Midland Trust Company Reviews

Last Updated on March 17, 2024 by Ben

Individual Retirement Accounts (IRAs) make up a significant percentage of retirement assets in the USA; potential investors need to know about their various options.

People can choose Roth IRA, SEP IRA, Precious metals IRA, or even real estate; this company allows people to be flexible and act like investors more than clients.

This article covers Midland Trust Company reviews that can help educate clients about their investment options.

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Midland Trust Company: Overview

Midland Trust is a custodial services provider that provides clients with private fund custody services and self-directed IRA accounts; this gold IRA company focuses on lessening the tax impact on retirement plans and educating clients about alternative investments.

People have trusted Midland accounts since 1994, so they have significant experience working with retirees’ financial goals.

Midland Trust Company reviews show this product is an employee-owned company, so they offer high-quality customer service to their clients. This service provider has several goals to give investors a pleasant experience:

  • To provide personal and professional service.
  • To deliver efficient assistance to all clients.
  • To help the company’s employees grow professionally and personally.
  • To win broker dealers partnerships with several investors.

According to several clients, Midland Trust is one of the most dependable IRA service providers in the USA. Their company policies and employee-centered mindset help them reach the financial goals for self-directed IRAs.

The Midland Trust Company is a highly-recognized custodial service provider in the IRA community. Read the following reasons why people prefer to invest in this product:

Pros

  • It has various products

The Midland Company offers several retirement and savings plans that people can personalize depending on their needs. You can choose this company for retirement, school, and medical funds.

  • It provides high-quality and responsive customer service

This company dedicates itself to holding alternative assets of its clients, from dedicated representatives to cutting-edge technology on its online platform.

  • The company gives precise information about the various IRAs

The Midland website has all the essential information about its plans and the costs. They list the estimated amounts with no hidden fees. They also provide an online form for queries.

  • Clients can quickly contact them

The company has its main office in South Dakota, but clients can reach them through the mail, an audio or video call, or customer chat.

This company has several pros that act as client assets, but some aspects need more attention and improvement.

Cons

  • The plans cost a lot of money

Several self-directed IRA accounts cost significant money to maintain; Accounts like the SEP IRA require pricey maintenance fees and a catch-up fee if the client is over 50.

  • High RMD age

Most of the accounts on this platform require clients to be 72 to avail of the Required Minimum Distributions age. This number may need to be lowered for some clients.

Features Of Midland Trust

Midland Trust is a legit company and a versatile self-directed IRA administrator; they have various programs investors can choose and personalize depending on their preferences. Here are the most common features offered by this company:

Midland Trust

This feature is a public chartered trust company in South Dakota that offers several financial plans for shareholders.

Midland IRA

This Midland Account offers private funds for potential retirees and companies.

Midland 1031

Midland Trust offers efficient intermediary services for swapping real estate properties.

Midland Forms

The Midland Trust Company offers paperwork assistance for small businesses that can help with business proceedings.

Products Offered By Midland Trust

The Midland Trust Company offers several products for shareholders to choose from for their retirement plan; each product has unique features clients should study before they make a final choice.

The employees in Midland will also help guide these investors on their best options as part of their excellent customer service. 

IRAs, ESAs, and HSAs

Several various alternative assets and savings plans can have specific functions and specialties. The first type is the Individual Retirement Account (IRA) which is suitable for small businesses. 

Simple IRAs require a low start-up cost, and only self-employed shareholders or small business owners are eligible. In this process, you will be guided by a self directed IRA custodian so you’ll know the important details early on.

Next is the Education Savings Account (ESA); this retirement plan uses savings for education. Investors can use the tax-advantaged savings to pay for tuition and buy books or uniforms.

The ESA beneficiaries must be 18 years old to avail of this savings plan; there’s no yearly contribution necessary, and the money isn’t tax-deductible. 

Lastly, the Health Savings Account (HSA) helps people save for future medical expenses. A self-directed plan means people can buy additional extrainvestments like real estate or precious metals; these alternative assets can help increase the amount’s capital.

These are the top self directed retirement accounts you can choose as an early investor.

Traditional IRA

The traditional IRA is the most prevalent retirement plan; all working people can save for this account, and it’s tax-deductible. In this case, you need to work with a reputable self directed IRA custodian.

This account’s Required Minimum Distributions (RMDs) starts when the client turns 72. Married couples can file a newly created account for a joint IRA for mutual funds, provided at least one strategic partner can pay for the compensation requirement.

Roth IRAs

Roth IRAs require clients to make yearly post-tax contributions amounting to $6,000. This requirement is a liability, but clients don’t have to pay taxes when they withdraw their money. 

