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Miles Franklin Precious Metals Reviews

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Ryan Paulson (CFA)

6.6/10 (Expert Score)
Product is rated as #31 in category Precious Metals
Overall, Miles Franklin is well-regarded in the precious metals market for its comprehensive services, secure storage options, and strong customer support. However, potential clients should consider the lack of online ordering and direct pricing information when deciding if this company is suitable for their investment needs.
Reputation and Experience
7
Fees and Costs
6.5
Customer Service
7
Selection of Offered Metals
6.5
Storage and Security
7.5
Buyback Policy
5
Educational Resources
5
Transparency
6.5
Accreditations and Licensing
7
Ease of Transaction
8
PROS:
  • Reputation and Expertise: Miles Franklin has built a strong reputation since its establishment in 1989, known for its reliability and extensive experience in the precious metals industry​.
  • Comprehensive Services: They offer a wide selection of precious metals products, including IRA-approved bullion and numismatic coins, catering to diverse investment needs​.
  • IRA Services: The company provides assistance with setting up and managing precious metals IRAs, making it easier for investors to diversify their retirement savings​.
  • Secure Storage Options: In partnership with Brink's, Miles Franklin offers a variety of secure storage solutions across multiple locations, ensuring the safety of your investments​.
  • Exceptional Customer Service: Known for attentive and informative customer service, helping both beginners and seasoned investors​.
CONS:
  • Limited Online Functionality: Miles Franklin does not support online ordering, requiring customers to place orders through direct contact, which can be less convenient for some​.
  • Lack of Pricing Transparency: Prices are not listed on their website, necessitating inquiries for specific pricing details, which might deter some potential customers​.
  • Geographic Limitations: While they are based in Minnesota, those looking for in-person services outside this area might find access limited​.

What is Miles Franklin Precious Metals?

Miles Franklin Precious Metals is a dealer of precious metals located in Wayzata, Minnesota. Founded by David and Andrew Schectman, they have been operating in the sector since 1989. The company provides consumers with a selection of gold, silver, platinum, and palladium coins and bars.

People Behind Miles Franklin Precious Metals:

Andrew Schectman (Co-Founder)

Andrew Schectman is a certified financial adviser who focuses on alternative investments including investments in the Swiss Franc. He is responsible for managing and supervising the company’s operations and business functions, which include account management, strategy, new business, and finance.

David Schectman (Co-Founder)

David Schectman holds a degree from the University of Michigan. Prior to becoming a precious metals dealer, he has acquired expertise in the fields of procurement and sales.

David conducted training sessions on economic theory for over 60 brokers employed by the organization. He has made appearances at numerous investing conferences and on national radio.

In 2006, David appointed Andy as President, granting him complete authority over the company’s day-to-day activities. David Schectman is currently engaged in educating buyers and facilitating discussions on investing options through the company’s blog and newsletter.

How to Open a Gold IRA with Miles Franklin Precious Metals

The company has formed a partnership with New Direction IRA to provide these services.

Initially, you must submit your self-directed IRA application to the custodian. Subsequently, you would be required to transfer funds from an existing Individual Retirement Account (IRA) or contribute funds directly.

After the completion of that procedure, you can commence the inclusion of valuable metals into your IRA using the stock of Miles Franklin. Exercise great caution when buying precious metals for your IRA from this source, as their catalog contains numerous items that are not suitable for IRAs.

Including ineligible precious metals in your IRA might lead to significant penalties.

Miles Franklin Precious Metals Products:

Miles Franklin, a seasoned bullion dealer, prides itself on its extensive range of products. They provide a range of metal items, including both IRA-eligible and numismatic options.

Nevertheless, the website of the mentioned company does not provide any information regarding the pricing of their products, which is in contrast to other well-known bullion dealers like California Numismatic Investments.

Below is a comprehensive summary of their catalog:

Gold Products:

You will find many of the popular gold bullion here including:

  • Austrian Gold Philharmonic
  • Canadian Gold Maple Leaf
  • Liberty Gold Double Eagle
  • American Gold Eagle
  • American Gold Buffalo
  • Saint-Gaudens Gold Double Eagle NGC
  • Australian Gold Bar

Silver Products:

Their silver selection includes plenty of numismatic as well as IRA-approved products:

  • Canadian Silver Maple Leaf
  • American Silver Eagle
  • Australia Silver Kookaburra
  • Australia Silver Koala 1 oz
  • PAMP Silver Cast Bar 1 kg
  • Canadian Silver Creatures of the North Kraken 2 oz

 

Platinum & Palladium Products:

There are plenty of platinum products to choose from as well:

  • American Platinum Eagle
  • Canadian Platinum Maple Leaf
  • Platinum Bars (1/10oz, 1 oz, 10 oz)

Similarly, you’ll find the following palladium products here:

  • American Palladium Eagle
  • PAMP Palladium Bar 1 oz
  • Canadian Palladium Maple Leaf

Miles Franklin Precious Metals Fees:

Miles Franklin has formed a partnership with Brinks to provide storage facilities. Customers who choose to have a gold IRA must utilize storage facilities, as per IRS regulations that prohibit storing IRA metals at one’s residence.

Clients are required to pay a minimum monthly cost of $39 for storage. The cost to initiate your storage service is $89.

Nevertheless, customers have the opportunity to negotiate their predetermined prices in order to obtain a precise estimate.

In addition to the storage fee, there are additional expenses for their gold IRA services.

The gold IRA here has an initial sign up fee of $50, in addition to a transaction fee of $40 each transaction. In addition, New Direction IRA has a fluctuating annual maintenance cost.

Miles Franklin Precious Metals Reviews and Ratings on Other Platforms:

Although this company has been operating for more than three decades, it has not garnered a substantial number of web evaluations. The Miles Franklin BBB page boasts an A+ rating and an impressive average score of 4.4 out of 5 stars, derived on a total of 5 customer reviews.

Nevertheless, the corporation has not received any grievances on the customer platform, which is a remarkable accomplishment.

In addition to BBB, the bullion dealer has garnered a limited number of ratings on Yelp.

The company has received an average rating of 4 out of 5 stars based on feedback from 4 customers.
Similarly, their Google My Business listing has garnered 11 reviews and boasts an aggregate rating of 4.1 out of 5-stars.

Miles Franklin Precious Metals Review: Conclusion

Miles Franklin Precious Metals boasts a remarkable assortment of gold, silver, platinum, and palladium items, accumulated over a span of more than three decades in the sector.

They have formed a partnership with a reputable custodian and storage provider to assist clients in investing in precious metals IRA. In addition, they provide consumers with both IRA certified and numismatic products.

Specification: Miles Franklin Precious Metals Reviews

Main
BBB Rating

A+

Custodian

New Direction Trust Company

Gold Bullion

American Gold Eagle, Canadian Gold Maple Leaf, Gold American Buffalo, Gold Austrian Philharmonic, Gold Saint Gaudens Coin

Silver Bullion

American Silver Eagles, Austrian Silver Philharmonics, Canadian Silver Maple Leafs, Morgan Silver Dollars

Storage Fees

Standard

Specification
Address

801 Twelve Oaks Center Dr, Wayzata, MN 55391

Leadership

David Schectman, Andrew Schectman

Photos: Miles Franklin Precious Metals Reviews

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Miles Franklin Precious Metals Reviews
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