Is Provident Trust Group A Scam? Are they worth your trust?

Welcome to my review of Provident Trust Group!

If you are looking for someone to trust your investments like an IRA Custodian, maybe you have stumbled upon this company.

Let us get to know who Provident Trust Group is.

Can they be trusted? Can you trust them with your life savings?

Is Provident Trust Group a Scam? Are they worth it?

Plenty of questions that we will answer here!

Let’s start our review of Provident Trust Group!

What is Provident Trust Group?

Is Provident Trust Group a Scam?

Provident Trust Group is an IRA custodian based in Las Vegas. Specifically, they are a self-directed administrator and passive custodian that has maintained steady growth since our establishment in 2008.

They have served more than 34,000 clients and holding over $6 Billion in assets under custody.

The company specializes in account administration, asset custody, qualified retirement account establishment including IRAs and Solo 401(k) accounts, and Corporate Trust services.

Their mission is:

To empower our customers to self-direct their retirement assets. They accomplish this by offering innovative retirement plan solutions, ease of access, and an extraordinary customer experience.

Their vision is:

To change the way people invest in alternative assets. They are committed to a marketplace that provides clients with greater visibility and access to alternative assets.

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Provident Trust Group Core Values

Provident Trust Group has three core values that they employ in their organization. Here are their core values:

Is Provident Trust Group a Scam?

  1. People Matter – this refers to the quality of people we hire, as well as the personal service delivered by their skilled associates. It is their guiding principle in their everyday interactions with clients and one another. 
  2. Quality First – this emphasizes the practice of “getting it right” the first time. They believe that there’s no substitution for diligent preparation, thorough quality control, and a continued commitment to excellence.
  3. Integrity Always – They hold their associates to the highest ethical standards. They aim to earn and build trust with their clients and partners by delivering their promises. 

Services of Provident Trust Group

Here are some of the services and plans of Provident Trust Group:

Is Provident Trust Group a Scam?

Plans for Individuals

  • Traditional IRA

They can help you have your own traditional IRA. This is one of the most common types of retirement savings accounts. It is a great way to increase the amount you are saving for retirement.

Traditional IRA Key features

    • It is tax-deferred
    • It is tax-deductible
    • Required minimum distribution at the age of 72
    • IRA distributions are subject to 10% early distribution penalty tax if you are under age 59 1/2
    • A catch-up contribution of $1,000 more to your account. This is only permissible if the account owner is age 50 or older.
    • Up to $10,000 can be withdrawn from a Traditional IRA penalty-free if the money is used to acquire a principal residence for a first-time homebuyer.

How much? 

    • Annual Custodial Fee= $395
    • Establishment Fee= $50
  • Roth IRA

Provident Trust Group can also provide a Roth Individual Retirement Account (IRA) which is a retirement account that lets you save and invest after-tax dollars. When you originally contribute funds in your Roth IRA, they have already been taxed. As time goes on, the investments grow tax-free.

However, you should keep in mind that the investments made in a Roth IRA are those restricted by the IRS, and include a very limited number of items.

Roth IRA Key Features

    • Tax-free growth
    • No distribution requirements
    • Tax-free withdrawals
    • Up to $10,000 can be withdrawn from a Traditional IRA penalty-free if the money is used to acquire a principal residence for first-time homebuyers

How much? 

    • Annual Custodial Fee= $395
    • Establishment Fee= $50
  • Inherited IRA

More so, Provident Trust Group can also help you set up your Inherited Individual Retirement Account (IRA). This type of IRA is an account that is opened when a beneficiary inherits an IRA or employer-sponsored retirement plan, after the death of the original owner.

Inherited IRA Key Features

    • Continued Growth
    • Continued Tax Protection
    • No Early Withdrawal Penalties
    • Taxable Earnings
    • No Additional Contributions
    • It can only transfer to another Inherited IRA, inherited from the same party.
    • Mandatory Required Contributions

How much? 

    • Annual Custodial Fee= $395
    • Establishment Fee= $50

Plans for Businesses

  • Individual 401(k) Plan

This type of plan permits self-employed individuals, with no full-time employees, to save for retirement with their spouses.

How much? 

