Throughout the years, Pacific Premier Trust has helped numerous clients take an active role in their retirement investments, offering them an opportunity to grow and diversify portfolios their way.
With more than three decades under their belts, they are proud to provide award-winning expertise to both institutional and individual investors.
Are you one of those looking for answers on what Pacific Premier Trust is all about and the services they offer?
Perhaps you’re wondering if they’re a legitimate company or not. Regardless, this guide will provide all the answers you need.
If you’re ready, let’s dive in!
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What Will I Learn?
- Who is Pacific Premier Trust?
- How Much Does Pacific Premier Charge Their Clients?
- Key Features of Pacific Premier Trust
- Can I Avail the Products and Services of Pacific Premier Trust?
- Advantages and Disadvantages of Pacific Premier Trust
- Frequently Asked Questions on Pacific Premier Trust
- Q: Does Pacific Premier Trust have options for self-direction accounts?
- Q: What are the costs of holding an account with the company?
- Q: How long will it take to open an account with Pacific Premier Trust?
- Q: What are the ratings of Pacific Premier Trust online?
- Q: How can I contact Pacific Premier Trust?
- Q: I want to fund my account. How will I do that?
- Q: Who manages the company?
- Important Things to Consider When Making a Self-Directed IRA Investment
- How to Pick the Best Self-Directed IRA Custodian for You
- Final Thoughts: Are Pacific Premier Trust Worth It?
Who is Pacific Premier Trust?
As briefly mentioned earlier, Pacific Premier Trust is a financial organization connected to Pacific Premier Bank, helping clients open and maintain self-directed and traditional retirement accounts. Its team can discuss the difference between every type of account with potential account holders and assist them with common and alternative investments.
The organization was established in December 1989 as PENSCO Trust. In 2020, the custodian finally joined Pacific Premier Bank and took the name of the bank.
The company has headquarters in Irvine, CA, and currently has three physical branches for clients in Denver, San Francisco, and Irvine.
How Much Does Pacific Premier Charge Their Clients?
The feel schedule of the organization details the annual dues and costs, administration fees, and costs for different actions taken on the account.
The minimum annual fee is $750, and there is also a minimum balance requirement of $5,000 for real estate, not to mention there is also $1,000 for other types of assets.
Bear in mind that administration fees are solely based on the overall revenue of the assets of all the account holders. They are lowered for any worth over a specific threshold.
Other examples of costs the organization charges include the following:
$50 fee for processing tax documents
$150 fee for a Roth conversion
$225 for account cancellation fee
As stated on their website, most of their service fees are charged quarterly. Multiple options for payment are available, and the client can pick which one is ideal for them.
They can also pay fees out of the cash in their IRA and pick pre-tax dollars with a traditional IRA. Or they can also pay service fees with money outside of the IRA—which might be tax-deductible.
The available payment methods are payment by check or credit card, bank transfer from a savings account or non-IRA bank checking, or cash deducted from the client’s Pacific Premier Trust IRA account.
Key Features of Pacific Premier Trust
Take note that the extensive line of Roth IRA services and accounts of the company showcases its products and their corresponding features.
From EAA to Roth IRA, Pacific Premier Trust helps private equity investors understand more about their retirement funding options.
Coverdell Education Savings Account (ESA)
This is a savings account designed for an individual’s education. The funds available in this account could be withdrawn tax-free to pay for the holder’s tuition or any other fees associated with schooling.
If the money is not properly used by the time the holder turns 30, fees and taxes could be put on withdrawals.
The company also partners with employers to open and keep retirement accounts for their businesses. It can work with both SEP IRAs and simple IRAs.
SEPs are accounts that can be contributed to by the employer, and the employee is the one who’ll makes investment decisions.
On the other hand, simple IRAs are accessible to small businesses with less than 100 employees. Here, employers could earn tax deductions for any contributions they make on behalf of their workers.
