forgetrust.com Reviews 5

The fees and charges are horrendous. My retirement IRAs were held hostage by this company for a decade and i was unable to close my account due to ongoing Woodbridge related litigation. Finally, I was able to recently escape the clutches of Forge Trust but only after being bent over the log with over $600 in fees associated with closing two ira accounts. I'm not talking taxes, these are Forge's fees on fees on fees. I really have to question all their 5 star ratings at the BBB when Google and Yelp show such low scores. Buyer beware. You can Forget Trust at Forge Trust.

They send out what can be described as a demand letter. They threaten fees on the mgr of an LLC not associated as a Forge account holder. And then there is absolutely no response from Forge when questioned about the letter.
How can they impose fees on an individual that is not an account holder in their company?

Horrible company. My money from lending club landed in their lap once LC shut down retail operations. I wanted to move it to a real custodian and it took me 6 months of submitting the same paperwork over and over. All the while they started charging quarterly fees and finally a $175 termination fee which I never agreed to. They are everything wrong with money management companies.

ForgeTrust was originally called IRA Services Trust (iraservices.com) before rebranding. I was forced to use their SDIRA service because it was selected by a regional bank as part of an initial funding round for a private equity placement.

I would not recommend ForgeTrust based on my experience with delays, debates, and excessive fees.

Their fees increased quickly after the first year and I ended up paying almost $100 per quarter to hold a single asset. The bank eventually switched to Fidelity Institutional on a secondary offering, which gave me an opening to escape from FT. When I tried to transfer the asset, FT repeatedly argued incorrectly that Fidelity couldn't hold the private security. The delay caused me to have to pay another quarter in fees, and they required me to pay an additional $175 before finally transferring the security to Fidelity.

I wasn't alone in the experience. The new company managing everything for the bank said that other shareholders with FT had similar experiences. I was the first to suffer through the entire process.

Had the misfortune of being forced to use this company as an IRA custodian for a LendingClub IRA. Their legal team is as arrogant as they are ignorant. After over two years of back and forth and delaying, they completely ignored a certified probate filing that declared the IRA should be distributed between 4 designated heirs and instead distributed it to a Living Trust thereby causing the immediate taxation of the proceeds. The heirs should have had the option to defer taxation of these beneficiary IRAs for up to 10 years. Thanks to Forge's incompetence that was no longer an option despite our repeated attempts to educate them. Don't walk away from them. RUN. RUN FAST. RUN FAR!!