Miles Franklin Precious Metals is a precious metals dealer who has carved out a significant niche in the competitive Gold IRA (Individual Retirement Account) market. Established in 1990 by David and Andrew Schectman, the firm has built a reputation for integrity and customer service over its decades-long history.
Based in the United States, Miles Franklin operates with a commitment to providing clients with a secure way to diversify their retirement portfolios by investing in gold and other precious metals.
Find the Best Gold IRA Company of Your State
- Expertise and Experience: Miles Franklin has over 30 years of experience in the precious metals industry. The company’s longevity and stability are indicative of its deep expertise and reliable customer service, which are critical in helping clients navigate the complexities of precious metal investments.
- Educational Resources: Understanding the importance of informed investing, Miles Franklin offers a wealth of educational resources. These include detailed market analysis, insightful blog posts, and regular webinars that cover various aspects of precious metals investing, ensuring that clients can make educated decisions.
- Personalized Service: Miles Franklin prides itself on offering personalized service to each client. Whether a customer is new to precious metals or an experienced investor, the firm provides tailored advice that aligns with individual financial goals and risk tolerance.
- Exclusive Products and Services: The firm offers a range of exclusive products and specialized services, including rare coins and access to offshore storage solutions. These offerings cater to diverse investor needs and help distinguish Miles Franklin in a crowded market.
- Commitment to Security: Security is paramount in precious metals investment. Miles Franklin facilitates secure transactions and offers safe storage options, both domestically and internationally, to protect clients’ investments.
Therefore, Miles Franklin stands out as a trusted partner for investors looking to enhance their retirement portfolios with gold and other precious metals. The firm’s dedication to excellence ensures a professional and secure investing experience for its clientele.
What is the Miles Franklin Precious Metals?
Miles Franklin Precious Metals, established in 1989, is a comprehensive precious metals dealer offering both numismatic rarities and investment-grade bullion to clients across the United States. The company’s original founders, including owner Andy Schectman, remain actively involved in the business, with Schectman taking a hands-on approach to customer interactions.
What sets Miles Franklin apart from traditional bullion dealers is its operation as a discount broker. By maintaining lower overhead costs, the company can offer bullion at more competitive prices compared to its competitors. This unique business model allows customers to potentially save money on their precious metals investments.
Beyond its competitive pricing, Miles Franklin Precious Metals places a strong emphasis on education and client support.
The company firmly believes in empowering clients to make informed financial decisions for their future. This commitment extends beyond the initial purchase, as Miles Franklin encourages clients to continue seeking guidance and asking questions long after their first transaction.
This approach fosters a long-term relationship between the dealer and its customers, ensuring that clients have access to ongoing support and expertise in the precious metals market.
Who are the People Behind Miles Franklin Precious Metals?
Miles Franklin, a prominent precious metals firm, was founded in 1990 by David Schectman and his son, Andy Schectman. The company has built its reputation on a foundation of family values, extensive market knowledge, and a customer-centric approach to business, largely shaped by the personalities and expertise of its founders.
David Schectman – David Schectman recognized the potential in the precious metals market as a means to safeguard financial wealth and hedge against economic instability. Before founding Miles Franklin, David had a background in economics and finance, which he utilized to provide insightful market analysis and strategic direction for the company. His vision was to create a firm that not only sold precious metals but also educated clients on the benefits and risks associated with precious metal investments.
Andy Schectman – Andy Schectman assumed the role of CEO at Miles Franklin Precious Metals and has been instrumental in steering the company’s operations toward innovation and customer service excellence.
Andy’s leadership has focused on transparency, ethical practices, and expanding the firm’s services, including secure storage solutions and precious metals IRA options. His forward-thinking approach has helped Miles Franklin Precious Metals adapt to the evolving financial landscape and meet the diverse needs of its clientele.
The Schectmans have emphasized a personal touch in their business dealings, fostering strong relationships with clients and industry partners alike.
This approach has set Miles Franklin apart in a competitive industry, making it not just a dealer in precious metals, but a trusted advisor to its customers.
Under the guidance of the Schectmans, Miles Franklin commits to high standards of integrity and professionalism, ensuring that their clients receive knowledgeable advice and quality service, whether they are new to investing in precious metals or seasoned buyers.
This leadership has made Miles Franklin Precious Metals a respected name in the precious metals industry.
Does Miles Franklin Precious Metals Offer IRA Services?
Yes, Miles Franklin Precious Metals offers Individual Retirement Account (IRA) services, specializing in the inclusion of precious metals within these accounts. This service caters to investors looking to diversify their retirement portfolios beyond traditional stocks and bonds by incorporating gold, silver, platinum, and palladium.