Anyone with taxable income that meets IRA limits can open this account and improve their actual investment portfolio.

SEP IRA

The Simplified Employee Pension IRA (SEP IRA) allows all workers and employers to enjoy low-cost retirement benefits. Employers can make 25% tax-deductible contributions to their employees. 

21 -year-old employees who have worked for at least three years with their employer can enjoy the benefits of a SEP IRA. This retirement account allows flexible contributions from the employer for payment and tax contributions. 

Individual 401k

The 401k plan is a popular retirement account for corporations, but an individual 401k only works for self-employed business people who don’t have any employees. A spouse can apply for benefits from an individual 401k, but they must also receive income from the business. 

Business owners can choose if they want to follow the traditional or Roth IRA format for their plan. It all depends on how much the shareholder can pay for taxes. 

Private Investments

Private equity or investments can mean self-directed retirement plans; these accounts gain income from private stock, and the money is paid directly to the retirement account.

People can choose if they prefer the tax-deferred or tax-free investment type. Only clients who can prove they are financially fit can settle with this retirement plan.

Clients may prefer using hedge funds for their investment; this fund uses liquid assets for trading using leverage, derivatives, and short-selling.

Accredited investors should use hedge funds, as this is a complex investment concept. It’s also regulated by the Securities and Exchange Commission (SEC) from the United States. 

It’s recommended that investors should have legal counsel to help evaluate their investment risks.

Closely-Held LLC plans are another popular choice for private investments; these LLC partnerships mean a small group owns the investments. The most common assets for this account include private notes and real estate. 

A Closely-Held LLC plan means greater flexibility among self directed IRA investors, but there are additional responsibilities since they involve shared assets. All the involved parties must familiarize themselves with the guidelines for this plan. 

Cryptocurrency

This online money is one of the newest ways people trade and invest assets. People use tokens or “coins” to do online transactions. Several business people believe this currency is the future of investment.

The Midland Trust Company has Tradestation and ErisX as trading partners. Clients can invest their cryptocurrency into a self-directed IRA using two options.

The first option is investing into a self directed IRA, which means the account and trading names will be the same. The next is the checkbook IRA which allows investors to save coins in any cryptocurrency platform.

Shareholders can directly trade the crypto coins or use hedge funds to pay for the account; these funds include capital gains for the retirement account.

Gold & Silver IRA

Precious metals IRAs are one of the most secure retirement funds for shareholders; the secret to having positive assets is learning to diversify investments. 

Gold and Silver IRAs give clients security and protection from inflation and fluctuating monetary value.

A self directed IRA account allows people to buy gold and silver if they meet the Internal Revenue Service (IRS) requirements. The Midland Trust Company offers standard gold and silver bullion, including other precious metals products.

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Midland Trust Services

Midland Trust Company reviews show this product values quality customer service. Several company services show how much this team values the client’s needs.

Investment Advisors and Financial Planners

Investment advisors are essential for self directed IRA companies; these representatives guide clients on the best financial choices for their retirement plans.

The midland team ensures each IRA has a dedicated self directed IRA custodian to assist clients and help personalize their accounts.

This product also offers the following services for investors:

  • An advanced online portal for easy access by clients.
  • Access to the master account for IRAs or investment sponsors/advisors.
  • Fast processing times for any transactions and troubleshooting.
  • Annual report about the retirement account to the IRS.

Investment Onboarding

The Midland team offers convenient and efficient investment onboarding; this process helps attract a new investor or customer to the platform.

The company website requires third-party entities to verify their data before they perform investment onboarding; this process provides security for the company and the client assets.

OnePath

This software is Midland’s solution to the hectic transaction process most self directed IRA companies require from their clients. The standard three-step process includes opening the account, funding it, and authorizing the investment platform.

With OnePath, clients only need to submit their investment documents, while the team will develop a personalized investment-specific link. This platform simplifies the process for clients and attracts them to the product.

Midland IRA Prices

Midland’s various IRA accounts have different prices and fee schedule depending on taxes and annual contributions. Traditional IRAs have an annual $6,000 contribution for account maintenance and a $1,000 catch-up contribution for people older than 50.

Plus, they offer both flat and sliding fees every year!

This plan also requires a tax contribution on your retirement day, depending on how much is in the IRA.

Roth IRAs also have a $6,000 annual contribution and a $1,000 catch-up contribution, but you pay taxes every time you contribute upfront. That way, when it comes to transferring money, there’s no need for tax contributions.

The SEP IRA requires clients’ employers to make a 65% tax-deductible contribution from the employee’s salary. The maximum yearly contribution for this is $61,000.

