First Trust Company of Onaga (FTCO) is a limited purpose trust company chartered in the state of Kansas. FTCO provides custody services for various self-directed investment retirement accounts ("IRAs"), including Traditional, Roth, SEP, SIMPLE, Education/Coverdell IRAs and Health Savings Accounts.
Operating for over 35 years, FTCO currently provides custody services for over 130,000 IRAs with more than $7 billion in assets.
FTCO acts only as custodian and does not offer any investment advice. It does not sell, sponsor, guarantee, endorse, accredit, certify or back any investments. Its accountholders direct all of their investment choices and are therefore responsible for the performance of their accounts.
FTCO is regulated by the Office of the State Bank Commissioner of Kansas (OSBC). The OSBC regulates all state chartered banks and trust companies in Kansas with the primary objective of ensuring the safety and soundness of state-chartered financial institutions, thereby safeguarding depositors' assets and maintaining public confidence. As required by Kansas regulations, FTCO's business is subject to an annual "agreed upon procedures" evaluation conducted by an independent CPA who reviews and reports on items set forth in the Kansas regulations. These reports are available for OSBC inspection.
FTCO partners with select Administrators across the country to jointly service self-directed IRAs. FTCO has access to all records and assets of accountholders for which it serves as custodian, including those jointly served. The Administrator may act as FTCO's agent, but ultimate control of the assets held on behalf of the accountholder, including cash, rests with FTCO as the custodian. Account asset ownership documentation is held primarily in FTCO's vault.
FTCO's Trust Committee and Board of Directors provide oversight of the services provided by Administrators through an Administrative Oversight Committee (AOC) composed of Administrator staff as well as FTCO management and compliance officers. Administrators provide monthly reports for and attend the mandatory monthly AOC meeting to review activities, approve policy changes and provide ongoing oversight feedback. FTCO also makes independent onsite visits and reviews information from third parties to ensure that each Administrator is following required procedures and best practices.