Miles Franklin Review: In-Depth Analysis of Precious Metals Dealer

Miles Franklin Precious Metals has operated in the precious metals industry for over 30 years, building a reputation as a family-owned business with more than $9 billion in sales. The company offers gold, silver, platinum, and palladium investments through both direct purchases and retirement accounts.

Miles Franklin positions itself as a trusted dealer in an industry filled with questionable operators.

Miles Franklin maintains an A+ Better Business Bureau rating and emphasizes transparent pricing without hidden fees, though the company has relatively few online reviews compared to what you might expect from a three-decade-old business. This review examines everything from their product selection and storage options to customer experiences and how they stack up against competitors.

Understanding whether Miles Franklin is the right choice for your precious metals investment requires looking at real customer feedback, fee structures, and the company’s track record. The following analysis covers their Gold IRA services, purchasing processes, and the pros and cons of working with this established dealer.

Key Takeaways

• Miles Franklin is a family-owned precious metals dealer with over 30 years of experience and an A+ BBB rating
• The company offers competitive pricing with no minimum order requirements and partners with secure storage facilities like Brink’s
• Customer reviews are mixed with a 3.7 out of 5 TrustPilot score, though professional support and educational approach receive praise

Company Overview

Miles Franklin Precious Metals has operated as a family-owned business since 1989. The company maintains BBB accreditation and operates from Minnesota with over three decades of experience serving customers nationwide.

History and Founders

Miles Franklin was founded in 1989 by Andy Schectman and his father, establishing the company as a family-owned precious metals dealer. The business has grown significantly over its 35-year history.

Andy Schectman, also known as Andrew Schectman, serves as the company’s president and has been instrumental in building the business. The father-son team developed a philosophy centered on customer education and service.

The company has achieved over $9 billion in sales throughout its operating history. Miles Franklin operates as a United States Mint-authorized reseller, a distinction held by only select companies in the industry.

Reputation and Accreditation

Miles Franklin maintains BBB accreditation with an A-plus rating from the Better Business Bureau. This accreditation indicates the company meets specific standards for business practices and customer service.

The company has a record free of significant customer complaints with the BBB. This clean record supports the company’s reputation for reliability in customer transactions.

Key Accreditations:

• Better Business Bureau A+ rating
• United States Mint authorized reseller
• Licensed and bonded in Minnesota

The company’s commitment to transparency and integrity has contributed to its standing in the precious metals industry. However, the lack of online reviews and ratings represents a notable limitation for potential customers researching the company.

Location and Contact Information

Miles Franklin operates from its headquarters in Wayzata, Minnesota. The company’s physical address is 801 Twelve Oaks Center Dr, providing customers with a location for in-person consultations.

The company maintains its primary web presence at milesfranklin.com. Customers can access product information, market updates, and contact details through the website.

Contact Options:

• Phone consultations available
• Email support provided
• In-person visits at Minnesota office
• Online inquiries through website

The Minnesota location allows the company to operate under the state’s rigorous regulations for precious metals dealers. This regulatory environment provides additional consumer protections for customers.

Product Selection

Miles Franklin offers a comprehensive inventory of precious metals spanning gold, silver, platinum, and palladium options. The company provides both investment-grade bullion and collectible numismatic items to meet diverse investor needs.

Gold Bullion and Coins

Miles Franklin carries an extensive selection of gold bullion and gold coins from reputable mints worldwide. The company stocks popular American Gold Eagle coins, which are among the most trusted gold bullion options for investors.

American Gold Buffalo coins represent another flagship offering. These coins contain one ounce of 24-karat gold and carry the backing of the U.S. Mint.

The Canadian Maple Leaf gold coins provide investors with 99.99% pure gold content. These coins are recognized globally and offer excellent liquidity.

Gold bars from PAMP Suisse and other certified refiners are available in various weights. The company focuses on products that meet IRA eligibility requirements for retirement account investors.

Liberty Gold Double Eagle coins represent historical U.S. gold coinage. These pre-1933 coins offer both precious metal content and potential numismatic value.

Silver Products

The silver inventory includes both bullion coins and silver bars for different investment strategies. American Silver Eagle coins remain the most popular choice among U.S. investors.

Silver cast bars offer lower premiums compared to coins. These bars come in various sizes from one ounce to larger institutional weights.

The Canadian Silver Maple Leaf provides 99.99% pure silver content. These coins feature advanced security features to prevent counterfeiting.

Silver Australia Dragon and Silver Australia Koala coins represent unique designs from the Perth Mint. These limited-production coins appeal to collectors and investors seeking variety.

Platinum and Palladium Offerings

Some reviews indicate that Miles Franklin has limited platinum and palladium options compared to their gold and silver selections. Platinum bars and Platinum American Eagle coins are available when in stock.

