Broad Financial Review

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Broad Financial is a company that specializes in self-directed IRAs. Unlike conventional IRAs, these accounts are not managed by an investment broker. Instead, you choose each one of the assets yourself. You are also allowed to hold alternative assets like real estate, cryptocurrency, and precious metals.

What services does Broad Financial provide? Is the company actually legitimate, and what should you know before investing?

  • Product Type: Precious Metals
  • Owner: Mervyn Klein
  • Rating: 3.5/5

About the Company

Broad Financial's main areas of focus are their Bitcoin IRA, which allows you to invest in Bitcoin cryptocurrency for your retirement; and their real estate IRAs. All of the self-directed IRAs created through the company are totally flexible, so you can pick what assets to include.

The company was first founded in 2004. It functioned as a real estate firm that was invested in developing multiple types of real estate throughout the East Coast. It was in 2009 that the company broadened into many more self-directed assets and services.

Company History

Broad Financial Review

The company's focus and development took a sharp turn during the global financial crash of 2008. Prior to that, there had been no involvement in IRAs whatsoever. But the company owners saw their retirement accounts lose almost half of their value basically overnight.

At the time, the company's owners held all of their retirement savings in traditional assets. These were the markets hardest hit by the crash. The crisis was a wakeup call to the company owners, who realized that there was a massive need for IRAs focused on alternative assets.

They first started with their own assets, converting their retirement holdings into real estate using self-directed IRAs. But whenever they told their family members and acquaintances, they would be asked to help those people change over their IRAs. They decided to use their existing company to begin supporting people who wanted to open self-directed IRAs.

At first, they partnered with a licensed custodian that could manage the IRAs. But then they developed a desire to create their own custodial firm. Now they have a sister company called Madison Trust, which establishes lifelong client relationships by maintaining their self-directed IRAs.

This makes Broad Financial one of the only alternative asset companies that also doubles as a custodian. You have to meet strict requirements to be approved by the IRS to handle people's retirement accounts.

Broad and Madison are two faces of the same coin. The company teams work in the same place and collaborate together. There is a much greater level of cohesion and symmetry than you get with simple B2B partnerships.

Company Leadership

There are three main players at the helm of company management.

Broad Financial Review

E. Brian Finkelstein is a principal who, prior to joining Broad Financial, had a quarter of a century of experience with risk management for global bond trade firms.

The company CEO is named Mervyn Klein. He joined after leaving his prior company, Read Group and Hudson Development. During his 20 year real estate career, he developed many real estate projects all over the country.

Daniel Gleich is a principal with 15 years of operations management experience. Prior to joining Broad Financial, he worked with Hudson Development to manage operations and streamline real estate and construction projects.

Self Directed IRA Options

Broad Financial Review

The company offers two main types of self-directed IRA. One is a regular account, while the other is an IRA with Checkbook Control. Both of these accounts are managed through Madison Trust, Broad Financial's sister company.

There is a fee of $100 to set up a normal IRA, which includes the application and the payment rollover process. Then you'll be expected to pay $80 quarterly for the custodial fees, or $360 per year. While some precious metals companies have lower annual fees, this is pretty standard for an all-assets self-directed IRA.

There are no asset-based fees. You won't be penalized for holding certain types of assets, or for accruing more assets over time. Flat fees allow you to grow your wealth with a constant idea of what to expect for your expenses.

With the regular IRA, you have access to a lifetime of ongoing customer support. You can also choose whether to set up a traditional or a Roth IRA, which means you can determine which has better tax advantages.

The Checkbook Control IRA has all of the same benefits, but the setup fee is $1,295. That's a pretty steep price hike! There might also be variables depending on the fees your state has for establishing LLCs.

In addition to the normal IRA benefits, the Checkbook IRA involves creating a limited liability corporation to hold onto your retirement assets. You also have a dashboard that lets you access your funds in real time. Investments can be made more easily with this option, since you can pay by wire transfer, debit card, or check.

Checkbook IRA Setup

Broad Financial Review

Creating a self-directed IRA might seem complicated enough already without adding LLC's into it. But Broad Financial and Madison Trust work together to make the setup as streamlined as possible.

