Miles Franklin Precious Metals Review

Selecting a trustworthy partner becomes essential when you decide to invest in precious metals to protect your financial future.

Miles Franklin Precious Metals has proven its reliability over 30 years, helping investors secure deals worth more than $9 billion, and demonstrating their expertise in the precious metals market.

This comprehensive Miles Franklin review explores their unique approach to business, where they prioritize personal interaction by requiring customers to call directly for pricing rather than displaying rates online.

Whether you aim to strengthen your retirement portfolio with precious metals or expand your investment horizons, this analysis will highlight the distinctive features that set Miles Franklin apart from competitors.

Continue reading to evaluate if their services align with your investment goals and requirements!

Key Takeaways

About Mikes Franklin

Miles Franklin stands as a distinguished precious metals company specializing in gold and silver sales. The company emerged in 1989 through the collaborative vision of father and son duo, David and Andrew Schectman.

Their innovative approach focused on safeguarding client wealth through strategic precious metals investments. This business model has successfully served customers across the United States for over three decades.

The company’s impressive track record includes generating more than $9 billion in sales, establishing itself as a trusted name in precious metals trading.

Their operational efficiency allows them to maintain competitive pricing while delivering comprehensive educational resources to their clientele.

Miles Franklin prioritizes customer understanding and long-term support, ensuring clients grasp the intricacies of their investments.

This commitment extends beyond the initial transaction, fostering lasting relationships with their customers. Their business model emphasizes personalized service and competitive metal pricing.

Rather than relying on automated systems, they maintain direct human interaction through phone and email communications, providing individualized attention to each client’s needs.

Andy Schectman: Owner

Andy Schectman established Miles Franklin, Ltd. in 1989, building upon his experience as a Licensed Financial Planner.

His background primarily centered on Swiss Franc Investments and specialized investment vehicles. Under Andy’s leadership, Miles Franklin has achieved remarkable success, surpassing $9 billion in sales volume.

His management style has cultivated a corporate culture founded on trust, collaboration, and ethical business practices while maintaining exceptional customer service standards.

As the company’s leader, Andy oversees multiple crucial aspects of operations, including strategic planning, customer satisfaction, financial operations, and expansion initiatives.

His dedicated leadership ensures Miles Franklin continues to uphold its reputation as a client-focused, respected institution in the precious metals industry.

Why Choose Miles Franklin Precious Metals?

Selecting Miles Franklin for precious metals investments proves to be a wise choice. This reputable American bullion dealer, established three decades ago by a father-son duo, continues their legacy of excellence through family management.

Their stellar reputation shines through an A+ Better Business Bureau rating, maintaining a spotless record without complaints.

Operating under Minnesota’s stringent precious metal dealer regulations, Miles Franklin adheres meticulously to all compliance measures, ensuring customer protection.

As an authorized US Mint dealer, Miles Franklin stands among select companies permitted to offer official mint products, providing extensive options for both purchasing and selling precious metals.

Their dedication to exceptional service manifests through meticulous attention to each customer’s order. The team’s collective expertise, spanning over three decades per member, enables them to guide customers toward optimal precious metal investment decisions.

Miles Franklin goes beyond transactions by offering complimentary precious metals education, demonstrating their commitment to customer enlightenment.

Their business philosophy centers on cultivating enduring customer relationships while ensuring personalized attention to individual investment requirements.

Products Offered by Miles Franklin

Miles Franklin provides numerous options for individuals seeking to safeguard their wealth, diversify investments, or acquire physical precious metals like gold and silver.

Here’s a comprehensive overview of available products at Miles Franklin:

Gold

The company offers prestigious gold coins, featuring the One-Ounce Gold Canadian Maple Leaf and One-Ounce Gold American Buffalo.

Random year distributions add excitement for collectors seeking variety. The inventory includes 1 Ounce Gold South African Krugerrand and pristine 1 Ounce Pamp Suisse Gold Bars.

For those preferring simplicity with value, 1 1-ounce gold Bars from various manufacturers are available. Numismatic enthusiasts can acquire the $20 Gold Liberty Double Eagle coin graded MS62. Premium-grade $20 Liberty coins from various years complement the collection.

Modern offerings include the 1 Ounce Gold American Eagle 2024, alongside international selections like the 1 Ounce Gold Australian Kangaroo 2023 and 1 Ounce Gold Britannia 2023, featuring King Charles III. For divisible gold options, consider the 1 Ounce Gold Valcambi Suisse CombiBar.

