Miles Franklin Precious Metals stands as a stalwart in the world of bullion dealers, boasting over three decades of experience in the industry.
Based in Wayzata, Minnesota, Miles Franklin offers a comprehensive range of gold, silver, platinum, and palladium products to investors, catering to both IRA-eligible and numismatic preferences.
Founded by David and Andy Schectman in 1989, the company prides itself on its commitment to quality support, client education, and fair pricing. In this detailed exploration, we delve into Miles Franklin’s offerings, management team, fees, and customer feedback to provide valuable insights for potential investors.
What is Miles Franklin Precious Metals?
Miles Franklin Precious Metals is a bullion dealer based in Wayzata, Minnesota. Their office is located at 801 Twelve Oaks Center Dr, Wayzata, MN 55391. Similarly, their contact number is 952-582-6306.
They offer gold, silver, platinum and palladium products to customers to invest in. You will find both IRA-eligible and numismatic products in their catalog. Miles Franklin Precious Metal boasts of having surpassed $5 billion in sales.
The company has been in the industry since 1989. It is a full service company as well as a low overhead discount broker. Also, the company puts a lot of emphasis on providing quality support and client education.
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People Behind Miles Franklin Precious Metals
Miles Franklin Precious Metals was founded by David and Andy Schectman in 1989.
Andrew Schectman:
Andrew Schectman is a licensed financial planner and specializes in alternative investments and Swiss Franc investments. He oversees the company’s operations and business functions including account management, strategy, new business and finance.
David Schectman:
David Schectman is a graduate of the U of M. He has experience in working as a buyer and in sales before becoming a precious metals broker.
There, David trained the company’s 60+ brokers in economic theory. He has appeared on several investment seminars and national radio.
In 2006, David gave Andy the position of President, giving him full responsibility of the company’s daily operations. Currently, David Schectman is active in educating buyers and discussing investment strategies through the company’s blog and newsletter.
How to Set Up a Miles Franklin Gold IRA
At Miles Franklin Precious Metals, customers can get a gold IRA as well. The company has partnered with New Direction IRA to offer these services.
First, you would need to submit your self-directed IRA application to the custodian. Afterwards, you would need to rollover funds from an existing IRA or add funds directly.
Once that process is complete, you can begin adding precious metals to your IRA from the inventory of Miles Franklin. However, be extremely cautious when purchasing precious metals for your IRA here as their catalog has plenty of non-IRA options.
Adding negligible precious metals to your IRA can result in severe penalties.
Miles Franklin Precious Metals Products
Being an experienced bullion dealer, Miles Franklin boasts of having an impressive product selection. They offer both IRA-eligible and numismatic products of various metals.
However, their website doesn’t share any pricing details about the products, unlike many popular bullion dealers such as California Numismatic Investments.
Here’s a detailed overview of their catalog:
Gold Products:
You will find many of the popular gold bullion here including:
- American Gold Buffalo
- Canadian Gold Maple Leaf
- American Gold Eagle
- Austrian Gold Philharmonic
- Australian Gold Bar
- Liberty Gold Double Eagle
- Saint-Gaudens Gold Double Eagle NGC
And plenty more.
Silver Products:
Their silver selection includes plenty of numismatic as well as IRA approved products:
- Australia Silver Kookaburra
- American Silver Eagle
- PAMP Silver Cast Bar 1 kg
- Canadian Silver Maple Leaf
- Australia Silver Koala 1 oz
- Canadian Silver Creatures of the North Kraken 2 oz
And plenty more.
Platinum Products:
There are plenty of platinum products to choose from as well:
- Canadian Platinum Maple Leaf
- American Platinum Eagle
- Platinum Bars (1/10oz, 1 oz, 10 oz)
Palladium Products:
You will find the following palladium products to invest in at Miles Franklin:
- American Palladium Eagle
- Canadian Palladium Maple Leaf
- PAMP Palladium Bar 1 oz
Miles Franklin Precious Metals Fees
Miles Franklin has partnered with Brinks to offer storage facilities. Clients who opt for a gold IRA would need to avail their storage facilities as IRS rules don’t permit storing IRA metals at home.
For storage, clients would need to pay a minimum monthly fee of $39. The setup fee for your storage is $89.
However, clients have the option to discuss their fixed rates to get an exact quote.
Apart from the storage fee, there are also charges for their gold IRA services.
The initial set up fee of your gold IRA here would be $50 along with a transaction fee of $40 per transaction. Furthermore, New Direction IRA charges a variable annual maintenance fee.
Miles Franklin Reviews and Complaints
Despite being in business for over 30 years, this company hasn’t received many reviews online. The Miles Franklin BBB page has a rating of A+ and an average score of 4.4 out of 5 stars based on 5 customer reviews.
However, the company hasn’t received any complaints on the consumer platform, which is a notable feat.
Apart from BBB, the bullion dealer has received a few reviews on Yelp.
There, the company has an overall rating of 4 out of 5 stars based on 4 customer reviews.
Similarly, their Google My Business listing has received 11 reviews and its overall score is 4.1 out of 5-stars.
Most of the positive reviews praise the company’s prices and professionalism. Having received only a handful of reviews for such an experienced business doesn’t look good. It can certainly be a disappointment for many investors.
Is Miles Franklin Precious Metals Legit?
Pros:
- Over 30 years of experience
- Offer platinum and palladium products
- Received an A+ rating on BBB
Cons:
- No pricing details on the website
Yes, they are a legitimate enterprise. The company has been in the industry for over 30 years and has an impressive catalog of gold, silver, platinum and palladium products.
They have partnered with a reputed custodian and storage provider to help clients invest in precious metals IRA. Similarly, they offer both IRA approved and numismatic products to customers.
Certainly, they have a lot of positive highlights. But that doesn’t mean they don’t have flaws.
For starters, the company doesn’t share any pricing details on its website. This makes price comparison extremely difficult for many investors, especially those who are browsing the market to find suitable service providers.
Finding the right gold IRA provider can be challenging. However, checking out multiple options can help you get rid of any confusion as you would be able to get an idea of what the industry has to offer.
I recommend checking out our list of the best gold IRA companies on our website. It will help you familiarize yourself with the industry’s top service providers.
If you have experience in dealing with Miles Franklin Precious Metals, feel free to share it below!