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Many companies help investors with their IRAs, and Red Rock Secured is one such company. They help investors purchase silver and gold for their retirement accounts.
Before selecting any business to assist with your precious metals IRA, you should research carefully. Unfortunately, there are many scammers, and it is easy to fall prey to their schemes.
Is Red Rock Secured a legitimate company? Do they have positive reviews or negative ones? This article will give you the facts about the company, whether they are good or bad. Ultimately, we will give you our final verdict on Red Rock Secured.
Red Rock Secured is based in Southern California and was opened in 2009. This business seeks to help people diversify their investment portfolios to hedge against inflation through precious metals investing.
Red Rock Secured educates the public and guides them in investing in gold and other precious metals. Purchasing precious metals should not be stressful, and Red Rock Secured works to ensure it is not.
We checked out the Red Rock Secured website and found they share a lot of glowing reviews from the BBB, BCA, Trustpilot, and more. This is typically a good indicator, but you should check the consumer sites yourself for real customer ratings.
Red Rock Secure seems to want to come across as a trustworthy company. After all, why wouldn't anyone trust a business that has mostly perfect customer reviews on some of the top consumer rating sites?
We must admit that there are some suspicions at this point in our investigation and research. Is this business all it claims to be, or is it a scam? Keep reading to learn more.
Sean Kelly is the founder and CEO of Red Rock Secured. He founded the company after the great market crash of 2008.
The company is headquartered in El Segundo, California, and employs around 50 employees who take care of various client accounts. Red Rock Secured's representatives can help customers make the right investment choices.
Reviews state the customer service level of the business is tops. People are often quick to tell others if they have been treated unfairly by a business, so this looks promising.
Any company with bad ratings should be avoided, especially if the negative reviews are widespread. When we begin researching any company, we first aim to learn what consumer rating sites are saying, along with customers.
We check sites like the BBB, BCA, Trustpilot, Trustlink, and many more. The BBB is an especially reliable source to determine if a business is worth your time.
We first checked on the Better Business Bureau to see what kind of rating the business has. At the time of this writing, Red Rock Secured has an A+ rating and 4.88 out of 5 stars based on 90 customer reviews.
There have been seven closed complaints in the last three years and three within the last year. The Better Business Bureau has accredited the company since 2017.
We also investigated the business rating on Business Consumer Alliance. Here, we discovered Red Rock Secured has an AAA rating and five stars based on 142 reviews. There has only been one closed complaint in the last three years.
After reading customer complaints, it appears there was a short-lived problem in 2021 that left many customers unable to get answers to their questions. Red Rock Secured hired a new client relations specialist.
The company has acknowledged past issues and wants to move forward with a new objective: to serve its clients better.
On Google Reviews, Red Rock Secured has 4.8 stars out of 5, with 126 customer reviews. It appears most people give the company glowing reviews.
After reading the reviews on these three consumer sites, we thought reasonably highly of the company, but then we read a scathing review on Trustpilot from a former employee who wishes to remain anonymous. The information provided by this former employee was shocking.
Former Employee Allegations
This former employee had a lot to say about the business – and it wasn't good. If we are to believe this reviewer, Red Rock Secured has a lot of explaining to do to its customers and employees, both present and former.
1. Red Rock Secured charged customers extremely high commission fees of 50% to 80%.
2. The company preyed on elderly customers because they are easy to confuse and agree to verbal agreements.
3. The company deliberately defrauds and misleads its customers.
4. The former employee states they have been in the precious metals investment industry for over ten years and have never seen such misleading practices.
5. The company charged double or triple the market value of physical gold.
6. The former employee also states they feel like an investigation should be launched into the company, and they should face criminal prosecution for preying on the elderly.
We realize disgruntled employees can leave fake reviews. If you look up the company, they have been accused of fake review posts made by employees.
On Trustlink, you will find dozens of fake reviews posted by the company. It appears they got caught cheating on the rating system.
After reading the former employee's allegations, we are deeply concerned about Red Rock Secured. On the surface, this company seems solid. As we have found out many times, surface appearances can be deceiving.
