Equity Trust Company is a leading custodian of self-directed retirement accounts with clients in all 50 states and over $25 billion in retirement plan assets under management and administration. However, it may come as a surprise that Equity Trust Company came from humble beginnings and is rooted in the American dream of entrepreneurship and owning a business. To this day it is still a family owned and operated Company.
Richard (Dick) Desich, Sr., Founder and Chairman of the Board of Equity Trust Company, grew up two blocks away from a steel mill in Lorain, Ohio. The value of hard work and education were instilled in him from an early age. After serving four years in the armed forces, Mr. Desich attended night classes and put himself through school until he completed his college education. Mr. Desich’s first foray into real estate started with an $8,000 loan from his grandfather in order to build a duplex, and with that investment the entrepreneur hit the ground running.
Mr. Desich started as a successful stock broker, and in 1974 established a brokerage firm called Mid-Ohio Securities. IRAs were brand new at this time, and Mr. Desich began to study the new laws and look for innovative ways to invest. After extensive research into non-traditional investments, and being turned down by more than 10 banks, Mid-Ohio Securities became a qualified passive custodian of self-directed IRAs in 1983. This made it possible to facilitate the Company’s first investment. In 1984, Mr. Desich and a group of 22 investors purchased a local pharmacy (pictured below) in Lorain, Ohio. Each investor contributed $6,000, and over the next 19 years the investors made nearly $200,000 through the triple net lease investment. This became the Company’s first non-traditional investment in the tax-deferred environment of IRAs, and an industry leader was born.
By 1996, his Company was servicing investors in all 50 states and in 2003 Equity Trust Company was formed and secured a trust charter from the state of South Dakota Division of Banking. Equity Trust Company purchased the IRA assets from its predecessor brokerage firm. Equity Trust Company is still a family owned Company, and, until recently, has been run by his son Jeffrey Desich, who took over the reigns as CEO in 2008.
Mr. Desich had the foresight to see the tremendous potential in the self-directed IRA market and has fought to better educate investors so they can tap into this potential. Mr. Desich believed everyone should be able to take advantage of these investments, not just the elite or the wealthy. He has travelled the country speaking with various groups to accomplish this mission. To aid in educating investors, in 2001 Desich founded Retirement Education Group, dba. Equity University.
In fact, Desich recently spoke from stage at Equity University's 2014 Wealth Building Summit and in this free presentation
he’ll reveal what he considers the most powerful retirement investing vehicle, and how most investors can take advantage of this small business plan, even if they don’t yet consider themselves small business owners.
The Company which began in an old funeral home with only four employees has maintained the “family feel” as the Company has blossomed to over 350 employees with locations in Ohio, South Dakota, and Colorado. Equity Trust was founded by an investor like you, someone looking for a better way to invest for retirement while building wealth. Since the humble inception of the Company it has been the mission of the Desich family to educate people around the country and to bring the same opportunities that Mr. Desich identified forty years ago to the forefront of the industry.
We’re extremely proud of our Company founder, but we’re even more proud of all the clients we’ve been able to help in retirement in the past four decades. We tell our story not as a form of self-congratulations, but in the hopes it will inspire more successes.