Miles Franklin Precious Metals Review

Miles Franklin Precious Metals Review

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Miles Franklin is a precious metals dealer established in 1989. The main objective of the company is to help customers diversify their investment portfolios with precious metals. The company was started by David and Andrew Schectman.

Their vision was to provide a wide range of bullion and numismatic products to customers around the country. 

As opposed to traditional precious metals dealers, Miles Franklin serves both as a service company as well as a low overhead discount broker.

The company believes that fair pricing, proper customer education, and good customer service should work hand in hand to promote better service.

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Miles Franklin Background


miles franklin website

Miles Franklin was launched in 1989 by David Schectman and his son Andrew. The company has its headquarters in Wayzata, Minnesota, and specializes in selling precious metals like silver, gold, silver palladium, and platinum.

Miles Franklin offers precious metals coins and bars. It also provides both silver and gold IRAs to different customers. 

Andy Schectman is the President and owner of Miles Franklin Ltd. Since joining the company in 1989, Andy has developed strategies that have helped the company realize sales worth $5 billion.

His customer-oriented approach has given the company a reputation of trust and dependability. Schectman oversees the company's operations and business functions including accounting management, strategy, and planning, new business, and finance. 

David Schectman is the Chief Executive of Miles Franklin. He started his career in the precious metals industry soon after graduating from University.

He has trained hundreds of brokers in different aspects of precious metals investment and asset management.

Custodian and Storage


The Internal Revenue Service (IRS) requires all precious metals bought by customers to be stored by accredited storage companies which are also known as gold IRA custodians. Miles Franklin works with two different depositories to ensure that your precious metals are safe and secure.

One of the depositories is situated at Brink’s Montreal, Quebec. The other one is through the company’s private safe deposit box program. It is up to you to decide which depository you would want your precious metals to be stored in.

The storage rates vary depending on the depository you choose.

Private Safe Deposit Boxes


vault of safe deposit boxes

One of the major concerns for most customers is how safe their precious metals are after making an order.

Miles Franklin perfectly understands these concerns and invests in full-proof the latest technology to ensure that your gold, silver, or any other precious metal is kept safe. This is where private safe deposit boxes come in. 

Private safety boxes are some of the best ways of keeping your precious metals. Private safety boxes are normally kept in a bank and connected to a bank account without insurance cover.

But with Miles Franklin, your cash or products are protected in a safe private box covered with insurance. The vaults are located in a secret and secure place in one of the safest countries in the world. 

Through the private safety boxes, Miles Franklin offers customers the ability to buy physical silver, gold, or platinum in a safe deposit box that’s insured. This means that your precious metals are securely stored and you are the only one with the keys to them.

Miles Franklin Products


Miles Franklin offers a wide range of products and services. This includes precious metals like gold, silver, and platinum. Customers can also apply for gold and silver IRAs depending on their specific needs. 

Below are some of the popular products available:

  • Royal Canadian Gold Mint one ounce
  • Gold Australian Kangaroo one ounce
  • Gold American Buffalo one ounce
  • Pamp Suisse one ounce Platinum bar
  • Royal Canadian Mint one-ounce Platinum Maple Leaf

The price of the product is normally determined by the size and level of purity. There’s no restriction on the number of precious metals you can purchase.

Precious Metals IRA Information


Miles Franklin works with New Direction IRA to offer customers quick, and simple techniques for setting up self-directed IRAs online. The company makes it easy for customers to do the following:

  • Transfer money from current retirement accounts
  • Make rollovers or deposits over the internet
  • Purchase or sell precious metals in your self-directed IRA
  • Set up storage with the precious metals depositories
  • 24/7 access to your precious metals accounts

The process of setting up an account is quick and simple. But you can also contact Miles Franklin for help if you can’t signup online. 

Here’s is how to set up an account with Miles Franklin:

  • Signing up: The first step is to set up your account by visiting the company’s website or completing the required paperwork and submit to the company’s office.
  • Fund the account: The next step is to fund your self-directed IRA account. Miles Franklin has several payment options. You can choose the option that best suits you.
  • Choose and purchase your precious metals: Once the funds have been reflected in your IRA account, you can instruct your Miles Franklin broker to buy the precious metals of your choice.
  • Consent for the funds to be moved from your New Direction IRA account to Miles Franklin.
  • As soon as the funds have been received from the self-directed IRA, the precious metals will be delivered to your preferred depository or storage company.

