Exeter 1031 Exchange Services was founded by current President William Exeter, who has been in the Qualified Intermediary (QI) industry since 1986. Based in San Diego, Exeter 1031 Exchange Services has offices throughout California and in Hawaii, New York, New Jersey and Florida. It provides its services nationwide.
The company touts its experience, independence, diversity of services offerings and financial strength. It offers customers 24-hour access to exchange professionals via a toll-free number. It carries a $10 million fidelity bond and $1 million in errors and omissions professional liability insurance
Strong internal controls
The company also boasts strong internal controls. According to its website: “We have established a multi-layered process that includes process controls, validations, audits and reviews to ensure we deliver on our promises and meet our fiduciary obligations and responsibilities as a Qualified Intermediary for your 1031 Exchange. Nothing escapes our attention in any transaction.”
In addition to the standard exchange-related services, Exeter also offers its clients trust administration services, trust accounting and recordkeeping services and other long-range financial planning services. It also offers its clients access to its online Exeter Learning Institute, which clients can go to learn more about the exchanges as well other general interest financial topics. It also maintains an online library, which holds articles on subjects like: “History of Section 1031 of the Internal Revenue Code,” “A Guide to 1031 Exchanges,” and “Summary of Tax Deferral and Tax Exclusion Strategies.”
Guarantees its services
Exeter also offers something that not of its competitors do: a guarantee. If clients are not happy with Exeter’s exchange services, it will refund 100% of the fees associated with set-up of the exchange.
Like other exchange services, Exeter provides support for the full-range of exchange types, including reverse exchanges, like-kind aircraft exchanges and personal property exchanges.
But an exchange does not need to be exotic to justify a qualified service Look for those, like Exeter, that are have earned accreditation. There are numerous other companies that specialize in 1031 exchanges, including IPX, Orexco and others. In addition to hiring qualified accommodators, these companies also provide important guarantees. The companies guarantee the transfer of funds for as much as up to $100 million. The provision of this type of guarantee is important to look for when you are evaluating a 1031 exchange facilitator company to work with on these transactions.
Also, take the time to understand the company strategy for investment of exchange funds. With recent declines in the market value of some investment assets, some exchange services have been forced to shut their doors, leaving customers with the loss of their exchange funds. The key is to understand how much risk is associated with those fund.
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