Empire Trust is a limited purpose trust company chartered under the laws of the State of New Mexico. The company operates under the regulatory authority of the Financial Institutions Division (FID) of the New Mexico Regulation and Licensing Department. The FID supervises state-chartered financial institutions to ensure their safety, soundness, and ongoing compliance with applicable statutes and regulations.
Empire Trust provides custody and trust services for various types of self-directed retirement accounts, including: Trust administration – document reviews, interpretation, recordkeeping, and bill paying, Tax & fiduciary reporting, Asset preservation and management of both traditional and alternative assets, Estate planning support and Legal, investment, insurance consulting.
As a non-discretionary custodian, Empire Trust performs no investment advisory or sales functions. The company does not sell, sponsor, guarantee, endorse, accredit, or certify any investments. All investment decisions are made solely by the account holders, who bear full responsibility for the direction and performance of their accounts.
To support regulatory oversight and internal governance, Empire Trust is subject to multiple layers of review, including:
- An annual “agreed-upon procedures” evaluation conducted by an independent certified public accounting (CPA) firm, as required by New Mexico FID regulations.
- Annual SOC (System and Organization Controls) audits, which are conducted by an independent auditor to assess the design and operational effectiveness of internal controls over financial reporting and data security. These audits help ensure compliance with industry best practices and regulatory expectations.
In addition, IRA Innovations, LLC which partners with Empire Trust in the administration of self-directed IRAs, is also required to undergo annual SOC audits to comply with regulatory requirements and ensure consistency across service partners.
Empire Trust maintains a strategic service relationship with IRA Innovations, LLC, which acts as an administrator in servicing self-directed retirement accounts. While IRA Innovations may provide administrative support and act as Empire Trust’s agent, Empire Trust retains full custodial authority and legal control over all account assets, including cash and alternative investments. Empire Trust also maintains complete access to all records and documentation related to the accounts it custodies. Documents evidencing account asset ownership are primarily housed in IRA Innovations’ secured storage facility.
Empire Trust remains committed to operating with the highest standards of fiduciary responsibility, transparency, and regulatory compliance, and maintains an internal governance framework designed to ensure alignment with both New Mexico regulations and industry best practices. Empire Trust management regularly reviews information from third parties and periodically visits Administrator’s offices to ensure that each Administrator is following procedures and best practices.