Platinum products face supply constraints due to limited mining production. Palladium bar options exist for investors seeking exposure to this industrial metal.

Palladium products have shown significant price volatility in recent years.

Numismatic and Specialty Items

Miles Franklin provides access to numismatic gold coins that carry premiums above their metal content. These coins appeal to collectors who value rarity and historical significance.

The company offers rare coins and specialized services including access to offshore storage solutions for international diversification.

Pre-1965 U.S. silver coins provide fractional silver holdings. These coins carried 90% silver content and remain popular for smaller transactions.

Certified graded coins from PCGS and NGC are available for collectors. These professionally graded coins command higher premiums but offer authentication guarantees.

Gold IRA and Precious Metals IRAs

Miles Franklin facilitates precious metals IRAs through partnerships with established custodians and depositories. The company offers IRA-eligible gold, silver, platinum, and palladium products while handling the setup process with approved third-party custodians.

Setting Up a Gold IRA

Miles Franklin makes setting up a Gold IRA straightforward for investors of all experience levels. The process requires completing application forms and providing proof of identity to meet regulatory standards.

Investors can fund their accounts through rollovers from existing retirement accounts. The company does not impose minimum order requirements, making it accessible for both small and large investors.

Key Setup Requirements:

• Complete application with identity verification
• Choose an IRS-approved custodian
• Select storage options (commingled or segregated)
• Fund account through rollover or contribution

The IRS mandates that gold assets must be stored in approved third-party depositories. Personal home storage is prohibited for precious metals IRAs.

IRA-Eligible Products

Miles Franklin offers a comprehensive selection of IRA-approved precious metals that meet IRS purity requirements. Gold products must have a minimum purity of 99.5% to qualify for IRA inclusion.

Approved Gold Products:

• American Gold Eagle coins
• Canadian Gold Maple Leaf coins
• Gold bullion bars (minimum 0.999 fineness)
• Government-minted gold rounds

The company also provides silver, platinum, and palladium options for diversification within precious metals IRAs. All products are investment-grade and meet strict IRS standards for weight and purity.

Collectible gold coins and jewelry are excluded from IRA eligibility. Only bullion bars and approved coins qualify for self-directed IRA investments.

IRA Custodian Partnerships

Miles Franklin partners with IRS-approved custodians including New Direction Trust Company to manage precious metals IRAs. These partnerships ensure compliance with federal regulations governing self-directed IRAs.

The company utilizes Brink’s premier vault facilities for secure storage of precious metals. Storage options include both commingled and segregated arrangements depending on investor preferences.

Storage Features:

• IRS-approved third-party depositories
• Brink’s secure vault facilities
• Private Safe Deposit Box program available
• Annual storage fees apply based on custodian

New Direction IRA services provide the administrative framework while Miles Franklin handles the precious metals procurement and storage coordination. This partnership model separates custodial duties from precious metals expertise.

Purchasing and Storage Options

Miles Franklin offers multiple ways to buy precious metals and provides secure storage through partnerships with established companies. The dealer works with Brinks for storage solutions including segregated vaults and private safe deposit boxes.

How to Buy from Miles Franklin

Miles Franklin operates as a bullion dealer specializing in gold, silver, platinum, and palladium investments. Customers can contact the company at their office located at 801 Twelve Oaks Center Drive or call their toll-free number to begin the purchasing process.

The purchasing process involves several steps. First, buyers select their desired precious metals products from the available inventory.

Next, they choose a payment method, with wire transfers being the preferred option for larger purchases to ensure secure transactions. Miles Franklin accepts various payment methods depending on the purchase amount.

Wire transfers provide the most security for substantial investments. The company’s custodian team guides customers through each step of the buying process.

Secure Storage Solutions

Miles Franklin partners with Brinks to provide secure storage options for precious metals investments. This partnership gives investors access to professional-grade security facilities for their valuable assets.

The precious metals dealer offers both domestic and international storage options through established third-party facilities. Segregated storage is available, which means individual investments are kept separate from other customers’ holdings.

For IRA investments, Miles Franklin partners with New Direction Trust Company to ensure proper custodial services. This partnership provides IRS-approved storage facilities that meet retirement account requirements.

The storage solutions include:

• Segregated vault storage through Brinks facilities
• International storage options for global diversification
• IRS-approved facilities for retirement accounts
• Professional handling of precious metals

Private Safe Deposit Boxes

Miles Franklin offers private safe deposit boxes through their partnership with Brinks. These boxes provide an additional layer of security and privacy for precious metals storage.

Private safe deposit boxes give investors direct control over their holdings while maintaining professional security standards. The boxes are housed within Brinks facilities, combining personal access with institutional-grade protection.