Parents could open Roth IRA or traditional IRA in their child’s name as a custodial account. Here, the child can make contributions to the account as long as they have an income.
Family relatives can also contribute as long as they do not input more than the kid’s overall income.
These are accounts passed on to people after the original account holder dies. This form of account must be reopened as a new Roth IRA or traditional IRA.
However, the new holder cannot make any contributions to the same account.
Any IRA type could be self-directed. They are known as such when the account holder is making decisions about investments.
This account type opens holders up to a new array of alternative investment options, such as precious metals.
A traditional IRA does not have minimum contribution requirements or income limits. Any contributions made into the account are on a pre-tax basis.
This kind of retirement account is ideal for people wanting to concede tax payments until they draw the funds.
Roth IRAs are retirement accounts that the account holder contributes to after the income taxes have been paid. It enables tax-free withdrawals after the holder has passed 59 ½ years of age. The best part about this is that it can be the ideal option for people expecting a higher tax bracket in their retirement.
Take note that Roth IRA holders should meet the income limitations of the IRS to contribute.
Can I Avail the Products and Services of Pacific Premier Trust?
Various people can avail the products and services the organization has to offer. These include:
1. People who inherited someone else’s IRA
You can receive a retirement fund from somebody else. One of the things about the company is that its team has the expertise and know-how to convert the inherited IRA to a traditional account or Roth account. How cool is that?
2. Startup owners
Pacific Premier Trust offers small business owners various choices, including solo 401(k)s, SEP, and Simple IRAs. This is an excellent option for entrepreneurs planning to strengthen their employees’ retirement funds and earn some tax deductions at the same time.
3. Established account holders
As you already know, the company charges a lot of fees to their clients. However, the good thing is that they also have a minimum asset documentation requirement, which is good.
That makes it a good option for established investors instead of those exploring or getting started with their options.
Advantages and Disadvantages of Pacific Premier Trust
The company partners with a top-tier depository
They can handle all types of alternative assets
They have low fees for the biggest account sizes—only 0.10% on the balance of more than $5,000
The organization has more than 30 years of experience
They are geared at high-net-worth and institutional investors
They have high minimum annual fees, costing $750
Frequently Asked Questions on Pacific Premier Trust
Q: Does Pacific Premier Trust have options for self-direction accounts?
Yes, they have. In fact, the company has numerous options for traditional and alternative investments, including ETFs, like Schwab ETFs, mutual funds, wind farms, promissory notes, private equity, real estate, bonds and stock, and precious metals like palladium, silver, platinum, and silver.
Q: What are the costs of holding an account with the company?
Remember that there are many charges linked with holding an IRA with Pacific Premier Trust. Here’s detailed information about their fee schedule:
Disbursement of funds – $0 to $35
Overnight delivery – $35
Contribution recharacterization – $150
Asset re-registration – $75
Processing assets – $175
Statements – $10 for every three months on paper
Account closure – $225 plus re-registration
Administration fee for more than $5 million – 0.10%
Administration fee for $1 million to $5 million – 0.15%
Administration fee for the first $1 million – 0.30%
Q: How long will it take to open an account with Pacific Premier Trust?
Once your application is finished, Pacific Premier Trust will have your account open within twenty-four hours.
You can also fund the new account with an initial contribution or by rolling over funds from your previous account.
That needs finishing another form and submitting the necessary documentation.
Q: What are the ratings of Pacific Premier Trust online?
As of the time of writing, the company has earned a Rating of B in Better Business Bureau and has thirty-five reviews from customer ratings. The company has successfully closed seventeen complaints on the platform as well.
They don’t have any standing on Business Consumer Alliance but have twenty-three reviews on Yelp.
Nonetheless, Pacific Premier is one of America’s leading banks. That can be a major boost of confidence that the organization’s BBB ratings leave much to be wanted.
Q: How can I contact Pacific Premier Trust?
