Frequently Asked Questions
For questions regarding account actions, including updating contact and personal information and initiating transfers in or out, visit our Manage my Account page.
Assets & Investments
For questions about specific assets, including required supporting documentation and document titling, visit our Investment Options pages.
Forms, Documents, & Titling
Transfers & Rollovers
What are your fees?
When are fees due?
Annual fees are due at the time of account establishment and then annually thereafter on the anniversary of the establishment of your account.
Transactional fees are due at the time of the transaction.
How can I pay my annual fee?
Your annual fee can be paid in four ways:
Pay on the portal: Login to your client portal, click on your name in the upper right-hand corner and select ‘My Profile’. You can then select Manage Payment Methods to add a credit card to your account and pay any invoices or enroll in autopay.
Pay online: Visit our Make a Payment page. You will need to enter the account holder’s account number and zip code.
Pay by check: Mail check and the bottom portion of your invoice to: Provident Trust Group, LLC P.O. Box 847479 Los Angeles, CA 90084-7479.
Pay from cash in account: You can call in to request that the invoice be paid from the cash in your account or send in your invoice with the box marked to pay. from the cash in your account. Funds will sweep from your account automatically 1 day after the due date on the invoice if the invoice has not been paid.
Why do you charge fees?
Provident Trust Group assesses a fee to custody and administer the account for the account holder. We do not receive a fee on your investment or your investment’s performance. Administration duties include the accounting for your investment, required IRS and state filings, facilitation of your investment, distribution requests, access to our Online Portal, and compliance. Provident Trust Group charges a flat-rate annual fee to maintain your account, rather than a fee that increases based on the number of assets or the value of the assets held in your account.
How does your fee structure differ from other custodians'?
Provident Trust Group offers a flat-rate annual fee. This differs from many other alternative asset custodians who may increase your annual fee based on an increase in the number of assets you select, value of your assets, or even the purchase of a different asset class. Most custodians of traditional assets collect fees and/or commissions based off of the amount of trades or recommendations of investment choices.
View our fee schedule for a full breakdown.
Forms, Documents, & Titling
Where can I locate tax documents from previous years?
Tax forms filed with the IRS and annual statements back to 2014 can be accessed via our Online Portal. After logging in, navigate to Accounts > Statements & Documents. Starting in May of 2017 with the Form 5498, forms were uploaded annually as soon as they were mailed.
If you need a copy of an annual statement or tax form filed with the IRS prior to 2014, please contact our VIP Services Team.
Where can I locate the form(s) I need?
All forms needed by Provident Trust Group to take action on your account are located on our Forms page. If you need assistance selecting a form or completing it, please contact our VIP Services Team.
What supporting documents do I need to purchase an investment in my Provident Trust Group account?
The supporting documents needed to purchase an investment vary based on the investment being purchased.
Documents needed for each investment type can be found on Section 3 of our Direction of Investment form or on the relevant asset page in the Investment Options section of our website.
How should an investment be titled?
Investments made from accounts at Provident Trust Group must be titled:
Provident Trust Group, LLC FBO YOUR NAME ACCOUNT TYPE
(Example: Provident Trust Group, LLC, FBO John Smith Roth IRA).
Why is Provident Trust Group listed as the owner of my asset?
As custodian, Provident Trust Group owns the assets in each account for the benefit of (FBO) your individual account. This means that Provident Trust Group executes all investment documents and all documents related to the sale of the asset. This titling also ensures that the IRS recognizes that you are not personally benefiting from the assets held in your account before retirement. This allows you to recognize any potential tax benefits for which you might be eligible.
Transfers & Rollovers
What is a transfer?
A transfer is a direct movement of assets, generally between two IRAs of the same type (i.e., Traditional IRA to Traditional IRA, Roth IRA to Roth IRA, etc.) from one financial institution to another in which the account owner does not take constructive receipt of the assets.
How is a transfer different from a rollover?
A transfer is a direct, nonreportable movement of assets, generally between two IRAs of the same type. A rollover is a reportable movement of assets between IRAs, between IRAs and eligible retirement plans, or between eligible retirement plans. Please note that as of 2015, the IRS has issued limitations on the number of IRA-to-IRA Rollovers. Only one IRA-to-IRA rollover can be done per 12-month period. Please see IRA One Rollover Per Year Rule for additional information regarding this change.
What is the difference between a direct rollover and an indirect rollover?
A direct rollover is a direct movement of assets from an eligible retirement plan to an IRA or another eligible retirement plan, or from an IRA to an eligible retirement plan, in which the individual does not take constructive receipt of the assets. An indirect rollover is a distribution of IRA or eligible retirement plan assets to an individual (individual takes receipt of the assets) that within 60 days is rolled over to the same type of IRA or to another eligible retirement plan.
The amount sent to the new financial institution must be the same amount distributed from the old financial institution. This means that if funds were withheld for taxes, the amount withheld must be made up for by the client.
Funds must be sent to the new financial institution within 60 days of constructive receipt of the funds from the old financial institution.
How do I initiate a transfer to or out of Provident Trust Group?
Please visit our Manage my Account page for detailed instructions.
What is a prohibited transaction?
When using retirement funds to make an investment it is important for the account owner to understand the Internal Revenue Service (IRS) rules and regulations to avoid engaging in a prohibited transaction with a disqualified person. A prohibited transaction is any improper use of the retirement account by the account owner, beneficiary, or any disqualified person.
You can read more about what would constitute a prohibited transaction for a specific asset investment on each one of our Investment Options pages.
What is a disqualified person?
Generally, a “disqualified person” includes, but is not limited to:
- Your lineal ascendants and descendants
- The spouse of a lineal descendant
- Your spouse
- Any entity that is owned 50% or more by disqualified persons
- An entity that is controlled 50% or more by disqualified persons
What are the consequences of a prohibited transaction?
A prohibited transaction could lead to a complete distribution of the account as of January 1 of the year the transaction occurred with taxes and penalties incurred.
Can my qualified account invest in an entity that I or another disqualified person owns?
No. Your qualified account may not invest in an entity owned by a disqualified person as that could result in a prohibited transaction.
Can my account invest with other partners, including myself?
Yes, your IRA can invest with other partners and yourself individually. However, it is important to consult legal counsel in these situations to observe formalities and rules that may be associated with that investment.
What happens if the private stock I own becomes public?
If your qualified account at Provident Trust Group holds private stock that is going public, you need to find a custodian that can hold publicly traded stock and transfer the stock to an account there.