Silver

The 1 Ounce Silver Buffalo Round embodies American heritage, while pre-1965 U.S. silver coins appeal to collectors.

The 10-ounce Nordic Mint Silver Bar serves investors seeking substantial holdings. Historical enthusiasts appreciate 90% Silver Half Dollars. The Valcambi Kilo Silver Bar suits serious investors desiring bulk purchases.

Premium selections include the 1 Ounce Silver Canadian Maple Leaf 2022, 1 Ounce Silver American Eagle 2024, and 1 Ounce Silver Austrian Philharmonic 2023, each featuring annual design variations.

Bar options showcase the 10 Ounce Silver Nadir Bar and 10 Ounce Silver Eagle Bar with distinctive designs.

Additional choices include assorted 10 Ounce Silver Bars, 10 Ounce Silver Italpreziosi Bar, and 5 Ounce Nordic Mint Silver Bar.

International collectors might prefer the 1 Ounce Great Britain Silver Britannia or 1 Ounce Silver Noah’s Ark 2023.

Platinum

Premium offerings include the 1 Ounce Valcambi Platinum Bar and 1 Ounce Platinum Canadian Maple Leaf, renowned for purity and craftsmanship.

Smaller denominations feature the 1/10 Ounce Platinum Britannia, while specialty items include the 1 Ounce Platinum PAMP Suisse Fortuna Bar, secured within protective packaging.

Limited editions encompass the 2023 1 Ounce Platinum Austrian Philharmonic, Australian Lunar Year of the Rabbit, and 1 Ounce Platinum American Eagle, representing significant cultural and historical themes.

Entry-level options include 1 Gram Pamp Suisse Fortuna Veriscan and Multi-gram bars, making platinum accessible to new investors.

Palladium

For those seeking simplicity, 1-ounce palladium bars are available from multiple brands. The 1-ounce Palladium Fortuna Bar by Pamp Suisse stands out with its distinctive design for collectors wanting something unique.

Smaller options include 5 Gram and 1 Gram Palladium Bars from Argor-Heraeus, making them suitable for beginners or gradual collection building.

Mint

The selection encompasses products from prestigious mints worldwide, including the United States Mint, Perth Mint, Royal Mint, Austrian Mint, Royal Canadian Mint, Valcambi, PAMP, and South African Mint.

Their extensive collection features silver coins such as the Buffalo round and notable pieces from Canada and the USA. Notable offerings include the 2022 Canadian Maple Leaf and the upcoming 2024 American Eagle.

Silver bars range from Nordic Mint’s 10-ounce pieces to Valcambi’s kilogram bars. For vintage enthusiasts, pre-1965 US silver coins and half dollars are available, offering glimpses into historical currency.

The gold selection features renowned coins like the Canadian Maple Leaf, American Buffalo, and South African Krugerrand. These non-year-specific coins appeal to both collectors and investors.

IRA Approved

IRA-approved selections include Silver Buffalo Rounds and Valcambi Kilo Silver Bars, with prices available upon purchase inquiry.

The collection features silver and gold Canadian Maple Leafs, 2024 Silver American Eagles, and 2023 Silver Austrian Philharmonics. Larger options include 10-ounce Silver Bars and Gold American Buffalo coins.

Unique offerings include 2023 Silver Noah’s Ark coins and special 2023 Britannia pieces featuring either King Charles III or Queen Elizabeth II. The collection rounds out with Morgan Dollar Designs and One Ounce Pamp Suisse Gold Bars.

Miles Franklin Precious Metals Storage and IRA Services

Miles Franklin specializes in precious metals investment services, offering options for gold, silver, platinum, and palladium investments.

These valuable metals can be incorporated into Individual Retirement Accounts (IRAs). Miles Franklin partners with Brinks, a renowned security company, to ensure the safekeeping of your investments.

Established in 1859 in Chicago, Brink’s has built a global reputation for security services across 100+ countries. Their expertise spans secure transportation, cash management, and precious metals storage.

Miles Franklin offers two storage solutions through Brink’s:

1. Private Safe Deposit Boxes: Available in Toronto and Vancouver, Canada, this option provides optimal security for gold and platinum storage. You receive exclusive access to your vault at Brink’s facilities, maintaining complete control over your metals.
2. Segregated Storage: This service keeps your metals separate from other investors’ holdings. Available locations include:
   + Canada: Montreal and Vancouver.
   + United States: Los Angeles, New York, Salt Lake City, and Miami.
   This option proves particularly beneficial for precious metal IRA holders seeking enhanced protection for their investments.

