This is a short review of the Madison Trust Company. What is Madison Trust Company? Just another scam or is it the real deal? Is it for everybody? What about their customer satisfaction? Let’s dig in and find out!
Product: Self-directed IRAs
Owner: E. Brian Finkelstein (CHAIRMAN), Mervyn Klein (CEO, BOARD MEMBER) and Daniel Gleich (PRESIDENT, BOARD MEMBER)
Price: Depends on your investment.
Who is it for: Investors
Overall rating: (2 / 5)
Important to mention before we continue with the review:
We always strongly recommend doing your research online before you choose a company to invest with. There are so many reviews online of clients being ripped off and scammed, especially when it comes to so-called “hidden fees”. So please investigate thoroughly before you make your decision.
**To see our #1 safe and recommended IRA custodian click here
With that being said, let’s continue with the review!
What is Madison Trust Company – Overview
Madison Trust Company is a company that works to simplify the process of investments. They believe that it should be easier to deal with gold and focuses on that in their marketing strategy. The company was founded in 2014 and has its headquarters in Sioux Falls, SD.
How does it work?
Madison Trust Company lets the customer decide which precious metal-dealer he or she wants to buy from and then helps out with the placing in an approved depository. This means the customer can choose to be in control of the pricing of the metal he or she wants to purchase. After you´ve chosen your dealer you contact them and they help out with making the deal. Depending on what service you are after you choose a form to fill out from their website and mail it to this address:
Madison Administration Company, 21 Robert Pitt Drive, Suite 201, Monsey, NY 10952.
They promise to process all forms and requests is 3-4 days.
The products and services offered
- Self-directed IRA
- Document Custody
- Gold IRA
- Crowdfunding IRA
What about the fees?
Depending on what service you are after there are different fees to keep in mind.
For starting up a new account they charge they have an account application fee that is $50.
A required minimum cash balance for an IRA account is $500.
The Precious Metals storage fee is $100 which is required at the first investment and thereafter paid at a yearly price.
How is the support?
They offer support on their website where you can contact them by email or by phone.
After reading the reviews online I found that a lot of their former customers complained about the service. The main complaints were that they were hard to reach on the phone and when asked questions they got confusing answers. This is not the ultimate situation for a company who wants to broaden their clientele.
If the reviews are bad, there is something fishy going on. Where there is smoke, there is usually a fire. Make sure that the company fits your demands by doing your own research and comparison of the companies you feel are right for you.
Are there any red flags?
You should always review and compare different investment companies against each other before you make a final decision.
Below I have listed the most trusted and well-known review and rating sites online to see what score they have given Madison Trust Company as this is a good indication of how good the particular company performs and treat their clients:
Score: Not listed.
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Score: (1.5 / 5) – Click for details (opens in new window)
Score: Not Listed.
Is Madison Trust Company A Scam?
No, I can´t say that it is. It seems like a legit company. But since there are a few online reviews of the company I wouldn’t feel safe to choose them as my number one custodian. There is too little information about how they operate and even though they want to make it easy to understand I can’t seem to trust their credibility.
Are there better alternatives out there?
YES! There are a few ones I would consider better alternatives but the absolute best one I can recommend is; REGAL ASSETS.
Regal Assets offer precious metals, cryptocurrencies, and Gold IRA to their clients with expert support. They have been in business for nearly a decade and received great reviews by their customers and gotten great scores on different online review and rating sites. It is easy to get started by going to their website where you find all the information you need to get going.
- The customer can decide which gold supplier to purchase from.
- Not listed in some of the popular online-rating sites.
- Lack of company information online.
- A bit confusing with all the different fees.
- Bad reviews on the support.
Final words and verdict
The Madison Trust Company seems to be a good business idea but from what can be found online and from their website which is all I can make my assumption from is that it is not the best choice to go for you who are looking to make a serious investment. Their customer service seems to lack clarity as well as fast responses. In my opinion, these are two important factors that contribute to a companies success. All in all Madison Trust Company doesn’t measure up when it comes to other custodians who actually offer their customers real support and expert advice.
Another thing to keep in mind is that it takes time to set up an account for your investment. Be extra careful especially when it comes to Self-Directed IRAs. Should you want to change to a different custodian it will cost a lot of time and money. Make a choice you won’t later regret by choosing right from the start. It will save you a lot of frustration and the only thing that you cant get back, which is TIME!
Overall rating: (2 / 5)
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Writer and team member of $tart Make $top Waste