Below is some of the information you will need before getting started with the registration:

  • Your email address and mobile number
  • Your date of birth, legal name, physical address, and social security number
  • Beneficiary information such as an address, date of birth, names, and social security number among others.
  • Decide on the dollar amount that will be moved, contributed, or rolled over
  • Decide on the type of tax-deferred account to set up
  • A copy of the current retirement statement plan or IRA

What is a Self-Directed IRA?


A self-directed IRA is a retirement plan that allows one to invest in any form of an asset that is allowed for an IRA by the Internal Revenue Service. This may include anything save for life insurance and collectibles. 

The IRA requires every asset bought in the IRA to be stored by a qualified and accredited custodian or trustee.

What's the Difference Between a Traditional IRA and a SEP or SIMPLE IRA?


A Traditional IRA is an individual retirement account that permits tax-deductible contributions to be made to that particular account. SIMPLE and SEP IRAs are retirement plans designed for small businesses.

These type of plans gives smaller companies a chance to provide their employees with retirement plans without inuring costs normally associated with administering 401K plans. Both SEP and SIMPLE permit employer contributions to be made to IRA.

What's the Difference Between Indirect and Direct Rollover?


The IRS restricts the number of indirect rollovers to one year but doesn’t limit the number of direct rollovers one makes from their 401k to IRA.

The main difference between an indirect rollover and a direct rollover is that an indirect rollover is where the cash is directly given to you. 

man looking at a clipboard

This means you are the one responsible for moving the fund to the new custodian. IRS requires the funds to be moved to the new custodian within 60 days.

It is also important to note that the plan administrator has a right to withhold at least 20 as federal tax when you choose an indirect rollover from your 401k plan. 

But with a direct rollover, there’s no need to take physical receipt of the cash. The money is directly transferred from your 401k plan to your IRA without any cash being withheld in form of tax.

Besides, IRA doesn’t restrict the number of direct rollovers one can perform in a year.

Why Buy Precious Metals?


  • Portability

Gold bullion is very portable. This means you can move around with it without any obstacles unlike other forms of assets.

  • Portfolio Diversification

There’s no better way to diversify your investment portfolio than through precious metals. Gold and silver are generally known as less volatile investment options compared to stocks or real estate.

  • Universal Acceptance

Gold has always and will always have value as opposed to paper currency generated by governments. Gold bullion can't go bankrupt or default.  Every society in history has valued gold, and it has 5,000 years of history proving it's value.

  • Durable

Gold can go for centuries without wearing out or losing its value.

Shipping Information


Most orders are delivered to buyers through UPS and USPS.  Every package is insured and must have a signature upon delivery.

Selling Precious Metals


It is easy to sell back your gold or silver to Miles Franklin. All you have to do is contact the company, secure the package and have it delivered. You will receive your payment within three to five business days.

For investors that are looking to withdraw cash from their precious metals IRA and are wondering how to sell a gold IRA, simply contact the customer service specialist at Miles Franklin and they can help guide you through the process.

Miles Franklin Reviews


Miles Franklin has been in business since 1989. The company has proved to be a leader in the precious metals industry. They offer a wide range of precious metals and IRAs. Miles Franklin puts the interest of its customers first.

Although there are a few complaints regarding a few things, their services are generally up to standard.

Is Miles Franklin a Scam?


It would be unfair to say that Miles Franklin is a scam. The fact that they have been in business for all those years proves that it is a credible precious metals company.

Pros and Cons


Pros

  • A wide range of precious metals and numismatic products
  • The company provides some of the most popular IRA-approved silver and gold products
  • Great customer service
  • Good customer reviews and rating
  • Trusted and reliable

Cons

  • There’s no information about prices on their website
  • Customers don’t have the option of ordering products online
  • Some customers complain of poor service

Conclusion

In a nutshell, Miles Franklin is a reputable precious metals dealer. It has been in business for more than three decades, an indication of its dedication to excelling in the precious metals industry.

Miles Franklin has a reasonable track record in the precious metals industry, but we do not recommend them.  

They are not a scam, but they are not the best choice for gold investments and certainly not IRA's, like other companies we have written about on this website.

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