Gold IRA Services: Miles Franklin facilitates the setup of self-directed precious metals IRAs, a type of IRA that allows the account holder to make investment decisions on behalf of the retirement plan. This is particularly appealing for those who wish to have direct control over their retirement investments, including choosing which precious metals to include in their IRA.
Benefits of a Precious Metals IRA: Investing in a precious metals IRA with Miles Franklin Precious Metals offers several advantages. Precious metals are often seen as a hedge against inflation and economic uncertainty, providing a stabilizing effect on investment portfolios during times of market volatility. Moreover, gold and other metals have historically held their value over the long term, offering a form of financial security for retirement.
IRA-Eligible Precious Metals: Miles Franklin ensures that all precious metals offered for IRA accounts comply with the IRS requirements for purity. Gold must be 99.5% pure, silver 99.9%, and platinum and palladium 99.95%. They offer a wide selection of IRA-eligible coins and bars, providing plenty of options for those interested in these investments.
Storage Solutions: An essential aspect of maintaining a precious metals IRA is the secure storage of the physical metals. Miles Franklin partners with trusted depositories to offer secure storage solutions, both domestically and internationally. These partnerships ensure that the metals are stored safely and in compliance with IRS regulations.
Customer Support and Education: Miles Franklin Precious Metals also prides itself on providing excellent customer support and educational resources to help clients make informed decisions about their retirement planning and investment choices in precious metals.
Therefore, Miles Franklin’s IRA services offer a comprehensive solution for investors looking to include precious metals in their retirement planning, backed by expert guidance and secure storage options.
What Products Can You Purchase at Miles Franklin Precious Metals?
Miles Franklin Precious Metals offers a broad array of products for those interested in investing in precious metals. Their inventory caters to both individual collectors and investors, with a focus on gold, silver, platinum, and palladium. Here’s a look at the types of products you can purchase from Miles Franklin:
Gold Products: Miles Franklin provides a variety of gold investment options, including bullion coins and bars from highly respected mints around the world. Popular choices include the American Eagle, Canadian Maple Leaf, and Austrian Philharmonic coins, alongside gold bars ranging from 1 gram to 1 kilogram, sourced from reputable refiners.
Silver Products: Silver offerings at Miles Franklin Precious Metals are extensive, featuring both coins and bars. Investors and collectors can choose from silver bullion coins like the American Eagle, Canadian Maple Leaf, and the Mexican Libertad. For those interested in larger quantities, silver bars are available in sizes from 1 ounce to 100 ounces.
Platinum and Palladium Products: Though less common than gold and silver, platinum and palladium products are also available, catering to those looking to diversify their portfolios further. These include platinum coins such as the American Platinum Eagle and various palladium bars and coins, which adhere to the high purity standards required for precious metals investments.
Numismatic and Collectible Coins: Beyond bullion, Miles Franklin also deals in numismatic coins. These coins are valued not only for their metal content but also for their rarity, historical significance, and collectibility. This segment offers collectors a chance to own a piece of history and potentially benefit from the numismatic premium of these coins.
Storage and Accessories: Additionally, Miles Franklin Precious Metals sells accessories necessary for the safekeeping and display of precious metals, including protective cases, storage boxes, and safe deposit boxes.
With a focus on quality and authenticity, Miles Franklin ensures that all their products meet stringent standards, making them a reliable choice for both novice and experienced investors in precious metals.
Miles Franklin Precious Metals Fees and Pricing:
Miles Franklin prides itself on transparent fee structures and competitive pricing in the precious metals market. Their fees and pricing strategies are designed to accommodate both novice and seasoned investors, making them a compelling choice for individuals looking to invest in precious metals. Here’s an overview of the fee structure and pricing you can expect when dealing with Miles Franklin:
Product Pricing: Miles Franklin’s pricing for precious metals such as gold, silver, platinum, and palladium is closely aligned with the current market rates. They adjust their prices daily or even more frequently based on real-time market fluctuations. This ensures that customers receive a fair and accurate price for bullion and numismatic items. The company is committed to offering competitive pricing that reflects the minimal spread between buy and sell prices, helping to maximize the investment return for their clients.
Premiums: The premiums over the spot price for bullion products at Miles Franklin are competitive within the industry. Premiums vary depending on the product type, quantity, and market conditions. Generally, bullion coins carry a higher premium than bars due to their higher manufacturing costs and collector demand.
Shipping and Insurance Costs: Miles Franklin charges for shipping based on the size and value of the order. All shipments are fully insured, providing peace of mind that your investment is protected from the moment it leaves Miles Franklin until it arrives at your doorstep or storage facility.
