Madison Trust Company is a state-chartered self-directed IRA custodian based in Sioux Falls, South Dakota. The firm received its trust charter from the State of South Dakota in January 2014 and provides custody for a range of self-directed IRA assets, including precious metals, real estate, private placements, and notes. If you are working with a gold or silver dealer that uses Madison Trust as its preferred custodian, this review covers what is verifiable about the firm, what to ask before opening an account, and where the custodian fits into the broader gold IRA decision.
Madison Trust Company received its South Dakota trust charter in January 2014 and is headquartered at 401 East 8th Street, Suite 200, Sioux Falls, SD 57103. It operates as a passive, non-discretionary self-directed IRA custodian, holding accounts and processing transactions but not selling gold or recommending dealers. Its published pricing model is a flat quarterly fee regardless of account size, and its customer service positioning is a live-person phone policy with no automated menus. CEO Daniel Gleich co-founded the firm with Mervyn Klein and Brian Finkelstein.
This review is for educational purposes only. Goldiew is not a financial, legal, or tax advisor. Consult a licensed advisor and a tax professional before making any retirement account decision. Past performance is not a guarantee of future results. Precious metals carry investment risk.
Key Facts at a Glance
| Detail | What We Verified |
|---|---|
| Legal status | South Dakota state-chartered, non-depository trust company |
| Trust charter received | January 2014 |
| Headquarters | 401 East 8th Street, Suite 200, Sioux Falls, SD 57103 |
| Phone (customer support) | 888-605-3091 |
| CEO | Daniel Gleich |
| Co-founders | Daniel Gleich, Mervyn Klein, Brian Finkelstein |
| Sister company | Broad Financial (IRA LLC facilitation firm launched by Gleich and Klein in 2009) |
| Service type | Passive, non-discretionary self-directed IRA custody |
| Asset specialties | Precious metals, real estate, private placements, promissory notes, LLC interests, and other alternative assets |
| Pricing model | Flat-rate quarterly fee regardless of account size (per Madison Trust’s published company history) |
| Customer service positioning | Live-person phone policy (no automated phone menus, per Madison Trust’s published company history) |
| BBB | Verify rating directly at BBB.org (search “Madison Trust Company”, Sioux Falls SD) |
What Madison Trust Actually Does
Madison Trust Company is a custodian, not a precious metals dealer. The distinction matters. A custodian holds the legal title to assets inside your self-directed IRA, processes contributions and distributions, files the required tax forms with the IRS, and coordinates with the depository where physical metals are stored. The custodian does not sell you gold or silver, does not recommend a dealer, and does not give investment advice.
Madison Trust is a passive, non-discretionary custodian. That language is industry standard for self-directed IRA custodians and it is meaningful: the account holder, not the custodian, is responsible for the suitability of every investment and for ensuring that each transaction complies with IRS rules. Under IRS Publication 590-A, the IRA owner must follow contribution limits, prohibited transaction rules, and required minimum distribution rules regardless of which custodian holds the account.
For a broader overview of how a self-directed gold IRA actually works, see our gold IRA basics guide and our step-by-step 401(k) to gold IRA rollover guide.
Origin: From Broad Financial to South Dakota Trust Charter
Madison Trust’s origin story is documented on its own About page. In 2009, Daniel Gleich and Mervyn Klein launched Broad Financial, an IRA LLC facilitation firm, after Gleich went through the process of building a self-directed IRA LLC for his father’s retirement portfolio. Broad Financial grew to serve thousands of clients and later added Brian Finkelstein, an industry veteran, as a partner.
According to Madison Trust’s own historical account, the partners observed recurring complaints about existing self-directed IRA custodians: slow processing times, automated phone systems and call queues, sub-par customer service, and portfolio-based pricing that penalized larger accounts. In 2012 the partners began the process of establishing a South Dakota trust company, and in January 2014 Madison Trust received its trust charter from the State of South Dakota.
Two practical takeaways for prospective accountholders:
- South Dakota trust charter. South Dakota is a long-established jurisdiction for chartered trust companies and is regulated by the South Dakota Division of Banking. A state trust charter means Madison Trust operates under state banking-style supervision for its custodial activities.
- Non-depository status. Madison Trust is a non-depository trust company, which means it does not take deposits and does not extend credit the way a commercial bank does. It holds custodial accounts only. This is structurally different from custodians that operate as divisions of a chartered commercial bank.
Pricing Model: Flat Quarterly Fee
One of the most distinguishing public statements Madison Trust makes about itself concerns pricing. Per the company’s own Our Story page, “Accountholders were charged a low, flat rate fee, regardless of the size of their IRA. Whether a client’s account was worth USD 50,000 or USD 500,000, their quarterly fee remained the same.”
