Pensco Trust was formed in 1989 and is a regulated financial company with assets in custody of over $10 billion. The company has more than 50,000 clients on its roster. Pensco is a renowned custodian of alternate assets, helping investors to sell, buy and hold investments that are non-publicly traded in tax benefit accounts.
The company’s highly trained personnel have the relevant expertise in this investment area through training and experience. Pensco Trust also provides investment solutions to financial planners, family offices, registered investment advisers, accountants and attorneys who are seeking custodians of alternate assets on behalf of their clients.
Pensco Trust Company has been a BBB-accredited company since 1995 and enjoys a high A+ rating from the industry watchdog. The company claims that they meet the standards set forth by the IRS for all custodians that keep qualified and tax-benefited self-directed IRA’s. The company also undergoes regular inspections by various auditors.
Pensco Trust enables holding alternative investment assets in retirement accounts. The company has a dedicated customer service team that handles multiple transactions efficiently and quickly, providing advice to investors through the process of investment and asset administration.
Since alternate asset maintenance and transactions can get complicated, the company’s investors depend on them to report and track all investments in their accounts, hold physical assets, record IRA ownership of assets for IRS reporting and tax deferment, process tax documents, obtain income, update valuations and make expense payments on behalf of investors.
Pensco does not give investment advice to clients, offer legal and tax advice or sell investments to clients. The company also does not evaluate and endorse any firm or type of investment.
Protection Measures undertaken by Pensco Trust
• Insurance: Pensco has professional liability, fidelity bond and management liability coverage in case of a failure to offer professional service. It also covers illegal acts such as theft and fraud by owners, directors and employees.
• Cash Protection: Pensco deposits cash that is not invested into a bank with FDIC insurance. The company may also deposit money in multiple bank accounts, so that the whole cash balance has FDIC insurance.
• Data Security: Pensco has a strong security information program that manages who can access client information whether physical or electronic. The company has external experts that test network security and audit the security controls for continued data security and privacy.
Offerings of Pensco Trust Company
The company offers Individual Retirement Accounts (IRA) that allow you to open and fund a traditional IRA, rollover, Roth or simple IRA. If you don’t have a registration with Pensco, you will need to register to access the online IRA application. You will need documents like your driver’s license, passport, credit card or debit card information, name and other details of beneficiaries, etc. Pensco Trust will have your account opened within two working days of getting your signed and completed application.
Pensco Trust also offers custodial accounts where individual participants and trustees of pension plans want Pensco to act as their asset custodian. Custodian accounts from Pensco Trust work in situations when you are the trustee of your retirement plan and you need to administer it on your own or have a third-party administrator conducting IRS reporting and compliance functions.
In a custodian account, Pensco will sell, safeguard and report to you about the values and transactions of the assets that are in custody. Pensco will help you to open a custodian account within two working days of getting your signed and completed account application. While Pensco is not responsible for tax reporting and accounting, they will provide all the information necessary for reporting needs of the assets that are being held by Pensco Trust.
The company also offers small business accounts such as a Simplified Employee Pension Plan (SEP-IRA), a Savings Incentive Match Plan for Employees (SIMPLE) IRA and a Solo (K) plan.
Pensco charges account maintenance fees that are billed quarterly and are based on the value of assets in holding. The company also charges service fees as part of your request for your account. Pensco charges these fees only if you use their services and your account needs their activities. They also charge transactions fees, which are directly related to the assets in the account.
Pensco has been in the market for over 2 decades and enjoys a very good reputation in the market. With an A+ rating from the Better Business Bureau, you can rest assured that your assets are in safe hands. The company provides in-depth information on their website regarding the type of offerings and accounts they manage for investors.
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