Looks like Guidant Financial is selling off their self directed IRA business, if you are in the market for a SDIRA and have read my other two posts on selecting a SDIRA or using a SDIRA – this is good to know. Judging from their website iDirectLaw.com they are going to continue offering services like Guidant was offering. The price may be different though, so you’ll want to fill in the tables that I was using in selecting a SDIRA.
The one thing that is interesting here is that from a startup perspective Guidant made a great move here. They setup a business where there would be a long term cash flow (even if the long term cash flow is lower than competitors) and then sold it for likely some amount below the net present value of the cash flow. Definitely a move in the category of flipping businesses (which is a category that I like).
Here is the full text of the email that I received last week from guidant…
After careful consideration, Guidant Financial has decided to sell its self-directed IRA/LLC business to iDirect Law, LLC out of Utah. This sale will allow Guidant Financial to focus its attention, strategically, with a sole focus of expanding our financing and small business service lines.
The acquiring company is a law firm that specializes in self-directed IRA LLC formation and support. Going forward, they’ll maintain lifetime management of your account as our team did, continuing to offer the low ongoing custodial dues through their partnership with Provident Trust Group. Plus, since they’re a law firm, you’ll get the added benefit of attorney-client privilege—something no other provider in our space can promise.
There is no action required on your part. However, if you have any questions about the acquisition, don’t hesitate to contact iDirect Law at 888.906.4015. You can learn more about them by visiting their site at www.idirectlaw.com.
We’ve sincerely enjoyed working with you.
Unfortunately iDirect Law cannot seem to live up to promises made to thier customers. I have been attempting to get my funds moved and April at iDirect Law cannot seem to follow up on her promises and deliver the necessary paperwork. I have had to follow up every step of the way to get legal documents as I have gone through their process and have not been able to depend on them to deliver the products and documents necessary.
Interesting, are you trying to move your funds out of iDirect Law or into iDirect Law’s custodial account?
We’re very sorry to hear about your frustrations and wish that we’d have known so we could’ve explained that there is a 4 business day period to ensure the funds have cleared in your custodian account once all funds are
received. It looks like they were released from your custodian account the same day they were made available, but we certainly could’ve provided more status updates if we knew that you needed them. Please don’t hesitate to reach out to us and we’ll make sure that we do everything within our power to satisfy your questions and meet your expectations.
iDirect Law, LLC