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Miles Franklin Precious Metals Reviews: Pros, Cons, is it Right for You?

As you begin considering investing in precious metals, you will need a company to guide you in the process. Could Miles Franklin be that company?

Is Miles Franklin legit, or a scam? What kinds of services do they offer?

What do customers have to say about this precious metals investment firm? In this Miles Franklin review, we will give you all the facts, through our firsthand insights.

At The Gold Information Network, we understand the importance of your financial choices and the trust you place in our insights. We conduct in-depth research on each company we review, evaluating its reviews, reputation, product offerings, fees, and history while meticulously comparing it with similar market products.

In a financial landscape where banks appear geared towards serving the wealthy, we hold reservations about these institutions, the monetary system, and politicians. We passionately advocate empowering individuals like you with greater control over their finances. We firmly believe that you should have the authority to shape your financial future independently, reducing your dependence on institutions and politicians.

The Gold Information Networks' Quick Summary & Opinion

We provide a detailed review of Miles Franklin Precious Metals, a company that specializes in selling precious metals like gold and silver coins/bars.

  • Key information about the company: 
    – Founded in 1989 and headquartered in Minnesota
    – Offers precious metals IRAs and storage solutions
    – Has an A+ rating from the Better Business Bureau
  • Pros and cons of working with Miles Franklin:           
    – Pros: Low fees, buyback program, excellent customer service           
    – Cons: Limited selection of products compared to larger dealers
  • In our opinion, Miles Franklin is a trustworthy and reputable company for investing in precious metals, especially for smaller investors. 
  • We caution that like any investment, buying precious metals carries inherent risks that customers should carefully consider. 
  • Overall, we give Miles Franklin a positive review and recommend them as one of the top precious metals dealers to consider in 2024.

Background Information for Miles Franklin Precious Metals

As we navigated through the website, we discovered Miles Franklin Precious Metals was established in 1989. The company seeks to help its customers diversify their investment portfolios and protect their retirement savings.

Miles Franklin is both a precious metals dealer and a service provider, giving its customers the guidance they need, whether they are investing for the first time or are old pros.

Miles Franklin Management Team

Before you begin working with any firm in the precious metals industry, you must understand who will be serving you. Who owns Miles Franklin Precious Metals?

As we directly oberved, Miles Franklin was founded by David and Andy Schectman, a father and son duo with a passion for helping others realize their options for investing in precious metals IRAs.

At the time of this writing, Andrew Schectman is listed as the company's current owner and CEO. His dad, David Schectman, is the former CEO.

Drawing from our own findings, Andy Schectman graduated from the University of Minnesota with a degree in economics. He also became a licensed financial planner before he opened the doors of Miles Franklin with his father.

David is also a graduate of the University of Minnesota and began working with another well-known precious metals company before starting Miles Franklin.

David Schectman was promoted to company president in 2006 when his father handed over the reins.

From our own analysis, we discovered the company is headquartered at 834 Wayzata, MN 55391. Through its website and physical location, Miles Franklin Ltd. services its clients' needs, helping them easily buy precious metals.

The toll-free number of the company is 1-800-822-8080.

Ratings, Reviews, & Complaints

We have discovered in our investment journey that there are many things to consider when reviewing a company. Before diving headfirst into unknown waters, you must learn all you can about a company.

One of our first stops researching a company is consumer rating sites. We want to see what the BBB rating is and what Business Consumer Alliance has to say about the company.

The Better Business Bureau

As we navigated through our research, we found Miles Franklin has a rating of A+ on the Better Business Bureau. The star rating is 4.4/5 stars, based on five customer reviews. The company has been BBB accredited since 11/25/2009.

Business Consumer Alliance

At this time, Business Consumer Alliance has given Miles Franklin a rating of BB. This is a slightly above average rating and means most customers are satisfied, though it is far from the superior rating of A+ that some companies have.

The company has a five-star rating with only two customer reviews.

Based on our years of experience, we have to ask how does a company that has been in business for so long have few reviews? There are also no major complaints that we could find on the top consumer rating sites. This is a good thing since this is a trusted consumer reporting site.

When researching companies like Miles Franklin, we also look for any current and past lawsuits on rating agencies' sites.

Does Miles Franklin have lawsuits? Do they have customer complaints like the New Direction Trust Company?

