No, Sunwest Trust acts as a passive IRA custodian for your retirement account. We do not offer any investment or tax advice, nor do we sell any investment products. We simply facilitate your ability to invest in non-traditional assets.
Sunwest Trust is regulated by the New Mexico Financial Institutions Division, which is the same government entity that regulates banks in the state of New Mexico.
Sunwest Trust is a privately owned company located in Albuquerque, New Mexico.
Sunwest Trust is not a bank. We are a trust company that acts as an IRA Custodian. However, all of the banks that we use are FDIC insured up to $250,000.00. If you have more than $250,000.00 in cash with Sunwest Trust, we have a program in which we split up the funds between several banks in order to ensure that your entire cash balance is FDIC insured.
We have business relationships with several different banks in the Albuquerque area. Here are links to the banks that we use: http://www.usbank.com/ (US Bank), http://www.bankingunusual.com/ (Peoples Bank), http://www.washingtonfederal.com/(Washington Federal), http://www.bankofthewest.com/ (Bank of the West) and http://www.sunrisebankabq.com/ (Sunrise Bank of Albuquerque).
Yes, Sunwest Trust is audited three times annually. We are audited by the New Mexico Financial Institutions Division, a company called Collin Fritz performs an annual private audit and we also have a local CPA firm who audits our firm annually.
Our account fees are very straightforward. We have a one-time setup fee of $50.00 and we charge $275.00 a year to maintain the account. The fee is a flat fee, regardless of how much money you have in the account or how many assets you hold in the IRA. Interested in learning about how and why IRA fees are charged for a self directed IRA account, visit the link?
All accounts are billed on the Anniversary date of the account, not by the calendar year. You will have 30 days to pay from the date that you receive the invoice. If you have not paid within 30 days, the fees will be deducted from your cash account.
We do not have any attorneys or tax professionals on staff, so we are unable to answer any tax or legal questions. We are happy to help you with any account questions or basic IRA questions that you may have. You may reach us by phone, email or by coming to the office.
All investments must be submitted to Sunwest Trust in writing on an Instruction for Investment form. Most transactions are processed in less than 3 business days. We must have all required setup documentation and proof of investment before any investments will be made.
No, you do not have to set up an IRA LLC to be self directed. However, many clients enjoy the convenience and added asset protection that having an LLC provides.
We use Delaware Depository Trust for precious metals IRA storage. To learn more, view our online guide to purchasing and storing physical gold inside precious metals IRA.
9:00 a.m. to 5:00 p.m. Mountain Standard Time. Monday through Friday.