IRA-Related Fees: For clients investing in precious metals through an IRA, Miles Franklin partners with IRA custodians who charge annual fees for account maintenance and storage. These fees vary depending on the custodian and the value of the metals stored but are generally in line with industry standards.
No Hidden Fees: Miles Franklin emphasizes transparency in all its dealings, ensuring that there are no hidden fees. All costs are disclosed upfront, so there are no surprises for the customer after a transaction is agreed upon.
Miles Franklin Precious Metals’s straightforward and investor-friendly pricing and fee structure make it a trusted partner for purchasing precious metals, whether for personal possession or as part of a retirement strategy.
What Do Miles Franklin Precious Metals Reviews Say?
Miles Franklin Precious Metals enjoys a strong reputation in the precious metals industry, as reflected in customer reviews and testimonials. These reviews often highlight several key aspects of the company’s service, including the quality of its products, the professionalism of its staff, and its commitment to customer education. Here’s a detailed look at what customers typically say in their reviews of Miles Franklin:
Customer Service: One of the most frequently praised elements in Miles Franklin’s reviews is their exceptional customer service. Customers report that the staff is knowledgeable, courteous, and patient, providing detailed answers to questions and offering guidance without pressure to purchase. This supportive approach is particularly valued by those new to precious metals investing.
#1. Miles Franklin Precious Metals was recommended by Dollar Vigilante. After reading the Dollar Vigilante’s gold ownership article, I called Miles Franklin. A friendly, down-to-earth, and professional precious metals consultant named Michael Spector returned my call quickly. Michael patiently explained the buying process and answered all my questions.
He also said I may call him anytime with more inquiries. It was easy to reach him. They ship the metals 7 days after the check is deposited, therefore my shipping took a lengthy. FYI Miles Franklin accepts wire transfers, but they were backed up with orders, so the check made more sense and saved me wire transfer fees, as Michael advised. Overall, it was amazing and I will buy from Miles Franklin/Michael Spector again and recommend them to everyone!
#2. Miles Franklin Precious Metals excels. Professional Kathie Bortnem is skilled and dedicated. Warm, patient, and helpful, she is. She sells precious metals. We discussed depositories. Grouping purchases for a Canadian vault reduced shipping costs. My slow IRA custodian was energized by her networking.
I felt like family. According to Laura Waters, shipments are discreetly marked and highly secure. Canadian vault contracts and payments were handled by Joel Kravitz and Jackie Dahl. Each Miles Franklin employee makes me feel unique. President Andy Schechtman should be proud. I heartily endorse Miles Franklin. Great prices and nice, competent, efficient individuals. I’m lucky to have found them.
#3. I worked with Miles Franklin Precious Metals IRA. John Herbert from Miles Franklin addressed all my inquiries, responded quickly to emails, and let me talk for as long as I wanted. I felt like they valued me more than other larger brokers.
They handled the formalities for storing my huge metal acquisition in a depository.
I’ll always use them.
Why aren’t There Many Miles Franklin Precious Metals Complaints?
Miles Franklin Precious Metals takes a proactive and customer-focused approach to resolving complaints, reflecting their commitment to maintaining high standards of customer satisfaction and trust. Here’s how they handle customer complaints:
- Prompt Response: Miles Franklin prioritizes a quick response to any customer complaints. Recognizing that timely resolution is crucial to maintaining trust, they strive to acknowledge and address complaints as soon as they are received. This ensures that customers feel heard and valued right from the start.
- Direct Communication: The company encourages direct communication to resolve issues. Customers can reach out via phone or email, and Miles Franklin ensures that a knowledgeable and experienced member of their team is available to handle the query. This direct line of communication helps in understanding the specifics of the complaint in depth and aids in crafting a tailored resolution.
- Thorough Investigation: Upon receiving a complaint, Miles Franklin conducts a thorough investigation to ascertain the root cause of the issue. Whether it’s a delay in shipment, product dissatisfaction, or billing issues, each complaint is carefully evaluated to ensure that the resolution addresses the core problem.
- Fair Resolution: Based on the findings of their investigation, Miles Franklin offers a fair resolution to the customer. This could involve replacing a product, issuing a refund, or providing a discount on future purchases. Their resolutions are aimed at fairness and ensuring customer satisfaction, while also adhering to company policies.
- Follow-Up: After resolving the complaint, Miles Franklin follows up with the customer to confirm that the resolution has been satisfactory. This follow-up is a crucial part of their process, as it helps to rebuild and strengthen the customer relationship and prevent future issues.
- Feedback Implementation: Feedback from complaints is taken seriously and often used to improve services and processes. Whether adjusting shipping procedures, enhancing quality control, or training staff, Miles Franklin uses customer feedback as a valuable resource for continuous improvement.
