re going to get a sales representative who knows all about the options and can get your IRA created quickly.
They also let you know that there’s no custodian in the middle so they take care of getting everything taken care of for you. That means fewer people handling the transactions and the setup process, which is definitely great. What they don’t tell you is anything else.
Storing Your Investment
One of the most important things that you want to know about is how they’re going to store your investment, right?
You want to make sure that you’re getting great storage and, unfortunately, you’re not going to find much of anything available without contacting the company. They do say that you can get any information you need once you talk to someone or if you fill out the form on the website, but you’re not going to be able to just look things up and find out on your own, which can be a negative.
Understanding the Competition
You want to make sure you’re getting something that really knows what they’re doing in the space, right? And that means you want to know how they stack up compared to different companies and even on different sites that track reviews.
Well, it turns out that Broad Financial is doing pretty well—with an AAA rating from the BCA with no complaints and an A+ rating with the Better Business Bureau and only two complaints. They have excellent ratings on several other pages as well, but not a whole lot of reviews in total, which kind of takes away from the fact that they seem to be doing so well.
Wrapping it Up
In general, you’re going to find that this company is well rated and seems to be liked by those who have chosen to review it, but it doesn’t seem to have enough reviews to get a good idea of that.
Even more, it doesn’t tend to provide the information you’d want to know about unless you contact them directly. They have done better than the other big three in the way of showcasing their management team and letting you know what they have to offer, but otherwise … you’re going to find it lacking a bit in transparency.