Both storage options come with comprehensive insurance coverage, protecting against unforeseen circumstances. The documentation provided shows your metals’ location within Brink’s facilities.

To streamline the process of purchasing and storing metals in IRAs, Miles Franklin collaborates with New Direction Trust Company.

This partnership ensures seamless handling of all aspects, from metal acquisition to IRA management and secure storage.

How to Sell to Miles Franklin

Selling precious metals to Miles Franklin follows a simple process that accommodates various metals including gold, silver, platinum, and palladium. The streamlined approach ensures a smooth transaction for sellers.

Follow these steps to complete your sale:

1. Create a detailed inventory of your metals, specifying:
   + Metal types.
   + Quantities.
   + Weight measurements.
2. Contact your Miles Franklin representative to receive current market quotations and pricing offers.
3. Package your precious metals according to their specific guidelines and ship them as instructed.
4. Expect payment processing within 7-10 business days after Miles Franklin receives your shipment. During peak periods, processing times might extend slightly.
   Payment options include:
   + Free check delivery.
   + Wire transfer (additional $25 fee).

Important considerations:

• Avoid cleaning your metals before selling, as this could diminish their value.
• Honor your price agreements; failing to send metals after accepting a quote will result in:
  + Responsibility for any value depreciation.
  + Termination of future business relationships.
• Miles Franklin welcomes metal trades and typically provides competitive exchange rates.

This established dealer maintains professional standards while offering fair market values for precious metals transactions. Their systematic approach ensures security and satisfaction throughout the selling process.

Fees Structures

Miles Franklin offers competitive pricing for precious metals purchases and storage solutions. Here’s a breakdown of their fee structure.

For substantial silver purchases (exceeding 500 ounces) or significant gold, platinum, or palladium acquisitions (above 10 ounces), shipping and insurance within North America are complimentary. Smaller purchases incur a $15 shipping and insurance fee.

Personal storage space requires an $89.00 initial setup fee. However, this one-time charge is waived for purchases surpassing $15,000.

Private safe deposit storage comes with higher costs. Setup requires $99.00, visitation fees are $65.00 per instance, and withdrawal fees are $40.00. Additional charges may apply; consulting with representatives is recommended for complete details.

For IRA investments through New Direction Trust Company, Miles Franklin’s partner, the following fees apply:

• Annual fees: $75 for accounts under $100,000; $125 for larger accounts.
• One-time setup fee: $50.
• IRA precious metals purchase fee: $40.

Additional IRA-related charges include:

• Fund transfers.
• Paper statements ($10, electronic statements free).
• Roth IRA conversions ($75).
• Late payments ($25 monthly).
• Special service requests ($150 hourly).

Storage services through providers like Brinks range between $100-$200 annually, varying by provider selection.

Direct precious metals purchases maintain straightforward, minimal fees. IRA-related costs fluctuate based on selected services.

Payment Options

Miles Franklin offers multiple payment methods, and you can consult with a licensed broker at 952-929-7006 to discuss your preferred payment option.

For credit card payments, you can process up to $10,000 directly through their website. The company accepts bank wires, certified checks, cashier’s checks, eChecks/ACH, money orders, personal checks, and cryptocurrency as payment methods.

Note that PayPal is not accepted. For cashier’s, certified, or personal checks, and money orders, allow 7 business days for payment clearance.

During checkout, your price remains locked for 10 minutes. To secure your order, complete payment within five business days.

For purchases exceeding $10,000, using checks or wire transfers eliminates special reporting requirements. However, consulting your tax advisor regarding applicable regulations is recommended.

Shipping and Returns Policies

Miles Franklin primarily utilizes UPS and USPS for order delivery. Each shipment includes insurance coverage and requires signature confirmation.

Orders containing 10 ounces or more of gold, platinum, palladium, or 500 ounces of silver qualify for complimentary shipping and insurance within North America.

Smaller orders incur a $15 shipping fee. Shipments to PO Boxes are possible as packages are registered and insured.

The company restricts shipping to North America and US territories exclusively. Full insurance coverage ensures protection against delivery complications, with the company addressing any issues that arise.

You must report delivery concerns within seven days of the scheduled delivery date. The company will provide either replacement products or issue a refund.

Upon order confirmation, you’ll receive estimated shipping timeframes. Expect delivery within 1 to 5 business days, with the possibility of multiple package arrivals.

The company maintains transparent communication regarding order status and shipping details. Their comprehensive shipping insurance and signature requirements ensure secure delivery of your precious metals investment.