The steps are largely the same as setting up a regular self-directed IRA, but with a few extra points:

  • Broad Financial works with Madison Trust to create your self-directed IRA. They handle all of the paperwork and communication.
  • The company walks you through the steps to make contributions or roll over funds from your existing IRAs.
  • The company sets up an LLC, which allows you to have a checkbook dedicated to that one account. Your LLC will be customized based on your local regulations, your assets, and your investment needs.
  • Madison Trust will "buy" the LLC using funds in the IRA. This allows you to hold the LLC as one of the assets in the IRA.
  • You use the LLC's information to create a checking account. Now you have a checkbook and full control over the assets in your IRA. This is ideal for people who want to manage their own assets instead of having their custodian do it.

You will need to comply with IRS regulations regarding the types of transactions you can make and the types of assets that can be held in the account.

Bitcoin IRAs

Broad Financial Review

More recently, the company has broadened into cryptocurrency. Though Bitcoin is the most popular crypto used for retirement, you do have the option to invest in whatever other cryptocurrencies you want. The goal is for customers to feel empowered to invest in the assets they most believe in.

The Bitcoin IRAs are created using the Checkbook Control system. That means that they're subject to much steeper potential fees than a regular IRA setup. The process involves creating an LLC and giving you total control over the purchasing of your assets.

You will set up a bank account for the LLC. Then you can use the LLC's funds to purchase Bitcoin or other cryptocurrency through whatever exchange you most prefer. Since you handle the transaction yourself, you don't have to pay transaction fees to a custodian.

It's very simple to invest in whatever you want independently.

There are some other companies that offer cryptocurrency IRAs. Most have cropped up within just the past few years, now that crypto has become such a huge part of the mainstream market. Many of these places have their own exchanges that must be used to make purchases.

There may be lower fees to set up an account with these places. But you don't get the checkbook control aspect. You won't be able to choose which exchange you use or have your choice of literally unlimited cryptocurrencies. You'll have to pick from whatever holdings the company has available on offer.

In addition, the transaction tends to be handled by a custodian. This means that you might incur transaction and investment fees on top of everything else.

The way that Broad Financial sets up their Bitcoin IRAs is compelling. It has quite a few advantages over the competition, especially with regards to your purchasing power. If you're very interested in having complete control over the crypto you buy, the extra setup fee might be worth it.

You can also use this checkbook method to invest in a host of other alternative assets.

Is Broad Financial a Scam?

Broad Financial Review

Broad Financial is not a scam. They are an alternative investment company that has been helping people with their self directed IRAs since 2004. Though the company's main specialty is in Bitcoin IRAs, they also allow customers the flexibility to choose whatever assets they want.

Customer reviews for the company are mostly good. There are also good ratings from organizations like the Better Business Bureau and the Business Consumer Alliance. If that wasn't enough to prove the legitimacy, the company is very transparent about its managers and policies.

Now, whether this is the best place to invest with is a different question. That really depends on what you're looking for. If all you want is a Bitcoin IRA, then you'll likely be right at home. But if you want precious metals, real estate, or alternative cryptocurrencies, you might be better off working within a different marketplace.

Pros & Cons of Broad Financial


  • Self-directed IRA company focusing on a range of assets.
  • Offers multiple alternative assets like crypto and precious metals.
  • Largely good consumer reviews and good customer support teams.


  • Does not have clear fees on their Bitcoin IRAs.
  • Will only work with Madison Trust Company, so it's not ideal if you have another preferred custodian in mind.

Final Thoughts

Broad Financial brands itself as a self directed IRA company. They help clients get in touch with alternative assets like cryptocurrency and precious metals. However, their main area of focus is their Bitcoin IRA. All of their other services sort of fall by the wayside in comparison to that.

If a Bitcoin IRA is what you want, then this is one of the most solid companies around. But if you're looking for a more diverse portfolio, it might be better to find a company that sells more of the specific assets that you want.

Overall, we believe that there is a better option when it comes to your investment.

The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Broad Financial below!

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