Flat-fee pricing is structurally different from the asset-based or tiered models some custodians use. For a USD 500,000 precious metals IRA, a flat quarterly fee can produce meaningfully lower lifetime costs than a percentage-based maintenance fee. For a smaller account, the flat fee may be roughly comparable to tiered competitors’ lowest tier. The actual dollar figures change over time, so request Madison Trust’s current fee schedule before opening an account. Storage charges for physical precious metals are paid to the depository, separate from the custodial maintenance fee.
One quick check when you receive the fee schedule: compare the all-in annual cost (custodian maintenance plus depository storage plus any transaction or wire fees) against industry norms. Our gold IRA fees comprehensive breakdown walks through typical ranges so you can spot anomalies.
Asset Types Beyond Precious Metals
Madison Trust supports a wide range of self-directed IRA asset types, not only precious metals. Its publicly listed categories include:
- Precious metals (IRS-approved gold, silver, platinum, and palladium products held at an approved depository)
- Real estate (titled in the name of the IRA, or held via LLC or LP interests)
- Private placements and private equity
- Promissory notes and lending
- LLC interests and other entity holdings
- Cryptocurrency through approved partners
This breadth signals an established alternative-asset custody operation rather than a precious-metals-only shop. For investors who already work with Madison Trust on another asset type, adding a precious metals sleeve under the same custodian can simplify administration. For investors whose only interest is gold and silver, the breadth offers no specific advantage but does not introduce a problem either.
Who Typically Ends Up at Madison Trust
Most retail gold IRA investors do not pick the custodian first. They pick the dealer, and the dealer routes them to its preferred custodian. Madison Trust appears in the back office of several precious metals dealers and alternative-asset platforms that use it as their default IRA custody partner.
If your dealer has placed you with Madison Trust, the practical questions to ask are:
- What is the full annual fee? Custodian maintenance plus depository storage plus any transaction, wire, or distribution fees. Get the number in writing before signing.
- Which depository will my metals go to? This usually depends on the dealer, not Madison Trust. Confirm the depository name, address, and insurance arrangement.
- How are distributions handled if I want metals shipped to me later? Confirm the process and any fees, since taking physical possession outside an in-kind distribution triggers a taxable event under IRS rules.
- What is the timeline from account opening to metals delivered to the depository? Industry-typical timelines run 5 to 15 business days after a funded transfer, but it varies by custodian, dealer, and depository.
- What support do I get during a rollover? Madison Trust handles the custodial paperwork. The dealer typically owns the customer relationship for the rollover itself.
For a full pre-purchase due-diligence framework, our 30-question pre-purchase checklist covers what to verify with both the dealer and the custodian before signing paperwork.
Who Should Look Elsewhere
Madison Trust is a legitimate, chartered trust company. That does not mean it is the right fit for every investor. Consider whether a different custodian or a different overall path may suit you better if any of the following applies:
- You want a single bundled experience with hand-holding through the rollover. Some precious metals dealers (Augusta, Birch Gold, Noble Gold) walk customers through the entire rollover process with their own back-office teams, including the custodian relationship. If you prefer to coordinate directly with a custodian, Madison Trust’s role is administrative rather than advisory.
- You want to choose your own depository. If you have a strong preference for a specific depository that is not among Madison Trust’s preferred partners, ask the dealer if a different custodian is available.
- You want an asset-based fee model rather than flat. For small accounts (under USD 50,000), a flat quarterly fee can be a higher percentage of assets than an asset-based custodian’s lowest tier. Run the math both ways.
- You are not yet sure a gold IRA is right for you. Spending time on a custodian comparison before settling the upstream question is putting effort in the wrong order. Read our gold IRA basics guide first, then evaluate dealers, then look at the custodian.
For a side-by-side look at the gold IRA companies Goldiew tracks closely, see our best gold IRA companies guide. Among the firms we cover, Augusta Precious Metals has operated since 2012 and has been recognized as Money Magazine’s Best Overall Gold IRA Company from 2022 through 2026, with a BBB A+ rating and zero complaints on its BBB page at the time of writing.
Independent Verification: BBB and Regulatory Status
Madison Trust Company is listed on the BBB serving the local Sioux Falls, South Dakota area. Rather than quoting a rating that may change after this article is published, we recommend verifying the current grade, accreditation status, and any complaint history directly at BBB.org (search Madison Trust Company, Sioux Falls).
South Dakota chartered trust companies are regulated by the South Dakota Division of Banking, which publishes a public list of chartered trust companies operating in the state. This is the appropriate starting point for verifying that any South Dakota trust company is in good regulatory standing.
The FINRA precious metals fraud alert remains a useful general-purpose checklist when evaluating any party in a precious metals IRA transaction. It is particularly useful for evaluating the dealer side of the relationship, which is typically where misrepresentation risk is highest.