The Simple IRA is for small businesses, so the maximum employee salary deferral is $14,000; the employer’s matching input is 3% of the employee’s deferral.

This IRA also requires a $3,000 catch-up grant and a non-elective employer contribution that’s 2% of the employee’s compensation.

The ESA requires a $2,000 annual fee schedule payment per student beneficiary, while the HSA requires $3,650 for the individual account, $7,300 for a family account, and a $1,000 annual catch-up provision.

Alternatives

The Midland Trust Company is a recommended IRA company, but clients should look for various alternative assets with better offers. Here are some trustworthy companies around the US:

Augusta Precious Metals

Augusta Precious Metals

www.augustapreciousmetals.com

star rating

Star Rating

The Augusta Precious Metals team specializes in gold IRA and gives dedicated service to all its clients. They have an outstanding rating from the Better Business Bureau (BBB), AAA rating, and Business Consumer Alliance.

Pros:

  1. They offer several precious metal products

Besides coins and bars, this company offers bullions with a higher value on the precious metal market. 

  1. They have excellent customer service

The team at Augusta Precious Metals dedicates themselves to their clients, and customer service representatives stay with them long after the precious metal purchase.

  1. They offer clear buying instructions

This team prioritizes simplicity and ensures they leave clear instructions with educational materials on their website.

  1. They have a knowledgeable team

Several customers agree that the Augusta team provides transparent information about precious metals IRAs and encourages more people to invest. They can also provide a knowledgeable self directed IRA custodian.

Cons:

  1. Limited precious metals

This company only offers gold and silver IRAs; they don’t have more valuable precious metals like platinum or palladium.

  1. There’s no profit guarantee from IRA

The company says on its website that they don’t guarantee the precious metal’s value will increase, so they recommend people only spend the money they can afford.

American Hartford Gold

www.americanhartfordgold.com

Star Rating

This family-owned company in Los Angeles focuses on precious metal IRA for retirement plans. Several celebrities and businessmen recommend this company, and it’s an AAA-rated company.

Pros:

  1. It’s a family-owned business

A family-owned company means its principles stand by family values. The people working here understand the importance of retirement plans for families.

  1. They have a simple metal-buying process

Clients must only follow three steps when they order precious metals from American Hartford; call an operator, learn about the precious metal benefits, and wait for the delivery to arrive at their doorstep.

  1. They offer high-quality precious metals

American Hartford offers gold and silver coins and bars with a high value on the precious metal market. Clients can assure broad range of good metals that will help their IRAs earn money. 

  1. They offer several precious metal plans

American Hartford Gold offers precious metals IRA, precious metals rollover, and physical gold and silver delivery. These options help people choose the best plan for their Individual Retirement Account.

Cons:

  1. They have limited precious metals

This product only offers gold and silver, while other precious metals like platinum and palladium are worth more on the market.

  1. They don’t offer other IRA services

This company only offers precious metal IRAs and doesn’t have health or education IRAs for other clients.

Birch Gold

Birch Gold

www.birchgold.com

Star Rating

The Birch Gold group focuses on giving their customers complete knowledge about their gold IRA investments.

Pros:

  1. They have a precious metal variety

Aside from the usual gold and silver, this company also offers platinum and palladium precious metals IRA.

  1. They want to educate their clients

The Birch Gold group focuses on education IRA their clients the mechanics and technicalities of investing in a precious metal IRA. 

  1. They provide intensive care

Every client matches with a precious metals specialist to provide a human face to this IRA company. This connection creates trust between the company and the client. Also, they provide offshore storage to store gold and other alternative assets.

  1. They offer several precious metal products

This company has coins, bars, and bullions, which are highly valued in the market. These products give individual investors a choice of what they prefer and can afford.

Cons:

  1. No mention of a possible rollover

The website needs to mention options for an IRA rollover from a previous account; this unavailable feature may make it difficult for some clients to open a precious metal IRA.

  1. They don’t offer other products

Birch Gold only offers precious metals IRAs and no other alternative assets accepted for people on a smaller budget. 

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Final Thoughts – Midland Trust Company Reviews

Midland Trust is a qualified intermediary for beginner investors since you can opt for as many investment choices as you can. They have good reviews and outstanding retirement savings plans for those who are looking into precious metals products.

After comparing Midland Trust Company reviews, our team has decided the best alternative is Augusta Precious Metals. Their family values match the mission Midland has for its clients. 

Augusta may have fewer products than American Hartford Gold or Birch Gold, but the high-quality metals give it a good value in the market. The option for physical home delivery is also an advantage for the client, providing them with more control of their assets.

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