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In the About Us section of Miles Franklin’s website, we can read:
“Unlike traditional coin dealers, Miles Franklin is both a full service company and a low overhead discount broker. We believe that fair pricing plus extensive client education and support can and should exist hand-in-hand.”
Of course, we share this sentiment with Miles Franklin’s founder, but does this company deliver on its promises? Is it a reputable precious metals dealer and IRA investments provider both on paper and in the real world?
Our expert review will answer those questions for you. Here’s all you need to know about the quality of services and products offered by Miles Franklin.
Table of Contents
Miles Franklin Overview
The company was founded in 1989 by David and Andrew Schectman. Before starting Miles Franklin, Andrew, currently the company’s president, became a Licensed Financial Planner specializing in Swiss Franc Investments and alternative investments.
With over three decades under their belt, Miles Franklin created a name for themselves, offering a comprehensive selection of products, such as gold, platinum, silver, and palladium, including a big offering of IRA-approved products. They bring to the table secure storage options offered by Brinks and a customer-focused approach that is reflected in the wealth of resources they present through their website, as well as their flexible customer services.
Miles Franklin’s headquarters is located in Wayzata, Minnesota.
Miles Franklin Products and Services
When it comes to products that are available to purchase with Miles Franklin, we can talk about:
Gold
The seller offers a wide selection of gold coins and bars. Some of the most popular items include Gold Eagles, Gold Maple Leafs, and Gold Kangaroos, but investors and collectors can also find some other interesting coins like Gold American Buffalos or South African Elephant Big 5 Series.
Gold bars are available in a variety of weights, including 1-ounce bars, 10-ounce bars, 1-gram bars, and 10-gram bars.
Silver
We also can find a rather substantial collection of silver items on the Miles Franklin website. The offering includes items such as American Eagle, Canadian Maple Leaf, Australian Kangaroo, and South African Silver Krugerrand coins.
Buyers can choose from a broader range of silver bars (compared to gold bars offering), with items such as 10-ounce bars, 100-ounce bars, and 1-kilo bars, among others.
Platinum
Miles Franklin also caters to clients who are interested in platinum products. Granted, their offer is much slimmer in this case than it is with gold and silver items. Still, you can find here some noteworthy coins, such as the Australian Kangaroo, Canadian Maple Leaf, and Austrian Philharmonic.
Palladium
There are only a few palladium items available at the time we’re writing this review. The selection contains one Canadian Maple Leaf and two 1-ounce palladium bars.
IRA-Approved
If you’re thinking about securing your retirement financial future with gold, silver, platinum, or palladium investments, Miles Franklin gives you that opportunity. You have more than 200 products to choose from, many of which are available in very high purity.
The company works with New Direction IRA, offering IRA services, which include:
- moving your IRA funds from existing retirement accounts,
- purchasing and storing the metals as your retirement savings
- Offering 24/7 access to your precious metals accounts
What’s important to mention about Mile Franklin’s products is the fact that they display pricing for the items in smaller quantities. If your plans involve buying precious metals in large quantities, you are going to have to contact their team directly for detailed information about the pricing.
Another considerable negative factor is that you need to call Mile Franklin’s team to place an order. It can’t be accomplished via their website.
Miles Franklin Storage and Security
Miles Franklin presents two different storage programs. The first one – Completely Segregated Precious Metal Storage and Sales, is available in two countries:
- Canada (Montreal, Quebec, Vancouver, British Columbia)
- USA (Los Angeles, New York, Salt Lake City, Miami)
The full segregated storage option comes with substantial benefits, as your metals are labeled, sealed in a box, and audited.
The second storage service is called Private Safe Deposit Box and is accessible in Toronto, Ontario, British Columbia, and Vancouver. The program stores both gold and platinum. It offers clients the option to store their precious metals or cash in sealed safety deposit boxes.
Both programs are facilitated by Brink and its secure volts and locations.
Shipping and Insurance
Most of the shipping is done via UPS and USPS. As Miles Franklin states on their website, every package is fully insured and requires the client’s signature to be delivered.
When it comes to domestic shipping and insurance costs, all orders of 10 or more ounces of gold, platinum, and palladium are free. The same goes for silver, as long as you’re ordering 500 ounces or more. All orders below these limits are charged with flat rate shipping and an insurance fee of $15.
Miles Franklin does not ship anywhere outside of North America and US territories.