    • Annual Custodial Fee= $495
    • Establishment Fee= $150
  • Savings Incentive Match Plan for Employees (SIMPLE) IRA

According to Provident Trust Group, this is a great way to increase the amount that you and your employees are saving for retirement. Furthermore, this is an alternative option for self-employed individuals or small business owners who have 100 employees or fewer.

How much? 

    • Annual Custodial Fee= $445
    • Establishment Fee= $150
  • SEP IRA

This type of IRA increases the amount business owners and employees save for their retirement. More so, participants receive tax benefits while businesses can increase employee retention.

How much? 

    • Annual Custodial Fee= $445
    • Establishment Fee= $150
  • Qualified Investment and Safekeeping Plan

Another type of Plan for businesses is a Qualified Investment and Safekeeping Plan. This allows your employees and investors to break free from the stock market through their traditional retirement plan (i.e. 401(k) plan).

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For Professionals

Provident Trust Group can provide assistance to the following professionals:

Is Provident Trust Group a Scam?

Investment Options

So, what can you put in your IRAs?

Is Provident Trust Group a Scam?

  • Limited Liability Company (LLC)
  • Gold, Silver, & Palladium Bullion
  • Market Linked CDs
  • Promissory Notes
  • Real Estate
  • Private Companies
  • Tax Liens/Deeds
  • Foreign Investments
  • Timber Rights
  • Structures Settlements
  • Mineral Rights

Other Fees

  • Mail Fees
    • Priority Mail= $15
    • Overnight Mail= $35
    • International Mail= $35
  • Processing Fees
    • Next Day Service= $50
    • Same-Day Service= $100
  • Individual 401(k) Plan Fees
    • Loan Setup Fee= $225
    • Loan Default Fee= $150
    • Plan Amendment= $150
  • Transaction Fees
    • Distribution to Account Owner-Check= $35
    • Distribution to Account Owner-ACH/Wire= $50
    • Wire Transfer Out= $50
    • Check to Maintain Current Investment= $10
    • Check Purchase New Investment= $35
    • Cashier’s Check= $50
    • Check Transfer Out= $35
    • ACH/Wire to Maintain Current Investment= $35
    • ACH/Wire to Purchase New Investment= $35
    • International Wire= $50
    • Real Estate Purchase Fee= $100
    • Recurring Check Distribution (Monthly or Quarterly)= $15
    • Recurring ACH Distribution (Monthly or Quarterly)= $10
  • Miscellaneous Fees

Is Provident Trust Group a Scam?

Provident Trust Group Ratings and Reviews

Here are some of the reviews and ratings of Provident Trust Group:

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What I LIKE About Provident Trust Group

Is Provident Trust Group a Scam?

Here’s what I like about them:

Flat-rate annual fee

As a matter of fact, Provident Trust Group offers a flat-rate annual fee. On the other hand, most custodians are many other alternative asset custodians who may increase your annual fee based on an increase in the number of assets you select, the value of your assets, or even the purchase of a different asset class.

A lot of payment methods

With Provident Trust Group, you can pay your fees online, cash, check, phone, and cash in an account.

Well-detailed Website

Despite the number of fees and everything, they disclose the fees that they have on their website and provide sufficient information for their clients.

What I HATE About Provident Trust Group

Is Provident Trust Group a Scam?

Here’s what I hate about them:

A Lot of Fees

And when I say ‘a lot,’ it really is a lot! Have you seen the long list of fees that they charge? Well, that’s a real turn-off, but you have to pay for services of course.

Plenty of Bad Reviews and Ratings

Almost all their reviews and ratings are bad.

So, I am not sure if you should trust them with your investments. You should be cautious and research a lot if you want to associate yourself or your company with them.

Is Provident Trust Group A Scam?

Now, let us move on to our final verdict about this company.

Provident Trust Group is NOT A SCAM.

However, you should be cautious before investing and giving your trust.

They have plenty of bad reviews so I am not very sure if they are a good company. I also don’t see them replying to complaints of their customers.

Final Thoughts

When we put our investments, we should think carefully and assess the company that we are investing in.

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They also have a trusted IRA custodian that they would recommend to you.

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Thank you for reading my review! I hope you find them beneficial!