Broad Financial – Crypto IRA Scammers – AVOID!
Broad Financial is an IRA provider that allows investors to set up Bitcoin IRAs. However, the firm is notorious for taking too long for simple processes. Moreover, their clients complain about excessive and hidden fees, making them feel manipulated and cheated.
So, before you start investing with this company, read the following Broad Financial review and determine if it’s the best IRA provider for you or not:
What is Broad Financial?
Broad Financial is a financial services provider based in Montvale, New Jersey. They are located at 1 Paragon Dr #270, Montvale, NJ 07645, US. Their office opens from 10 AM to 6 PM on weekdays and from 10 AM to 4 PM on Fridays while their contact number is 833-342-1992.
They specialize in Self-Directed IRAs and Solo 401(k)s. The firm allows consumers to transfer their retirement funds to a bank of their choice and invest in assets not available on conventional IRAs such as Bitcoin.
However, the firm doesn’t claim to be a gold IRA leader nor a Bitcoin or Either IRA leader. They simply claim to be a general Self Directed IRA provider. Broad Financial has three partners:
- Brain Finkelstein
- Daniel Gleich
- Mervyn Klein
Even though they are among the few providers of Bitcoin IRA, Broad Financial doesn’t specify how or where they store the bitcoins present in your IRA.
Apart from these details, the website of Broad Financial doesn’t specify much. They showcase multiple 5-star reviews on their site, making it seem as if they are the best bitcoin IRA provider in the industry.
However, they have received a ton of complaints you can’t ignore. The firm is notorious for its terrible customer support along with its poor platform. I’ve aggregated the various Broad Financial complaints I found online to help you see what the company doesn’t want you to find. But first, let’s see the general perception on this firm:
Broad Financial Reddit: Annoying And Horrible
While writing my Broad Financial review, I found a discussion on Reddit talking about them. Turns out, this IRA finance service provider doesn’t have a good reputation in the industry.
A Reddit user had asked which is better, iTrustCapital or Broad Financial? One user responded with saying that they Broad and it’s incredibly annoying to set up. They also complain about the excessive Broad Financial fees.
Another user said that it’s incredibly annoying to set up your Broad Financial account. The company leaves you on your own and lies about the simplicity of its platform.
The firm says that it would only take 10 days to set up but it had been 6 weeks and the user couldn’t buy Bitcoin.
But Redditors aren’t the only people who dislike this Bitcoin IRA provider. There are a plethora of Broad Financial Google reviews complaining about their fees and service.
Here are some of the many complaints people have posted against this firm:
Broad Financial Offers No Customer Service
The reviewer points out that Broad Financial doesn’t have any customer service. Once the company takes your money, it offers no further assistance. They complain about the behavior of the company’s representatives who promise to help but disappear once you make the purchase.
Company Charges Hidden Fees, Stops Caring Once They Get the Money
The above reviewer says that the company promises you the world before you pay them. But when you pay them and become a client, you discover the actual limitations and the hidden fees.
Moreover, the firm will issue a refund only after deducting a $275 processing fee, which is outrageous. They advise avoiding Broad Financial.
Horrible Customer Support and Unprofessional Execution
This is among the many Broad Financial Google reviews highlighting their poor customer service. Tanya complains that the firm provided her with very little guidance during the processes of purchasing a property through a self directed IRA.
It took the firm 3 weeks to get back to her after filing for an LLC in California, even though the property was in Hawaii. They got back to her only to tell her that there had been a delay and she only had 2 weeks to close.
Furthermore, Tanya highlights that the firm charges for every little process and offers very little assistance. She would never recommend them to anyone.
When Tanya called the executives at this company, all three of them were “out of the office” and never bothered to call her back. She suggests running the other way when encountering Broad Financial.
Broad Financial Makes Everything Extremely Difficult and Painful
John suggests avoiding Broad Financial. He says that opening the account with this firm was extremely painful. There were countless emails and apologies, incorrect documents, sending items to the wrong email address, and a lot more.
During this mess, Broad sent him documents to open a Bank United account which John refused. However, Bank United called him to open his account which means they received his info without authorized disclosure.
That’s not all.
When he questioned this, Bank United said they had no idea how they got his information without his consent because they never do that. John points out his entire experience was terrible, specifically while working with the team of Bank United.
They had to open a tenant landlord account on August 12th but no one followed up. On August 27th, after seeing there had been no progress, John called them again only to hear that they couldn’t do it.
However, the branch had already put the money into the account and said it was possible.
When he tried to complain, they said they couldn’t do anything about it and because it was private banking, only they could sort the matter out.