As we personally explored, we could not find any lawsuits. There are also no records of past lawsuits filed against the owners.

BB

Is Miles Franklin Precious Metals a Scam?

Based on our personal findings, we do not believe Miles Franklin qualifies as a scam. The company has been in operation since 1989. You would be hard-pressed to find a company lasting that long if they were scam artists.

Although the company is not a scam, and they have fairly good ratings on consumer review sites, this does not mean they are the best company for your needs.

We need to dig a little deeper so you can determine if this precious metals IRA company is right for your needs.

Pros & Cons

Pros

Cons

Custodian and Storage Services

As we personally explored, we found Miles Franklin offers depository services through storage vault Brink's Montreal, Quebec, and its own safety deposit boxes.

With their custodian and storage vault Brinks storage services, they can help retirement savers with every aspect of opening and funding self-directed IRAs for gold/silver.

A Miles Franklin custodian will walk you through the process of obtaining secure storage. You can visit them at 801 Twelve Oaks Center Drive or call the toll-free number to get started investing in gold, silver, platinum, and palladium products today.

Products Offered By Miles Franklin Precious Metals IRA

Our own personal search revealed Miles Franklin offers a large array of gold, silver, platinum, and palladium coins. If you are interested in investing in gold/silver, they likely have the silver coins you are searching for.

The following are some of the silver and gold coins available on the website:

  • Silver Eagle
  • Gold Canadian Maple Leaf
  • Palladium Canadian Maple Leaf
  • American Gold Eagle
  • American Gold Buffalo
  • Australian Platinum Platypus


You can purchase from the company by appointment at their Ste. 834 Wayzata, MN office. You can also call the toll-free number to learn about palladium products and Franklin Products Miles.

Shipping Options Available From Miles Franklin Precious Metals

Before you decide on any precious metals investment company, including including Miles Franklin, you need to know about the shipping options, as our experience has shown us this is an important factor.

If you plan on purchasing gold bullion from a low-overhead discount broker, the shipping fees are an important consideration.

Most orders are delivered through UPS or USPS. Each delivery is insured, and you must sign for your silver, platinum, and palladium.

Selling Precious Metals to Miles Franklin Precious Metals

When you decide to cash in your numismatic gold options, you can easily sell them to Miles Franklin via their buyback program for gold IRAs.

They offer fair pricing, and you will receive payment as soon as they receive and verify your gold, silver, platinum, and palladium coins.

Essential Information About Precious Metals IRAs

In our own dealings with gold investments, if you are interested in investing in precious metals IRAs, you can roll over from an existing retirement account or open a new IRA for precious metals coins.

Many companies can help you purchase coins through custodial services, including Direction Trust Company Metals.

It is important to follow the rules of purity and storage services from the IRS. You cannot add gold you own or certain coins, so you need a New Direction Trust Company to help.

FAQ About Miles Franklin Precious Metals

The following are some of the most commonly asked questions regarding Miles Franklin:

Who Owns Miles Franklin?

Andy Schectman owns Miles Franklin, and his father is also a founder. You may know Andy and his father if you live in the Salt Lake City area. Read any Miles Franklin review, and you will discover both of these men are trusted.

Is MF Bullion Canada Reputable?

We we have personally witnessed, MF Bullion Canada appears to be a reputable company, though they have had customer complaints. This company's offerings are often compared to Miles Franklin products because both offer flat fees.

What is the Safest Precious Metal in Which to Invest?

The safest precious metal to invest in right now is gold. This precious metal is always highly valued and retains its value even when the markets begin to dip.

Gold retained its value even in the palladium years.

What is the Best Precious Metal to Buy Right Now?

The best precious metal to buy right now is gold. Bars and coins are easily stacked for self-storage and are ideal for Miles Franklin custodial services in Salt Lake City. We highly recommend gold investments in this Miles Franklin review.

Our Final Verdict

Based on our own encounters, Miles Franklin appears to be a legit company. In this Miles Franklin review, we have sought to provide you with all the facts on their services and Miles Franklin products.

Through our research for this Miles Franklin review, we have found the company is trustworthy, but we are concerned about the lack of customer reviews. We do feel there are much better companies available.

We recognize the significance of your financial decisions and the trust you place in us. We've done extensive research, examining reviews, reputation, products, fees, and history, ensuring you receive accurate insights.