Miles Franklin Precious Metals Review 2023: Scam or Safe?

Have you ever heard about precious metals? They’re like special treasures found on the Earth – things like gold, silver, and platinum. People have been fascinated by these shiny, valuable metals for centuries.

Now, let me introduce you to Miles Franklin. This company has been around since 1989, and its founders, David and Andrew Schectman, had a brilliant idea. They wanted to help folks like you and me diversify our investment portfolios using precious gems.

But here’s what makes Miles Franklin stand out: they’re not your typical precious metals IRAs dealer. Nope! They’re more like a helpful friend in the world of investing. They don’t just sell precious metals; they’re also all about educating you on what you’re investing in.

Protect Your Wealth & Get Huge Tax Savings!

A Little Background Miles Franklin

It all started back in 1989 when a father and son duo, David Schectman and his son Andrew, decided to launch this company. They set up shop in Wayzata, Minnesota, and what they do best is dealing in the precious metals industry – you know, stuff like silver, numismatic gold coins, silver platinum, and palladium. These metals are pretty valuable and shiny!

Now, when it comes to what Miles Franklin offers, they’ve got a variety of precious metal goodies for you to choose from. You can get your hands on precious metal coins and bars – they’re like little treasures you can hold in your hand. And here’s something cool: They can even help you set up special accounts called silver and gold IRAs. These are like special accounts that let you invest in precious gems for your future.

Speaking of Andrew Schectman, he’s the big boss at Miles Franklin – the President and owner. He’s been with the company since the very beginning, back in 1989. This guy has some serious skills when it comes to making the company successful. Under his guidance, Miles Franklin has sold a whopping $5 billion worth of precious metals! He’s all about putting customers first, and that’s why the company is known for being trustworthy and dependable. Andy takes care of lots of important stuff like managing the company’s money, planning, and making sure everything runs smoothly.

Now, let’s talk about David Schectman, the Chief Executive of Miles Franklin. He got into the precious metals game right after finishing up at university. And here’s the cool part: he’s like a teacher of all things precious metals. He’s trained hundreds of brokers on how to handle these valuable materials, making the company a known precious metals investment firm.

Choosing a Secure Home for Your Precious Metals

When you purchase precious metals, one important thing to consider is where to store them. The IRS, which is like the tax authority, says that precious metals you buy need to be kept safe by accredited storage companies. Miles Franklin, the precious metals investment company we’re talking about, takes this seriously and offers you two options for keeping your precious metals secure.

Option 1: Brink’s Montreal, Quebec

One of the places where Miles Franklin can store your precious metals is at Brink’s in Montreal, Quebec. Brink’s is like a fortress for valuable stuff. They’ve got all the high-tech security you can imagine, so your precious metals will be well-protected.

Option 2: Private Safe Deposit Box Program

The other option Miles Franklin has is their private safe deposit box program. This is like having your secret treasure chest. You get to decide where to keep it – it could be at your home or another secure location of your choice.

Your Choice, Your Rate

Now, it’s your call to decide where you want your precious metals coins to be stored. But keep in mind, that the cost of storing and selling precious metals can vary depending on which option you choose. So, it’s a good idea to weigh your options and pick the one that works best for you and your treasures. Miles Franklin will help you figure out the details, so you can rest easy knowing your precious metals are in safe hands.

Peace of Mind with Miles Franklin’s Private Safe Deposit Boxes

You’ve just invested in some precious metals like gold, silver, or platinum, and now you’re wondering, “How can I keep these treasures safe?” Well, that’s a smart question, and Miles Franklin has a pretty smart answer.

Top-Notch Protection

Miles Franklin knows how important it is to keep your precious metals safe. That’s why they go all out with the latest technology to make sure your gold, silver, or whatever shiny stuff you’ve got stays super secure.

Enter Private Safe Deposit Boxes

Here’s where the magic happens – private safe deposit boxes. These are like your secret treasure chest, but they’re not hidden in your attic. They’re usually in a bank, just like where you might stash your savings.

Now, here’s where Miles Franklin takes it up a notch. See, most private safe deposit boxes in banks don’t come with insurance. That means if something goes wrong like your precious metals disappear (yikes!), you might be out of luck.

But with Miles Franklin, it’s a whole different story. Your cash or precious metal products are tucked away in a private box, and guess what? They’re covered by insurance. That’s like having a safety net for your treasures.

Now, you might be wondering where these super-secret vaults are. Well, Miles Franklin keeps them in one of the safest countries in the world – a place where your precious metals can rest easy.

Your Keys, Your Control

Here’s the best part: With these private safety boxes, you’re the boss. You’re the only one with the keys to your treasure chest. That means you have full control over your precious metals, and you don’t have to worry about anyone else getting their hands on them.

So, whether you’re into gold, silver, platinum, or all of the above, Miles Franklin’s private safe deposit boxes have got your back. Your treasures will be snug as a bug in a rug, and you’ll have peace of mind knowing they’re in safe hands – your own!