John ends his review by reiterating that you should stay away from Broad Financial as it’s a nightmare to work with.
Company has Rude Staff that Doesn’t Care About its Clients
The reviewer says that they had a few questions about Broad’s facilitator and custodial services for a self-directed IRA.
He was transferred to a guy who was completely rude and unprofessional. When he asked questions about the company, the company representative gave very vague answers.
The reviewer points out that they only talked for 2 minutes and didn’t expect such horrible treatment. When the reviewer called out his behavior, the representative put him on hold without warning. Then, he came back only to end the call.
That’s why it’s vital to conduct proper research before doing business with an IRA provider. For example, Lexi Capital is a notorious gold IRA provider that uses illicit marketing tactics to promote itself.
It seems Broad Financial is using similar tactics to gain clients. They dupe people into trusting them and trap them with hidden fees.
Broad Financial’s Representatives Sound Like Used Car Salesmen, Not Finance Professionals
The review points out that the representative of Broad Financial she interacted with was very disrespectful. He kept saying, “It’s up to you to do your due diligence.” or “you can read about it on our website.”
She points out that the customer service was absolutely useless. The reviewer says that she didn’t expect such disappointing service, especially when she was transferring around a million dollars.
The representative said “We are the Lamborghini of service, we charge a bit more but you get what you pay for”.
She says that’s not the case as the representative sounded more like a used car salesman and less like a finance professional.
The Excessive Broad Financial Fees Doesn’t Yield Any Benefits, They Put You At the Risk of an IRS Audit
Sam says that you must be careful with this company. He highlights that the firm oversimplified their self directed IRA setup for a specific investment and he fell into the trap. Sam ended up paying $1000+ in fees and the company refused to issue a refund.
He points out that he was upfront with his objectives and had an investment for which he paid 50% through his personal funds and 50% through himself directed IRA.
This was to complete the purchase of a real estate property. Sam says they oversimplified everything so he would say yes. Later, he realized it was a huge red flag because he was disqualified by the IRS.
He consulted with 2 attorneys and they told him that he must set up an IRA LLC with another LLC where he’s partner which governs the self directed IRA LLC and then file an annual tax return.
That’s not all. It would also be very complicated to keep the profits separate, making it likely to trigger an IRS audit.
Sam says this was clearly not a good scenario and both attorneys suggested avoiding it. He called Broad Financial to discuss the issues but it was of no avail. Sam says his $1000+ went down the drain because of the horrible sales tactics of this firm.
They Make False Promises, Behavior Changes Once They Get the Money
Linda says that her first interaction with Broad Financial was excellent. But as soon as she paid the notorious “broad Financial fees”, things changed.
When she called the firm with a few questions, she found her behavior to be rude and uncaring. Even though the firm promises to answer all your questions, they never do.
“There is No Personal Service with Broad Financial”
Gabor points out that Broad Financial had handed his case to Madison Trust where the representative was highly incompetent. They gave him wrong information and the reviewer had to get the supervisor involved.
Still, Broad Financial didn’t care to apologize or give an explanation for all these problems. The reviewer says such service works if you’re dealing in products worth a few hundred dollars, not a few hundred thousand dollars. He expected a bit more personal touch in their service and was greatly disappointed.
While you’d certainly find many positive Broad Financial Google reviews, I thought it would be better to showcase the negative ones. Because brands try their best to hide them from you.
Another Customer Exposes Broad Financial’s Shady Practices
Tanya points out that this company has horrible customer support and processes. They provided her with little guidance regarding the various processes of buying a property through a self directed IRA.
She says that it took the company more than 3 weeks to get back with her after filing for an LLC in CA, which she shouldn’t have done as the property was in Hawaii.
Tanya highlilghts that the company took over 3 weeks only to tell her that there was a delay. At the time, she only had 2 weeks left to close. Tanya says, “They charge for everything and are of very little assistance.”
She says that she would never recommend this company. Tanya called the executives at Broad Financial to talk about the issues and all 3 of them were “out of office” and couldn’t call her back.
She suggests avoiding this scam organization.
More Broad Financial Complaints You Must Read:
Broad Financial Conclusion Review:
After going through so many complaints about the fees and customer service of this firm, it’s obvious that Broad Financial isn’t the best IRA option.
They lack professionalism and the standards necessary to provide a great service. It would be better to find a different Bitcoin IRA provider and avoid Broad Financial altogether.
This company is plagued with numerous problems. Their customers complain about poor customer service, hidden fees, and extremely slow processes. If you value your time and hate paying hidden charges, avoid this firm.
- Poor customer service
- Hidden fees
- Slow processes