You can contact the self-directed IRA company through the following:
Email: via online form
Toll-free phone number: 855-453-4960
Business address: 17901 Von Karman Avenue, Suite 1200, Irvine, California 92614
Q: I want to fund my account. How will I do that?
You can easily fund your account by choosing to transfer cash or assets into the account using their website’s online application process.
On the other hand, if you are sending funds from a SEP IRA, Roth IRA, or traditional IRA, you could fill out a Transfer or Rollover Request form.
You can also fill out the Simple IRA Transfer/Rollover Form if you’re planning on transferring funds from a Simple IRA.
Another excellent way to fund your account is to roll over funds from a trusted and qualified account at another institution. It’s recommended that you call your current custodian to learn more details about rolling over funds to an IRA.
Q: Who manages the company?
After searching the internet, we didn’t find comprehensive details about the management of the company. There are no lot of publicly available details on the top management team at the company.
Nonetheless, we managed to find a few crucial details on the two people mentioned on their website: Head of Sales William Eustis and COO Tamara Wendoll.
Upon researching, we found out that Tamara Wendoll brings about 25 years of expertise in the investment industry. She joined the company in 2021 after spending almost a decade at Durham Trust Company as their COO.
On the other hand, we also discovered that William Eustis joined the company in 2020 and has more than fifteen years of experience in the investment sector.
For eight years, he played the role of executive vice president at Cannon Financial Institute and six years at Bank of America.
According to Crunchbase account lists, Pacific Premier has between 51 to 100 employees. They also list Tom Anderson as the founder of the company.
Meanwhile, the company’s official LinkedIn profile notes that 113 staff have profiles linked with the organization.l
Important Things to Consider When Making a Self-Directed IRA Investment
You need to keep a few things in mind, especially if you wish to make a self-directed IRA investment. These are the following:
· Alternative assets
Take note that you can hold various types of alternative assets in your self-directed IRAs, including but not limited to precious metals, offshore funds, promissory notes, private equity, and real estate.
· Types of investment or transaction
A self-directed IRA offers you more investment options and more flexibility than other types of retirement accounts.
Nonetheless, the IRS does prevent particular investment types and transactions, and they also limit the ways you can utilize your investments.
· Fraudulent warning signs
As alternative investing has increased, so too has the occurrence of investment fraud. The organization motivates all its clients to be aware of any fraud warning signs.
Here are some of the red flags which might indicate a fraudulent investment:
– Any mention of insider information
– The professional background of the promotor is consistent with the investment concept
– Hard-selling or unprofessional marketing presentations
– Missing pages or incomplete documentation
– Pressure to “act fast.”
– Assurance that investment is secure and safe
– They promise excessive rates of returns
How to Pick the Best Self-Directed IRA Custodian for You
Many IRA holders have an individual retirement account with a financial institution or bank. Thus, their investments are often traditional, like mutual funds.
When selecting the best self-directed IRAs, make sure you consider your needs. For instance, do you think you’ll need investment advice?
If you work with a financial institution or bank, the IRA custodian could have the best interest responsibility if a registered investment advisor is involved.
That indicates you’ll get advice on the investments you make. On the other hand, if you are an IRA investor who wishes to make alternative asset investments with your IRA, then an IRA custodian isn’t considered a fiduciary because it doesn’t offer any investment advice.
Its responsibilities involve facilitating the transactions based on your way. Also, it offers and takes custody of the IRA’s alternative asset investment.
Final Thoughts: Are Pacific Premier Trust Worth It?
To be honest, the company has gained numerous praises from its present and previous clients for the convenience involved in opening and keeping their retirement accounts.
On top of that, its team has gained numerous positive reviews online for the transparency and professionalism demonstrated by representatives throughout the process and following interactions.
However, like other businesses, the company also has received a few poor reviews from clients for errors made on their accounts. Other accounts have been suspended, and distributions have been completely lost.
We also discovered that the company’s billing team had been negatively reviewed for their aggressive methods of debt collection.