I transferred my assets (cash and 3 notes) in February of 2026. According to them the file is still incomplete. I have given them the contact information to my title agency that handles the notes ...and they continue to go round and round and have not completed the transfer of assets as of July 28, 2026. This should not take 4 months to complete. I am quite dissatisfied that I have sent dozens of emails and placed over 20 calls without success. Madison...get it together.
JM
James M.
I set up a Self-Directed Roth IRA
I set up a Self-Directed Roth IRA, LLC. through Madison Trust Company. They were very helpful when I was setting up the LLC. Was told that they would be there to help me along the way. Overall they were good but unfortunately I had a recent experience which has made me reconsider how helpful Madison Trust really is.
There are prohibited investments which are not allowed within the Self-Directed IRA, LLC. One such prohibited investment is in regards to collectibles which includes, art work, trading cards, etc.
On Monday April 27, 2026, I sent an email to Madison Trust's support section an email asking if buying shares in artwork was a prohibited investment or not? I was not actually buying the artwork rather only buying shares in the piece of art.
I received responses telling me Madison Trust could not provide investment advise. That I needed to speak to an investment advisor, or that there were videos for me to watch or articles to read on their website. NOT AN ANSWER TO THE SIMPLE question I had.
I wrote an email response stating that I was not asking about investment advise, I just wanted to know if buying shares in artwork was prohibited within an LLC?
Again, I was advised that Madison Trust does not give investment advise.
My response was first that perhaps I need to move account to another custodian and my second email stated that if I did not have a checkbook LLC then I would have to RECEIVE APPROVAL FROM MADISON TRUST STAFF MEMBERS BEFORE I COULD MAKE AN INVESTMENT. THE STAFF THEN WOULD INFORM ME IF BUYING SHARES IN ARTWORK WAS A PROHIBITED OR NOT. So, why couldn't someone find out this information for me in the first place?
On Tuesday April 28, 2026, I received two (2) phone calls from Madison Trust staff who stated in their voice mail messages that the responses that I was give by support staff members was "unsatisfactory".
I contacted Mr. W. Osborne via phone on Wednesday April 29, 2026. He informed my situation was brought to his attention by support staff. That I was given a unsatisfactory response to my question. Investing in shares of artwork was not prohibited, I appreciated the assistance Mr. Osborne gave by providing me information.
He stated he was not in support and did not normally deal with these things. What I did not appreciated or like was Mr. Osborne telling me several times that Madison trust is a PASSIVE custodian. That the support section doesn't give investment advise because of compliance issues. I understand not giving investment advise. But what about other questions? If a support staffer doesn't know answer to a question, wouldn't good customer service mentally say, gee let me find? Rather than just give some canned response that is nowhere near the right or satisfactory response?
I know...., Madison Trust is a "PASSIVE CUSTODIAN".
Well going from a very satisfied customer to a highly disappointed customer, I am starting to see how Madison Trust really works.
Thank You again Mr. Osborne for going outside of your normal wheel house to answer my question but I now have more questions about Madison Trust's true customer service. I am looking into other custodians at the moment.