Although we are sure some customers have been happy with Red Rock, how many fake reviews have been put out by the company? Is this privately held company a scam? It is beginning to look that way!
No company can please every customer, but there should be more positive reviews than negative ones. In the case of Red Rock Secured, we cannot trust the reviews we see because the company has been caught posting its own glowing reviews.
The following are some of the top pros and cons we have discovered in our research from the Business Consumer Alliance, BBB, Google, and more.
Pros
Cons
While we can't say the business is a scam, and the business appears legit and offers the right services, however it seems there is something deeply troubling about the customer reviews and the realization that many seem to be fake.
What is Red Rock Secured hiding?
We are also concerned about the number of lawsuits waged against the business. Even though some were dismissed, a company should not have multiple lawsuits for any reason.
We will say the business is legitimate, but it appears they could be us using underhanded, devious means of operation. The company appears to be taking advantage of the elderly, which we do not tolerate with any business.
Red Rock Secured offers various products and services to its customers. For over a decade, the company has provided the following.
If you decide you want to begin investing all or a part of your retirement accounts into a precious metals IRA, companies like Red Rock Secured can help. Depending on your needs, you may be able to roll over your current 401k or open a new precious metals IRA.
This business reports they take care of most of the paperwork and the transfer process. You simply sign your documents. You should always be careful before signing any financial agreement. Read the fine print.
Red Rock works with companies that provide IRA custodian services and secure storage. Remember that you cannot store your gold at home; it must be stored in an IRS-approved storage facility. You can rest assured your metals will be safe in a secure storage facility.
All clients qualify for a free one-on-one consultation to learn how to diversify their retirement savings and protect their financial futures with a gold IRA. Through this offer, one would think the business offers excellent customer service, but this may not be the case, even if the covered materials are extremely helpful.
In addition to the above, which is a significant portion of the educational pursuits of the business, Red Rock Secured also offers informative blogs and other materials that can help new investors with their self-directed IRA.
These materials can help you understand how to grow your retirement portfolio tax penalty-free. The tax advantages are why many people seek IRAs.
The company sells many precious metal options. The following are some of the most popular coin options on the website:
While the purchase process is meant to be straightforward, many investors will not like how they have to jump through hoops to make purchases, even if the company offers home delivery.
Any time you buy from a dealer, you want secure products. Are the gold and silver being offered for your self-directed IRA of the right purity levels? Be careful when buying precious metal products of any type because scams abound.
There are no fees listed on the website. You need help finding the listed price per gold or silver coin. It would be nice to have at least some pricing information available for the precious metals they sell.
You will be paying an annual maintenance fee for your gold IRA account. This amount depends on your account size and can vary among IRA custodians.
You will also need to pay an annual storage fee to the depository. The right storage will give you peace of mind in knowing your precious metals are secure and insured.
Purchasing gold at Red Rock Secured is relatively easy. According to reviews, the customer service reps walk you through buying precious metals without a high-pressure approach. Unfortunately, a former employer begs to differ.
First, you must select the precious metals you want to invest in for your gold IRA. Red Rock Secured will convert your assets into precious metals.
Once your purchase is complete, Red Rock Secured will ship your precious metals to your home or chosen depository.
You will hear some companies talk about IRS loopholes. As we were researching for this Red Rock Secured review, we realized the business often talks about this.
Although it is called a loophole, it is really a bonafide advantage offered by the IRS. With a traditional IRA, you can put in contributions tax-free throughout the life of your account.
When it comes time to withdraw from a traditional IRA, you will pay taxes but may be in a lower tax bracket that helps you save money on your transfer assets.
If you have a Roth IRA, you will pay taxes on each contribution but will owe none when you take a distribution. Roth IRAs do not have distribution rules, so you can withdraw from your retirement account at any time.
With both types, you can transfer assets from one retirement account to another without penalty. Gold IRAs simplify diversifying your retirement portfolio and preparing for the future.
Even though they are called gold IRAs, you can invest in metals like gold, silver, platinum, and palladium. These metals hedge against inflation and protect your retirement portfolio from complete losses.
You cannot store your gold at home when investing in gold or silver for gold IRAs. You can store it at home if you want to invest in coins, bars, or rounds outside of a gold IRA.