This storage option works well for investors who want more hands-on control of their precious metals. The safe deposit boxes provide privacy since only the investor has access to their specific box contents.

Pricing, Fees, and Transparency

Miles Franklin operates with no minimum order requirements and emphasizes clear pricing structures across all precious metals transactions. The company maintains competitive pricing and minimal fees compared to other dealers in the industry.

Product Pricing Accessibility

Miles Franklin removes financial barriers by imposing no minimum order limits on precious metals purchases. This policy allows both small-scale and large-scale investors to participate equally in the market.

The company provides real-time precious metal price updates on their website. These live pricing feeds help customers make informed purchasing decisions based on current market conditions.

Key Pricing Features:

• No minimum purchase requirements
• Real-time market pricing
• Transparent premium structures
• Competitive rates across all metals

The absence of minimum orders distinguishes Miles Franklin from competitors who often require substantial initial investments. This accessibility extends to gold, silver, platinum, and palladium products.

IRA Fee Structure

Miles Franklin partners with IRS-approved custodians for Gold IRA services. The company does not directly charge setup fees, though custodian and storage costs apply through third-party providers.

Typical IRA Costs Include:

• Annual custodian fees
• Storage fees (commingled or segregated)
• Transaction fees for purchases
• Insurance costs

Storage options include both commingled and segregated arrangements through Brink’s facilities. Segregated storage typically costs more but provides enhanced security for individual holdings.

The company maintains transparent fee structures and explains all associated costs upfront. This transparency helps investors understand total investment expenses before committing funds.

Buyback Program

Miles Franklin offers buyback services for customers looking to liquidate precious metals holdings. The company emphasizes commitment to client relationships for both buying and selling.

The buyback process involves current market pricing evaluations. Customers receive quotes based on prevailing spot prices minus applicable premiums and handling fees.

Buyback Process:

• Market-based pricing evaluation
• Transparent quote provision
• Secure transaction handling
• Professional customer support

The company’s buyback program provides liquidity options for investors.

Customer Experience and Reviews

Miles Franklin has received mixed feedback from customers across multiple review platforms. The company maintains an A+ rating from the Better Business Bureau with a 4.25/5 star customer rating based on customer reviews.

Positive Customer Feedback

Customers frequently praise Miles Franklin for several key areas of service. Many reviews highlight the company’s competitive pricing compared to other precious metals dealers.

The Better Business Bureau reviews show customers appreciate the helpful staff and extensive product selection. Buyers often mention the wide range of precious metals available for purchase.

Customer support receives regular praise in testimonials. Many clients report positive experiences with the ordering process and delivery times.

The company’s 30+ years of experience in precious metals trading builds trust with customers. This longevity helps establish credibility in a market where reliability matters greatly.

Complaints and Criticisms

While Miles Franklin maintains generally positive ratings, some customers have raised concerns. The limited number of reviews on certain platforms makes it difficult to assess widespread issues.

Some customers report communication delays during busy periods. Others mention longer wait times for customer service responses during peak demand.

Price fluctuations in precious metals markets sometimes lead to customer dissatisfaction. This issue affects most precious metals dealers, not just Miles Franklin.

A few reviews mention shipping concerns or delivery delays. These complaints appear less frequent than positive feedback about timely delivery.

Customer Service and Support

Miles Franklin’s customer service approach focuses on education and guidance for precious metals investments. The company emphasizes building long-term relationships with clients rather than one-time transactions.

Customer support handles questions about precious metals markets, storage options, and investment strategies. Staff members provide guidance on product selection based on individual investment goals.

The company offers phone support during business hours. Many customers report speaking directly with knowledgeable representatives who understand precious metals markets.

Response times vary depending on market conditions and call volume. During volatile precious metals markets, wait times may increase as more customers seek guidance.

Comparison with Competing Dealers

Miles Franklin operates differently from most precious metals dealers by requiring phone contact for all transactions and pricing information. Many competitors offer online ordering systems and transparent pricing that Miles Franklin lacks.

Product Variety and Specialization

Miles Franklin offers gold, silver, platinum, and palladium products from major mints including the U.S. Mint, Royal Canadian Mint, and Perth Mint. The company provides both investment-grade bullion and numismatic coins for collectors.

JM Bullion and other major dealers typically offer similar product ranges but with more extensive online catalogs. Most competitors display thousands of products on their websites with detailed specifications and current pricing.

Key differences include:

• Miles Franklin requires phone consultation for all product information
• Competitors like JM Bullion offer instant online browsing and purchasing
• Most dealers provide real-time pricing updates on their websites

Miles Franklin specializes in personalized service through direct broker interaction. This approach contrasts with larger precious metals dealers that focus on high-volume online sales.

