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Miles Franklin Precious Metals is a company that sells precious metals to investors throughout the US. They have partnered with storage and custodial companies to provide a range of full-service precious metals solutions. But are they a good company? What should you know about their practices and reputation before you decide to invest?
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About Miles Franklin Precious Metals
Miles Franklin has been in operation since 1989, meaning that the company has more than three decades of experience in the precious metals industry. The original goal of the company was to put customers in touch with numismatic rarities and bullion at a fair price. They also wanted people to have access to professional expertise.
Miles Franklin functions as a discount broker with a low company overhead, allowing individual investors to access coins at a lower price. They provide services and a robust amount of client education, with the goal of empowering clients to make confident financial decisions.
The company is one of the only ones authorized to resell US Mint products in the country. That means that they can give their clients better liquidity.
They have also created a variety of articles, reports, and guides to precious metals. These are available for free through their website. They work to build lifetime relationships with clients. Each client receives customized advice and solutions based on their specific investment goals and needs, so you don't need to worry about being treated like just part of the crowd.
Precious Metals IRA Services
Miles Franklin Precious Metals is one of many companies that help clients set up a self-directed precious metals IRA. They have a partnership with New Direction IRA, an IRA custodian that can maintain your account.
When you get started with the IRA process, Miles Franklin directs you to the New Direction website. Most of the setup and paperwork seems to be done through their company instead. While that's convenient, it's not quite as convenient as having an in-house team of experts who can walk you through all the paperwork.
They also mention that if you have a different custodian you'd like to work with, they're happy to accommodate.
The company's website does have a lot of helpful resources explaining what a precious metals IRA is, how you set one up, and what the benefits and risks are. It also tells you everything you should have before getting started with the application.
The company provides storage services for those who want to store their precious metals in a highly secure depository. They have two programs that you can work with, and you can choose between depositories in Montreal, Vancouver, and Toronto in Canada. Both programs are handled through their partnership with the Brinks security company.
One of the programs involves segregated metals storage at either of the main depositories. Segregated storage means that your metals are inaccessible by anyone except you and your custodian.
The other program is the Private Safe Deposit Box program, which is available at the Vancouver and Toronto locations. These safe deposit boxes can be used to store hard currency, gold, palladium, and platinum. When you use the company's program, you are the only one with keys to the box. That adds a level of security that some people are looking for.
Every storage option comes with an insurance policy that covers the full value of the items in your account.
Is Miles Franklin Precious Metals a Scam?
Miles Franklin is not a scam. The company is accredited and has an A+ rating with the Better Business Bureau. In addition to having more than three decades of experience, they are very transparent about their ownership and operating members.
Customer reviews of the company also tend to be positive, even though there are very few of them online. On the Better Business Bureau website, the company has a 4.4 star rating with five customer reviews. On Yelp, the business has a 4 star rating with four reviews.
Three of the Yelp reviews are glowing with praise. Customers say that they have had excellent experience working with the company representatives on opening precious metals IRAs, buying precious metals, and coordinating shipments. The customers also mention their salespeople by name and say that everyone is knowledgeable and helpful.
The one negative review of the company says that it is not a good place to buy or sell numismatic rarities. The customer did say that he had no opinions on the company's bullion dealings. It does seem that the inventory focuses more on bullion than numismatic rarities, so if you're looking for collectibles, this might not be the store for you.
The BBB reviews are similarly positive. There is one negative 2 star review of the company from someone who said that their order didn't ship immediately. They had been told that it would be shipped right away. It took a week for them to receive their tracking number.
That said, shipping delays are sometimes an unavoidable part of the precious metals business. It's also possible that the company was dealing with delays due to impacts from the COVID-19 pandemic at the time. Since they have not responded, it's hard to say. But no one else has complained about shipping delays, so this doesn't seem to be a pattern.
Pros & Cons of Miles Franklin Precious Metals
Miles Franklin Precious Metals is a solid precious metals dealer with a long history in the business. They are a legitimate company with a reputation for good customer service, transparency, and convenience. But despite over 30 years of industry experience, they only have a handful of online customer reviews.
The reviews that do exist are almost all positive. Customers have a lot of praise for how friendly, knowledgeable, and patient the brokers are. They say that their transactions were painless and that their queries were handled well.
On the grounds of them being a good company, we can recommend them. There's enough evidence that they have solid leadership and a good rapport with their clientele. But there are just a few things to keep in mind.
One is that the company doesn't seem to deal much in numismatics. Numismatic coins are a riskier investment than bullion, because their pricing is based more on individual supply and demand than on the market value of the metals. If you're looking for specific collectors' items, you may want to go elsewhere.
Another thing is that even though the company provides IRA services, they don't have the same in-house IRA expertise that some other specialist companies do. Instead, they outsource the signup process to their partner custodian. There's nothing wrong with this, but there are other precious metals IRA companies that outcompete Miles Franklin in terms of ease of setup.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Miles Franklin Precious Metals below!