About Kingdom Trust
Kingdom Trust serves as an independent qualified custodian for the assets of clients of registered investment advisors, broker-dealers and investment sponsors, as well as their Individual Retirement Accounts (IRAs), non-qualified plans and qualified defined contribution 401(k) plans. Kingdom Services provides administrative services and support to Kingdom Trust under a contract between the two companies. Kingdom Services is a Kentucky limited liability company formed to be a full-service administrator of individual and multi-participant tax-deferred retirement accounts. Kingdom Trust/Kingdom Services custodies and administers the accounts of clients with a commitment to service that fulfills the unique needs of our clients. We provide a “high touch” client services company leveraging industry-leading technology to allow clients to have complete control over their Self-Directed IRA and other retirement and non-retirement accounts.A major focus of our business is to support the growing institutional custody needs of our strategic relationships. The regulatory environment continues to change in the finance and investment industry, and the Dodd-Frank Act and other consumer protection regulations make the landscape difficult to manage at times. Kingdom Trust is committed to being an industry leader in understanding the regulatory and compliance environment for our strategic relationships and clients.
Business Organization and Service Providers
Choice and Kingdom Trust are built around an experienced and competent staff of seasoned industry professionals. Our team was uniquely brought together to ensure that the delivery, technology and compliance functions are all handled in a manner to the expectation of the industry. Veterans of the self-directed retirement industry hold key executive roles, and the Board of Directors is likewise staffed with veteran business leaders in their respective fields. Our strategic relationships and service providers represent some of the best in their industry, with visionary leadership, integrity and key knowledge of the financial, legal and investment industries.Regulatory Risk
Kingdom Trust operates in a regulated environment. The company recognizes all current regulations and has developed good relationships with the governmental agencies and departments involved in oversight of the industry and charged with ensuring those under their jurisdiction comply with appropriate laws and regulations. Rules and Regulations of South Dakota Trust Kingdom Trust is a South Dakota-chartered trust company and must comply with that state’s laws and regulations, including (a) SB 103, section 18, defines trust administration and requires one or more of the following services to be performed wholly or partly in South Dakota at the chartered trust company’s registered place of business in South Dakota:- Annual account reviews;
- Trust accountings;
- Correspondence;
- Audits physically performed in South Dakota;
- Tax reports sent from South Dakota;
- Governing board, committee or other trust administration meetings with a quorum physically present in South Dakota; or
- Such other activities as approved by the director.
- Purchase a fidelity bond and a Director’s and Officer’s liability insurance policy. The bond and insurance shall be in an amount of not less than one million dollars each.
- Be subject to examination by the Division of Banking at least once every thirty-six months or more frequently if the director considers it necessary to make a full and careful examination and inquiry into the condition of the affairs of the trust company.
- Hold at least four regular meetings of the board of directors each year, at least one of which shall be held during each calendar quarter. The governing board or an auditor selected by them shall make a thorough examination of the books, records, funds and securities held by the trust company at each of the quarterly meetings. The result of the examination shall be recorded in detail.
- Make at least one report to the Director of the Division of Banking during each year, at a time determined by the director. The director may require additional reports from each trust company if the director considers it advisable.
- Annually report the fair market value of each IRA’s assets on Form 5498;
- Use Form 5305-A for the account agreement; and
- Report the amount of required minimum distributions to IRA owners.
Client Information – Safety and Security
Kingdom Trust has a formal, documented and comprehensive information security program including a privacy statement, security policy, anti-fraud program, money laundering reporting program, policies and procedures and specific roles and responsibilities of those assigned to monitor the program. Information collected by the custodian includes, but is not limited to, identifying information such as Social Security numbers, driver’s license numbers, account numbers, names and addresses. The custodian also collects account activity information such as deposit and transaction histories and information about investment histories gathered from client transactions and experiences with the custodian and transactions done in his or her account with third parties. As required by the USA Patriot Act, the custodian collects information, including copies of the client’s driver’s license or state identification, and takes actions necessary to verify the client’s identification.- to deposit all cash for which the account holder has not already provided investment instructions into a pooled custodial deposit account or accounts with one or more third party financial organizations selected by Kingdom Trust at Kingdom’s sole discretion and without any further approval from the account holder provided that any and all such accounts qualify as common investment funds under IRC Section 408(a)(5), such deposit accounts may include without limitation negotiable order of withdrawal accounts, checking accounts, savings accounts, money market accounts, certificates of deposit or similar accounts;
- to retain such interest as further compensation for the services it renders to its account holders and, in its sole discretion, place the funds in a non-interest bearing pooled deposit account or accounts;
- to enter into such sub-accounting agreements as may be required by the nature of the deposit accounts between the selected financial organizations and Kingdom Trust under which Kingdom Trust may receive a fee from the selected financial organizations to keep all records pertaining to the account holder’s share of the pooled custodial accounts which fees will be retained by Kingdom Trust; and
- to sign checks from time to time on the pooled custodial accounts which are to be honored by the financial organizations for withdrawal of account holder’s funds from such pooled custodial accounts for distributions, investments, fees and other disbursements directed or agreed to by the account holder.