The flexible payment options and clear policies demonstrate their commitment to customer service and secure transactions.

Customer Reviews and Ratings for Miles Franklin

You can discover customer opinions and ratings about Miles Franklin across various review platforms, providing insights into their service quality and customer satisfaction levels.

Here’s an overview of Miles Franklin’s ratings across popular review platforms:

BBB (Better Business Bureau)

• Grade: A+
• Stars: 4.2 out of 5
• Number of Reviews: 5

The BBB awards Miles Franklin their highest grade of A+, demonstrating exceptional trustworthiness and customer service standards. The 4-star rating from 4 reviews indicates strong customer satisfaction.

Trustpilot

• Stars: 3.7 out of 5
• Number of Reviews: 1

While Trustpilot shows limited feedback with just one review, the 3.7-star rating suggests a positive experience from that customer.

Yelp

• Stars: 4 out of 5
• Number of Reviews: 4

The Yelp platform displays 4 reviews averaging 4 stars, indicating high satisfaction among local customers.

Facebook

• People Who Recommend: 96%
• Number of Reviews: 17

Facebook reviews demonstrate overwhelming approval, with 96% of 25 reviewers recommending Miles Franklin to others.

The company receives particular praise for its exceptional customer service in precious metals transactions.

Staff members Michael Spector, Kathie Bortnem, and John Herbert earn specific mentions for their expertise and customer-focused approach.

Customers appreciate their ability to handle substantial orders and provide money-saving guidance. While one reviewer cautions against purchasing collectible coins, the majority express satisfaction with secure delivery services and indicate plans for continued business relationships.

The overall feedback across platforms paints a picture of a reliable precious metals dealer with strong customer service values and efficient delivery systems.

What Are Customers Saying About Miles Franklin?

Miles Franklin builds relationships that feel more like trusted friendships than business transactions. Their customers consistently share positive experiences that highlight the company’s dedication to service and integrity.

• JE appreciates their guidance in achieving financial objectives while ensuring secure transactions.
• BI has completed over 20 successful transactions, building enough confidence to recommend Miles Franklin to close family members and friends.
• JGM values its reliable remote support, noting how simple phone calls resolve any concerns despite geographical distance.
• MLB, a coin collector since 1974, ranks Miles Franklin as superior among dealers, praising their honest communication, competitive pricing, and commitment to fulfilling promises.

The collective feedback paints a picture of a company that prioritizes customer relationships, maintains transparency, and delivers consistent quality service.

Their reputation stems from years of building trust through reliable transactions and genuine customer care, making them a standout choice in the precious metals industry.

Pros and Cons of Miles Franklin

When selecting Miles Franklin as your precious metals dealer, understanding their strengths and limitations helps make an informed decision.

Here’s a comprehensive overview:

Pros:

• Customer Satisfaction: Their track record shows consistently positive feedback from buyers.
• Industry Expertise: Operating since 1989 demonstrates their deep understanding of precious metals markets.
• Competitive Pricing: They offer gold, silver, and other precious metals at reasonable market rates.
• User-Friendly Platform: Their website features intuitive navigation with real-time metal pricing updates.
• Expert Support: Their knowledgeable team assists both novice investors and seasoned traders.
• Reputation: They maintain excellent credibility ratings in the precious metals industry.

Cons:

• Limited Review Presence: The company has fewer online customer reviews compared to competitors.
• Purchase Restrictions: Online orders are capped at $10,000, with shipping limited to North America and U.S. territories.
• Phone-Based Transactions: Price quotes and purchases require phone contact, which might inconvenience some buyers.

Is Miles Franklin a Scam?

Miles Franklin operates as a legitimate precious metals company that has served customers since 1989, specializing in gold, silver, and various precious metals. You can purchase metals directly or integrate them into retirement accounts.

Before making investment decisions, you should conduct a thorough research by examining customer reviews and seeking professional guidance to ensure informed choices.

While financial caution remains essential, Miles Franklin’s long-standing presence and established reputation in the precious metals industry indicate its legitimacy as a reliable business entity.

Conclusion

Miles Franklin distinguishes itself through quality customer service and comprehensive product offerings in gold and silver. Their partnership with Brink’s provides secure storage solutions for precious metals investments.

Customer feedback highlights certain operational challenges, including delayed shipping times and communication gaps. However, the majority of client experiences remain positive.

Despite maintaining traditional business practices, Miles Franklin demonstrates reliability in their operations.

For those considering precious metals investments, this company presents a viable option, though careful evaluation of their services against your specific requirements remains advisable.

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