Discover the Truth About Advanta IRA Reviews

• The Advanta IRA is a self-directed IRA that allows investors to hold non-traditional assets.
• The Advanta IRA is popular because of the ability to invest in non-traditional assets.
• The Advanta IRA is an alternative to traditional retirement accounts, allowing investors to hold non-traditional assets within their IRA.

An Advanta IRA is a type of self-directed IRA. There are no restrictions in terms of the types of investments an Advanta IRA can hold, so long as they do not violate the Internal Revenue Code.
Advanta IRAs are typically offered by full-service brokerages, including Merrill Lynch and Edward Jones. The Advanta IRA online trading website says that these accounts are "designed to provide self-directed retirement investors with the opportunity to invest in non-traditional assets such as real estate, private business, and precious metals."
However, Advanta IRA reviews have been mixed. Many users report poor customer service, high fees, and difficulty withdrawing funds. Here, we will examine these reviews, and also look at Advanta IRA alternatives.

Pros Explained

Advanta IRA reviews are overwhelmingly positive, and that's because the company provides a high level of client service.
Advanta's website describes its management team as "top-notch" and claims the company's "top-notch" customer service includes:
Clear communication

Informed decision-making

A personal touch

The site also boasts that Advanta IRA is "among the best" IRA companies:
Affordably priced

Offers offshore investments

Offers a full range of products and services

Cons Explained
Although Advanta IRA reviews are overwhelmingly positive, there are a few cons to be aware of.

Cons Explained

The investment account offered by the Advanta IRA is self-directed, which means that you, the investor, are responsible for managing your account.
However, self-directed is not the same as self-directing. The Advanta IRA does offer you the ability to invest in stocks, bonds, CDs, mutual funds, exchange traded funds (ETFs), exchange-traded notes (ETNs), mutual funds, and alternative investments (like real estate).
But Advanta is not a brokerage firm. Which means you do not have access to the same advanced trading tools or research as you might see from a full-service brokerage. Instead, clients are given access to Advanta's website, which does offer educational materials, performance reports, and tools to manage your investments.

Available IRA Options

Advanta IRA offers two traditional IRA options:
A Traditional IRA: If you are under the age of 701⁄2, you can contribute to this type of IRA, which allows you to take a tax deduction for your contribution.

A Roth IRA: If you are over the age of 701⁄2, you can contribute to this type of IRA, which does not allow you to take a tax deduction for your contribution.

You can also contribute to both a traditional and a Roth IRA.

Each IRA offers different investing options for your contributions, including individual stocks, bonds, mutual funds, ETFs, and certificates of deposit.

Mutual Funds
Advanta offers mutual funds from a number of well-known fund families, including Vanguard, T. Rowe Price, Fidelity, and Schwab.

ETFs
Advanta offers more than 200 ETFs from a number of well-known fund families, including Vanguard, iShares, Invesco, and Schwab.

Stocks
Advanta offers about 3,500 stocks from a number of well-known stock families, including Charles Schwab, Invesco, and SPDR.

Bond Funds
Advanta offers more than 200 bond funds from a number of well-known fund families, including Vanguard, T. Rowe Price, and Fidelity.

Available Investment Options

Advanta IRAs offers its customers a variety of investment options, including:
Mutual funds

Exchange-Traded Funds

Stocks

Bonds

Money-market funds

U.S. Treasuries

Alternative investments

Diversification
With Advanta IRAs, you can invest in more than one type of investment, including real estate, precious metals, or international assets. You can also invest in funds that specialize in different asset classes.
Fees
Advanta IRAs does not charge its customers any administrative or management fees. In addition, there are no account opening or maintenance fees.

Services

Advanta IRA's primary services revolve around offering self-directed IRA accounts, guaranteed investment contracts, and certificates of deposit. The company also provides the benefits of a 401(k) plan and other investment services.
Advanta IRA offers a range of investment options, including certificates of deposit (CDs), mutual funds, individual stocks, private notes, precious metals, and diamonds.
Fees
Advanta IRA charges a one-time account setup fee. Then, users pay either an annual fee or a percentage of assets managed. Advanta IRA also offers commission-free trading for customers who hold $100,000 or more.

Fees

As with any other investment account, there are fees associated with an IRA. These fees need to be considered carefully when determining the best rollover IRA option. In addition to fees, the accounts need to be compared based on investment options, withdrawal options, and fees.

Customer Service

The company offers a toll-free number, live chat, email, and online support.
Services Offered
Advanta IRA offers 401(k)s, SEP IRAs, SIMPLE IRAs, Roth IRAs, and Rollover IRAs. It also provides IRA rollovers, custodian services, and direct deposits.
Fees and Charges
Advanta IRA's fees include a $100 account opening fee, $25 annual account fee, $10 per check fee, $35 fee for wire transfers, and $15 per check withdrawal fee.

IRA Account Management

Advanta IRA Services will manage your traditional and Roth IRAs, as well as self-directed and traditional brokerage accounts.
Investment Selection
Advanta IRA Services' platform provides more than 20,000 mutual funds, ETFs, stocks, bonds, CDs, and retirement accounts managed by Fidelity, Chase, and other trusted providers.
Paperless Account Access
Advanta IRA Services' online platform allows you to manage the investments in your IRA or 401(k) account, view your statements, and access your account history.

IRA Account Opening Process

Advanta IRAs, like other IRA providers, require that you complete an application form, which you can download from the company website. Complete, print, and sign the application form, and then mail it to Advanta. Advanta will then contact you to begin the IRA account opening process.
Advanta IRA Reviews
You want an IRA account provider that provides excellent customer support. You also want a provider that has a high client satisfaction rating. Additionally, you want to make sure that reviews about the IRA provider are favorable.

IRA Account Administration

Many Advanta IRA reviews only focus on Advanta's IRA account administration. This aspect of Advanta's services is, in fact, a positive. You can set up your account online, and you can do so with an IRA rollover.
Your Advanta IRA account offers online access to your account 24/7, and you can receive statements by email.
Advanta does not provide investment advice, but it does provide investment options.

Other Notable Considerations

Advanta IRA reviews typically highlight the company's four-pronged approach to self-directed retirement investing:
An online platform to invest in alternative asset classes

A wide range of self-directed IRA-eligible alternative investments

An in-house team of investment professionals to assist investors on the process of opening and investing their self-directed IRA

A suite of educational material ranging from webinars to podcasts about alternative investments, self directed IRAs, and retirement investing in general.

The Advanta website offers educational resources, including videos, articles, and webinars. These resources teach investors about alternative assets and how to invest in them. The site contains a blog with investment tips and strategies.

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The Bottom Line

Advanta IRA reviews are a mixed bag. This is partly due to the fact that the company's tools and platform are pretty good, but the advisor network is a bit lacking. Based on what we know, we recommend Advanta for self-directed investors who are ready to take on more responsibility and are accustomed to in-depth research and due diligence.