Online Platform Usability

Miles Franklin’s website serves as an information portal rather than a transaction platform. Customers cannot view prices or complete purchases online, requiring phone or email contact for all business.

Most competing bullion dealers offer full e-commerce functionality with shopping carts, real-time pricing, and secure checkout systems. JM Bullion and similar companies allow customers to browse inventory, compare prices, and complete purchases 24/7.

Notable platform differences:

• Miles Franklin requires account setup via phone
• Competitors offer instant online account creation
• Most dealers accept credit cards while Miles Franklin only accepts checks and wire transfers

The company’s approach appeals to investors who prefer direct consultation but may frustrate those seeking immediate online transactions.

Benefits and Drawbacks

Miles Franklin offers distinct advantages for precious metals investors, including three decades of experience and comprehensive storage solutions. However, the company also presents some challenges that potential clients should consider before investing.

Key Advantages

Miles Franklin has over 30 years of experience in the precious metals industry. This extensive track record demonstrates stability and expertise in helping clients navigate precious metals investments.

The company maintains an A+ BBB rating with minimal complaints. This rating reflects strong customer service and business practices that benefit investors.

Miles Franklin offers comprehensive storage solutions through partnerships with BRINKS. Clients can choose between precious metal storage or private safe deposit boxes for their investments.

The company provides extensive product variety across multiple precious metals categories. Investors can purchase gold, silver, platinum, and palladium products from various international mints.

Miles Franklin helps clients establish self-directed IRAs through partnerships with custodian companies. This service simplifies the process of adding precious metals to retirement accounts.

Free insurance coverage applies to larger orders. Orders containing 500+ ounces of silver or 10+ ounces of gold, platinum, or palladium include complimentary insurance protection.

Potential Disadvantages

Miles Franklin does not display pricing information on their website. Clients must call to receive current pricing, which can slow the purchasing process and make price comparison difficult.

The company charges multiple fees for IRA services. These include a $50 setup fee, annual administration fees of $75-$125, and transaction fees up to $40 per trade.

Some customers report slow shipping and delayed refund processing. These issues can create inconvenience for investors who need timely service.

Limited customer reviews exist across review platforms. Trustpilot shows only one review with a 3.7-star rating, making it difficult to assess customer satisfaction comprehensively.

The company requires large minimum orders for certain benefits. Storage fee waivers only apply to collections valued at $15,000 or more, limiting access for smaller investors.

Frequently Asked Questions

Miles Franklin operates with transparent pricing models and offers multiple investment options through their precious metals programs. The company maintains specific business practices regarding pricing, career opportunities, and affiliate partnerships.

How does Miles Franklin determine their silver and gold prices?

Miles Franklin uses real-time market pricing with transparent markup information. The company provides price-match guarantees to ensure customers receive competitive rates.

They offer live pricing updates throughout trading hours. The markup structure remains consistent across different product categories.

What choices are available for investing in a gold IRA through Miles Franklin?

Miles Franklin offers IRS-approved precious metals including American Gold Eagles, American Gold Buffalo coins, and Canadian Gold Maple Leaf coins. They also provide PAMP Suisse gold bars for IRA investments.

The company assists with 401(k), 403(b), and traditional IRA rollovers. Each client receives dedicated support throughout the rollover process.

Silver options include American Silver Eagles, Canadian Silver Maple Leaf coins, and Austrian Silver Philharmonic coins. Various silver bars are also available for IRA accounts.

What are the benefits of purchasing Silver Eagles from Miles Franklin?

Silver Eagles purchased through Miles Franklin qualify for IRA investments. The coins meet IRS purity requirements for retirement accounts.

Miles Franklin provides guaranteed buyback programs at competitive market rates. This ensures liquidity when investors need to sell their holdings.

The company offers secure storage options through their partnership with Brinks. Storage services are available in multiple locations for purchased metals.

What types of careers are available at Miles Franklin, and what qualifications do they require?

Miles Franklin operates as a family-owned business founded by David and Andrew Schectman in 1989. The company focuses on precious metals expertise and customer education.

Career opportunities typically involve precious metals knowledge and customer service skills. The company emphasizes educational support and market analysis capabilities.

Can you provide details on the Miles Franklin affiliate program and how to participate?

The search results do not contain specific information about Miles Franklin’s affiliate program structure or participation requirements. Interested parties should contact Miles Franklin directly for current affiliate program details.

What is the history of Miles Franklin’s business standing with the Better Business Bureau?

Miles Franklin maintains an A+ rating with the Better Business Bureau.

The company has held this rating consistently throughout their operations.

The business has operated for over three decades since its 1989 founding.

Miles Franklin has received industry awards for customer service excellence.