FAQs for IRA investors using ForgeTrust & CamaPlan custodial services
Last update: April 12, 2021
Since the retirement of LendingClub’s Notes platform in December 2020, we have been hard at work to enable you access to more investment options for your LendingClub IRA.
On March 3, 2021, we entered into an agreement with Alto Solutions, Inc. d/b/a “AltoIRA”, The Alternative IRA(R) to serve as the new preferred custodian for LendingClub IRAs.
AltoIRA is a leading alternative IRA platform and offers investors easy online access to alternative investment options for their IRAs.
Why did LendingClub choose AltoIRA?
AltoIRA is a leading alternative IRA platform and offers you more opportunities than ever to invest your LendingClub IRA:
- Easy, online access to new investment options: AltoIRA’s paper-free platform makes it easy to diversify your IRA account beyond LendingClub Notes, in investments like real estate, crypto, and venture capital.
- Low-cost, transparent pricing: With no hidden fees or commissions and low and transparent pricing, AltoIRA offers unmatched value for your IRA investments.
- Exceptional customer service: You can trust AltoIRA to deliver the same level of support you enjoy with LendingClub.
What type of alternative investment options does AltoIRA provide?
AltoIRA has partnered with some of the most recognized investment platforms to help bring you a wide range of investment options, such as:
- DiversyFund for real estate
- Masterworks for blue-chip art
- Republic for venture capital
To learn more about the broad range of investment options with AltoIRA, please click here.
What do I need to do now?
- No action is required; as a result of our agreement with AltoIRA, AltoIRA will be the new custodian for your LendingClub IRA assets. The change will not alter your investment portfolio and will occur at no cost to you. In fact, AltoIRA is waiving its account fees (valued at $100) for all LendingClub investors for the next 12 months.
- In late April, we will follow up with you to help you get started investing on AltoIRA’s platform.
- If you do not want to have AltoIRA as your IRA custodian you may opt out and stay with your current custodian. You have until 5 pm on April 21, 2021 to opt out.
How can I opt out?
- If you do not want to have AltoIRA as custodian for your LendingClub IRA, you may opt out and stay with your current custodian. To opt out you must email us at email@example.com by 5 pm PT on April 21, 2021. When you submit your email, please include the following: 1) the email associated with your LendingClub IRA; and 2) your account number. Click here if you need help finding your account number.
- If you do not opt out by 5 pm on April 21, 2021, AltoIRA will become the new custodian for your LendingClub IRA and we will send you instructions on how to access your AltoIRA account.
What about my annual account fees?
- As part of our new partnership with AltoIRA, we’re happy to share that there will be no cost to you in year 1. After year 1, AltoIRA’s account fee is $10/month, or $100 when paid annually. Click here to learn more about AltoIRA’s low-cost pricing model.
- If you choose to stay with your current custodian you will be responsible for all account fees. LendingClub may have historically covered your annual account fee (if you qualified for this benefit). As part of establishing a preferred custodian, as of April 1, 2021, we will no longer pay annual fees to your current custodian. You may want to check your custodial account agreement to be sure you understand your obligations to pay annual account fees and any transaction-based fees.
- You will also need to complete additional paperwork to invest directly through your current custodian’s platform.
Is there an account minimum to avoid annual account fees with AltoIRA?
- No, not at this time.
Will I need to pay the termination fee if I move my account to AltoIRA?
- No, LendingClub will pay the termination fee to your current custodian if you move your account to AltoIRA.
If we can help provide answers to additional questions, please email us at firstname.lastname@example.org.