By addressing complaints with a structured and empathetic approach, Miles Franklin Precious Metals not only resolves individual issues effectively but also demonstrates its commitment to excellence and customer satisfaction in the competitive precious metals market.
Are There Any Miles Franklin Precious Metals Lawsuits?
No, there are no known lawsuits against Miles Franklin Precious Metals. The company is well-regarded in the precious metals industry, known for its integrity, exemplary customer service, and adherence to industry standards all factors that contribute to avoiding legal conflicts. Miles Franklin prioritizes transparency, educates its customers thoroughly, and addresses complaints fairly and effectively, which helps to prevent any potential legal disputes.
Can You Trust Miles Franklin Precious Metals? Is Miles Franklin Precious Metals Legit?
Yes,
They are reputable gold dealers with vast experience.
Before working with a precious metals company, do your research.
Here are some tips to ensure a gold IRA company’s legality:
Tip #1: Check Their Regulatory Compliance and Accreditation
Check for proper licensing and registration with relevant financial regulatory bodies such as the Securities and Exchange Commission (SEC) or Financial Industry Regulatory Authority (FINRA).
Verify the company’s accreditation with industry organizations like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC).
It will help you check how credible they are.
Tip #2: Look into The Company’s Background
- Research the company’s history, including years in business and any name changes.
- Examine the Better Business Bureau (BBB) rating and accreditation status.
- Review customer feedback on reputable third-party review sites like Trustpilot or Consumer Affairs.
Tip #3: Does the Company Offer Good Resources?
- Assess the clarity of information provided about fees, storage options, and buyback policies.
- Evaluate the quality and depth of educational resources offered to investors.
- Verify that the company provides clear information about IRS regulations regarding precious metals IRAs.
Tip #4: What are Their Product Offerings and Pricing?
- Ensure the company offers IRS-approved precious metals for IRA investments.
- Compare pricing with other reputable dealers to ensure competitiveness.
- Be wary of companies pushing numismatic or collectible coins over bullion for IRA investments.
Tip #5: Confirm the Storage and Custodian Partnerships
Verify that the company works with IRS-approved custodians and secure storage facilities. According to IRS’ regulations, you cannot store your gold IRA’s precious metals at your home.
You’ll need a certified third-party storage provider.
Check the company’s storage and custodian partner to ensure you’re working with a reliable firm. Moreover, ensure they offer segregated storage options for your precious metals.
Segregated storage means your owned precious metals products will be stored separately from other investors’ possessions. Similarly, non-segregated storage means your products will be stored along with others.
Keep in mind that storage providers charge extra for segregated storage.
Some popular custodians include Equity Trust and Goldstar Trust.
Red Flags to Watch For in Gold IRA Companies
- Promises of guaranteed returns or claims of “secret” investment strategies.
- Pressure to act immediately or make large investments without proper consideration.
- Lack of physical address or unclear company ownership structure.
- Unwillingness to provide detailed information about fees or policies in writing.
By thoroughly evaluating these aspects, investors can make an informed decision about the legitimacy and reliability of a gold IRA company. It’s crucial to conduct due diligence and, if necessary, consult with a financial advisor before making any investment decisions.
Miles Franklin Precious Metals Review Summary:
Miles Franklin Precious Metals has established itself as a trusted leader in the precious metals industry, renowned for its integrity, reliability, and commitment to customer service. Since its inception in 1990, the company has adhered to the highest standards of ethical business practices, offering a wide range of high-quality gold, silver, platinum, and palladium products suitable for both novice and experienced investors.
The company’s emphasis on customer education stands out as a cornerstone of its business philosophy. Through comprehensive educational resources, Miles Franklin empowers its clients with the knowledge necessary to make informed investment decisions. This approach not only enhances customer satisfaction but also fosters long-term relationships built on trust and mutual respect.
Miles Franklin also excels in providing personalized services tailored to meet the diverse needs of its clients. Whether it’s facilitating the purchase of bullion for investment, providing secure storage options, or assisting with the setup of a precious metals IRA, Miles Franklin is equipped to handle all aspects of precious metals investing with professionalism and care.
Security is another key focus for Miles Franklin. The company ensures that all transactions are conducted securely and that every customer’s investment is protected, whether stored domestically or internationally. This commitment to security reassures customers that their investments are safe and well-managed.
In conclusion, Miles Franklin’s dedication to transparency, customer education, and personalized service, combined with its robust security measures, makes it a top choice for individuals looking to explore the benefits of investing in precious metals. As the company continues to uphold these values, it remains poised to maintain its esteemed position in the market, helping clients secure their financial future through prudent investment in precious metals.