Miles Franklin Customer Service
While we weren’t able to find many customer service reviews, those we did find were mainly positive. Miles Franklin’s clients share their contentment with how responsive, professional, and flexible their customer service representatives are.
It’s very easy to contact them via phone (1-952-929-7006), email (info@milesfranklin.com), or the online form on their website.
Customer service works Monday to Friday, 8 AM to 6:30 PM EST. Their team will get back to you in a matter of minutes or hours, and they will gladly answer any of your questions or help you resolve any concerns.
Miles Franklin Reviews
The company received predominantly positive reviews online. According to these third-party raters, Miles Franklin scores:
- Better Business Bureau (BBB) – A+ rating, 4.2 out of 5 stars, 4 reviews
- Trustpilot – 3.7 out of 5 stars, 1 review
- Business Consumer Alliance (BCA) – CC rating, 5 stars, 2 reviews
- Yelp – 4 out of 5 stars, 4 reviews
Most customers praise Miles Franklin’s team for professionalism, extensive knowledge of the market, and accessibility (scheduling additional calls was never the problem). Clients recall feeling valued and taken care of by the team of experts who can and are willing to answer all of their questions and walk them through every stage of the process.
Still, the number of reviews is very small compared to other precious metal sellers, therefore, it’s difficult to assess whether these reviews reflect the actual level of customer satisfaction.
Getting Started with Miles Franklin
Getting started with Miles Franklin is very easy. To set up an account with them, go to their website and click ‘SIGN UP.’ You’ll be asked to provide some basic information, like your name, referral code, and password. Click ‘Register’ below and follow the instructions.
If you want to open an IRA account, here are the necessary steps:
- Call one of the Miles Franklin representatives to receive all the required information.
- Submit the IRA application form to open your self-directed IRA.
- Transfer funds from your existing IRA account.
- Contact Miles Franklin Broker to purchase precious metals.
- Transfer funds to Miles Franklin from your New Direction IRA.
- Receive your order in your designated depository.
If you want to access more information about the process, contact Miles Franklin’s team directly or watch the video guide below.
Pros and Cons
There are many advantages and some substantial disadvantages to Miles Franklin. Let’s explore them.
| Pros | Cons |
| + Longstanding position in the market + Extensive offer + Competitive prices + Easy set-up process + Mostly good customer feedback + Lots of resources available on their website + Mostly positive ratings from popular online rating sites |
– A small number of customer reviews and product and service reviews – Larger quantities product prices available only after contacting the team over the phone – No option to order through the website – Limited website transparency |
Company Details
Name: Miles Franklin
Founders: David and Andy Schectman
Phone: 1-952-929-7006
Website: www.milesfranklin.com
Address: 801 Twelve Oaks Center Dr. Wayzata, MN 55391
Final Verdict
It’s time to answer the question from the intro to this review. Is Miles Franklin a reliable, trustworthy precious metals seller? The answer is – it’s not conclusive. While we think there are certainly some good reasons to consider them, there are also plenty of question marks that we’d like to have answered first.
The lack of proper transparency on their website and the fact you need to contact their team directly to receive information about the pricing of their products is enough of a red flag for many to cross out Miles Franklin from their list of potential precious metals dealers to work with.
While the company is not a scam, it’s also not the best option out there.
Hopefully, this Miles Franklin review proved to be insightful and helped you make the best decision. To find more valuable information, check out our reviews of prominent precious metals sellers and the best IRA investment providers, like:
- Augusta Precious Metals (Recommended)
- Regal Assets
- Noble Gold Investments
- Goldco Precious Metals
- Patriot Gold Group
Miles Franklin Review FAQ
Can I sell to Miles Franklin?
Yes, it’s possible to sell precious metals to Miles Franklin. To do so, you will need to contact them via phone or email. Then, you’ll receive proper instructions on how to ship the metals to them.
Does Miles Franklin ship internationally?
At this moment in time, Miles Franklin ships only to US territories and Canada.
Is there a maximum order?
There is no maximum order when buying with Miles Franklin, however, you can expect to be obligated to pay a deposit with larger orders.
Article Sources
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- Miles Franklin, https://milesfranklin.com/f-a-q/
- Miles Franklin, https://milesfranklin.com/storage-services/
- Medium, Miles Franklin Review: A Trusted Company Or Not?