The Bigger Picture: Custodian vs Dealer Decision
The most common mistake retail gold IRA investors make is treating the custodian decision as a primary one. In practice, the dealer drives the experience. The dealer determines how the rollover is paced, which products are offered, what the markups look like over the metal’s spot price, which custodian is used, and which depository receives the metals.
Madison Trust being a sound back-office choice does not, by itself, make any specific dealer the right choice for your retirement account. Conversely, a dealer with strong customer ratings, transparent pricing, and a clean compliance record is the right starting point, regardless of which custodian ends up holding the assets.
Our recommended sequence:
- Read the gold IRA basics guide to confirm a precious metals IRA fits your situation. Consult your financial advisor on this question.
- Use the 30-question pre-purchase checklist to vet any dealer you contact.
- Read the hidden fees warning guide before signing any agreement.
- Compare custodians (Madison Trust, GoldStar Trust, Equity Trust, The Entrust Group, Strata Trust, Kingdom Trust) only after narrowing your dealer choice, since the custodian is often determined by the dealer.
Frequently Asked Questions
Is Madison Trust Company a real trust company?
Yes. Madison Trust Company received its trust charter from the State of South Dakota in January 2014. It operates as a state-chartered, non-depository trust company headquartered in Sioux Falls, South Dakota and provides self-directed IRA custody services.
Where is Madison Trust Company located?
Madison Trust Company is located at 401 East 8th Street, Suite 200, Sioux Falls, SD 57103. The main customer support phone number listed on its website is 888-605-3091.
Who founded Madison Trust Company?
Madison Trust was founded by Daniel Gleich, Mervyn Klein, and Brian Finkelstein. Gleich and Klein had previously launched Broad Financial in 2009, an IRA LLC facilitation firm. After identifying customer-service gaps with existing custodians, the partners began establishing a South Dakota trust company in 2012 and received the trust charter in January 2014. Daniel Gleich serves as CEO.
Does Madison Trust sell gold or recommend a dealer?
No. Madison Trust is a passive, non-discretionary self-directed IRA custodian. It holds the account and processes transactions but does not provide tax, legal, or investment advice and does not sell precious metals or recommend specific dealers. The investor chooses the dealer.
How does Madison Trust price its IRA fees?
Madison Trust uses a flat-fee pricing model rather than a percentage of assets under custody. Per the company’s published history, “Accountholders were charged a low, flat rate fee, regardless of the size of their IRA. Whether a client’s account was worth USD 50,000 or USD 500,000, their quarterly fee remained the same.” Specific dollar amounts and depository storage costs change over time. Request the current fee schedule directly before opening an account.
How does Madison Trust compare to other gold IRA custodians?
Madison Trust is one of several self-directed IRA custodians active in the precious metals space, alongside Equity Trust, GoldStar Trust, The Entrust Group, Strata Trust, and Kingdom Trust. Each has its own fee model (flat fee vs tiered vs asset-based), depository partners, and acceptance criteria. Most retail investors end up with a specific custodian because their precious metals dealer uses that custodian as a default partner.
How can I verify Madison Trust’s BBB rating?
Visit bbb.org and search for Madison Trust Company under the BBB serving Sioux Falls, South Dakota. Verify the current letter grade, accreditation status, and complaint history directly rather than relying on third-party claims of any specific grade, since BBB grades can change over time.
Sources and Methodology
This review is based on direct review of Madison Trust Company’s official website (madisontrust.com), historical website snapshots available through the Internet Archive, and the company’s own public About page. We verified the following information from the published company history and on-site organizational schema: legal status as a South Dakota state-chartered trust company, charter date (January 2014), Sioux Falls headquarters address, customer support phone number, founders (Daniel Gleich, Mervyn Klein, Brian Finkelstein), CEO (Daniel Gleich), origin in Broad Financial (2009), and the company’s stated flat-fee pricing model.
We did not verify the current depository partners programmatically because the dedicated precious metals service page on Madison Trust’s site was not available through cached snapshots at the time of writing. Investors evaluating Madison Trust for a precious metals IRA should ask Madison Trust or their precious metals dealer to confirm in writing which depositories the metals will be stored at and the current depository fee schedule.
We did not pull the current BBB letter grade programmatically because the BBB site requires JavaScript-enabled access. The direct BBB profile link is provided above.
Regulatory references: IRS Publication 590-A (Contributions to Individual Retirement Arrangements), IRS Publication 590-B (Distributions from Individual Retirement Arrangements), FINRA Investor Insights on precious metals fraud, and the South Dakota Division of Banking for state trust company supervision.
Consult your tax advisor for your specific situation. Goldiew is not a financial, legal, or tax advisor. This review is for educational purposes only and is not an endorsement of Madison Trust Company or of any precious metals investment.
Last reviewed: 2026-06-09.