Quest Trust Suddenly Closed down Administration on their Solo 401K Plans

[Tina Artigliere]

I was impressed by Quest Trust when I went to their Expo in September of 2022.  Based on speaking with them their, I paid a rather hefty fee to transfer my solo 401K to them and have it reinstated and the fee covered this plan for 6 years.  Out of the blue yesterday, I get an email that they closed my account.  They said it's administratively unfeasible to continue as my plan provider.  I'm just a bit shocked and disappointed they could just close down my account and force this chaos on me to find another provider ASAP or face potential tax consequences and loss of my qualified status.  I'm hoping they refund the fee that was supposed to be good for 6 years since I'm not even at a full 2 years with them.  I guess I'm looking for anyone's recommendations on who they use for their solo 401K...  I prefer a custodian to an administrator.  This is my 2nd bad experience with an administrator and I'd really like to keep my account in one place!  

[Michael Calvey]

Quote from @Tina Artigliere:

I was impressed by Quest Trust when I went to their Expo in September of 2022.  Based on speaking with them their, I paid a rather hefty fee to transfer my solo 401K to them and have it reinstated and the fee covered this plan for 6 years.  Out of the blue yesterday, I get an email that they closed my account.  They said it's administratively unfeasible to continue as my plan provider.  I'm just a bit shocked and disappointed they could just close down my account and force this chaos on me to find another provider ASAP or face potential tax consequences and loss of my qualified status.  I'm hoping they refund the fee that was supposed to be good for 6 years since I'm not even at a full 2 years with them.  I guess I'm looking for anyone's recommendations on who they use for their solo 401K...  I prefer a custodian to an administrator.  This is my 2nd bad experience with an administrator and I'd really like to keep my account in one place!  

Tina, I can only imagine how frustrating this situation must be for you. It sounds like you need a reliable and trustworthy partner to help you navigate this transition seamlessly while keeping your solo 401(k) on track.

I’d highly BiggerPockets Partner for this, Equity Trust, a top-tier custodian in the industry.

They not only specialize in self-directed IRAs and solo 401(k)s but also have an entire team specifically dedicated to supporting BiggerPockets members like you. This means you’ll have direct access to experts who truly understand your needs and are ready to assist you whenever you need help.

What really sets Equity Trust apart is their commitment to personalized service, ensuring that BiggerPockets members have the resources and guidance they need every step of the way.

You can learn more about their services and connect with their team here: Equity Trust – BiggerPockets Page.