The IRS requires you to store in a third-party depository that the Internal Revenue Service approves. You can select your own depository or work with Red Rock Secured's selected storage options.
Do not let the cloud of fake review posts change your mind about investing in precious metal coins and bars. Just because this company may not be trustworthy does not mean investing in a precious metals IRA is a waste of time.
Before getting involved with Red Rock Secured or any other dealer, you need to know about the benefits of investing in a gold IRA. Think about the advantages below regarding investing in precious metals.
1. When you invest in precious metals, you can diversify your investment portfolio. If all your investments are tied up within the stock market, you could be losing money daily.
2. Precious metals usually retain their value, even when the stock market is falling, along with the value of Fiat currencies. Precious metals often give investors a great return on investment.
3. One of the most significant benefits of precious metals investing is that it is accessible to all. You can start small or go big right away. It does not take long to grow your gold and silver investments.
4. Investing in precious metals, like gold and silver, allow you to pass on wealth to future generations by purchasing from a dealer with top-notch service.
5. As the world economy continues to suffer, many people are investing in gold and silver. As demand grows, so does the value of gold and silver. This is something to think about when considering an investment strategy.
6. You have many options for investing in precious metals. If they meet the IRS rules for purity, you can purchase coins, bars, and rounds. A Red Rock Secured representative can help you with your precious metals and ensure you select the right ones for your precious metals IRA.
7. Another benefit of investing in precious metals is that gold and silver can still be used as currency in most parts of the world. In the event of worldwide economic concerns, you can get cash from the gold you own.
If you are concerned about your financial future, you are certainly not alone. Many investors are getting involved with precious metals because they offer value, diversification, and inflation hedges.
Although it appears Red Rock Secured is not trustworthy, you are going to need a company to guide you in buying precious metals. Selecting the right one is integral to your success.
People have a lot of questions about investing in precious metals. Although we have tried to be as thorough as possible in our assessment of Red Rock Secured precious metals, you may want to know more.
The following are some top questions people ask about Red Rock Secured.
Red Rock Secured is a precious metals broker that has been open since 2009. Sean Kelly founded the company. The business helps people invest in gold and other precious metals for their IRAs or personal collections.
Red Rock Secured is a brokerage service that sells precious metals. Red Rock Secured partners with some of the industry's top IRA custodians and depositories to sell gold and precious metals.
Red Rock Secured has been in business for around 14 years. The business opened its doors in 2009 and sells a wide array of gold, silver, platinum, and palladium coins, bars, and rounds.
The best company to purchase gold from is Goldco. This privately held firm is dedicated to helping its customers invest in precious metals without stress.
Goldco holds one of the highest customer service ratings in the industry. Of all the brokerage firms we have reviewed, Goldco has always stood at the top. We highly recommend this firm to our readers.
We wanted to give Red Rock Secured a glowing review because, at least on the surface, they appear to be a good gold brokerage firm. This is why research is so critical when it comes to your money.
As we delved deeply into the company and its accusations, we were astonished to find Red Rock Secured is not all they claim. At least one former employee has come forward to discuss the rampant deceit and fraudulent activity within the ranks of Red Rock Secured.
We have also discovered multiple lawsuits and many customer complaints. There is a reason Red Rock Secured tries to bury its unfavorable customer reviews and replace them with fakes. What are they hiding?
Unfortunately, we cannot recommend Red Rock Secured to our readers. If you work with this business, you could jeopardize your investments. There are far better firms out there that will help you manage your wealth and will not resort to fraudulent activity to gain your business.
The information provided in this website is intended solely for educational purposes and general informational use. It is not intended as, nor should it be considered, financial or investment advice. Investing in gold or any other financial asset carries inherent risks, and decisions regarding investments should not be made solely based on the information presented here.
We strongly recommend that you consult with a licensed and qualified financial advisor or investment professional before making any investment decisions. They can provide you with personalized guidance and take into account your individual financial situation and goals.
We do not assume any responsibility for the accuracy, completeness, or suitability of the information provided on this website for your specific circumstances. Any reliance you place on such information is strictly at your own risk.
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