Discover the Shiny World of Miles Franklin Products

Okay, let’s talk about Miles Franklin and all the cool stuff they offer. It’s like a treasure trove of precious metals and more!

Precious Metals Galore

First things first, Miles Franklin has some pretty awesome precious metals. We’re talking about gold, silver, and platinum – the shiny stuff that’s worth a lot. You can get your hands on these beautiful metals through Miles Franklin.

Special Accounts for Your Gold and Silver

Here’s the kicker: If you’re all about planning for your future, Miles Franklin can help you set up something called a precious metals IRA. It’s like a special savings account, but instead of regular money, you save in gold or silver. Pretty cool, right? You can choose the one that suits your needs.

Now, let’s dive into some of the superstar products you can find at Miles Franklin:

  • Royal Canadian Gold Mint one ounce: It’s like owning a piece of Canadian treasure. One ounce of pure gold!
  • Gold Australian Kangaroo one ounce: Kangaroos are cool, and owning one in gold form is even cooler.
  • Gold American Buffalo one ounce: Who wouldn’t want a golden buffalo? It’s like owning a piece of American history.
  • Pamp Suisse one-ounce Platinum bar: Platinum is super valuable, and these bars are top-notch.
  • Gold Canadian Maple Leaf: Another Canadian gem, but this time it’s platinum. A real beauty.

Size Matters (and Purity Too)

Now, the price of these shiny treasures depends on two things: how big they are and how pure they are. Bigger and purer usually means a bit higher price, but it’s all about what you fancy.

And here’s the best part: there’s no limit to how much precious metal you can get from Miles Franklin. So, whether you want a little piece of gold or a vault full of platinum, they’ve got you covered.

Your Guide to Setting Up a Precious Metals IRA with Miles Franklin

Do you have any idea what a Precious Metals IRA is? It’s like a special savings account, but instead of regular money, you save precious metals like gold and silver for your future. And the best part? Miles Franklin can help you set it up quickly and easily. Let’s dive into how it works.

Step 1: Sign Up

First things first, you need to create your account. You can do this in two ways:

  • Visit the Miles Franklin website: You can hop online and set up your account on their website. It’s a breeze!
  • Paperwork: If you prefer the old-school way, you can fill out some forms and send them to Miles Franklin. They’ll get you sorted out.

Step 2: Fund Your Account

Now, you need to put some money into your Precious Metals IRA. Miles Franklin gives you a bunch of ways to do this, so you can choose what suits you best.

Step 3: Pick Your Precious Metals

Once your money is in your IRA account, you get to choose which precious metals you want to buy. It’s like being a kid in a candy store but with shiny gold and silver treats! Just tell your friendly Miles Franklin broker what you want.

Step 4: The Money Dance

Now, here’s where the magic happens. You give your thumbs up for the money to move from your New Direction IRA account to Miles Franklin. It’s like saying, “Yep, let’s do this!”

Step 5: Precious Metals Delivery

As soon as Miles Franklin gets the funds from your IRA, they’ll send your precious metals to a super secure storage place. You can even choose where you want them to go. It’s like picking a safe spot for your treasures.

What You Need to Get Started

Before you jump into the world of Precious Metals IRAs, make sure you have these things handy:

  • Email address and mobile number
  • Your date of birth, legal name, physical address, and social security number
  • Info about your beneficiaries (like their names, dates of birth, and social security numbers)
  • Decide how much money you want to move, contribute, or rollover
  • Figure out what type of tax-deferred account you want to set up (Miles Franklin can help you with this)
  • A copy of your current retirement statement or IRA plan

And that’s it! You’re ready to kickstart your journey into the world of Precious Metals IRAs with Miles Franklin. It’s a smart move for securing your future, and they make it super easy.

Self-Directed IRA: Your Path to Diverse Investments for Retirement

Think self-directed IRA as a retirement plan that’s all about choice. Unlike some other retirement plans, a Self-Directed IRA lets you invest in lots of different stuff – things like stocks, real estate, or even shiny precious metals. But here’s the catch: everything you invest in has to be looked after by a qualified custodian or trustee. They’re like the guardians of your retirement treasure.

The Big Difference: Traditional vs. SEP vs. SIMPLE IRA

Now, you might be wondering, “What’s the difference between a Self-Directed IRA and other IRAs like Traditional, SEP, or SIMPLE IRAs?”

  • Traditional IRA: This one’s like the OG of retirement accounts. With a Traditional IRA, you can put in money, and guess what? You can usually deduct it from your taxes. It’s like getting a little tax break.
  • SEP IRA: If you’re a small business owner or work for a small business, you might have heard of this one. SEP stands for Simplified Employee Pension, and it’s a way for small companies to give their employees a retirement plan without all the complicated 401K stuff. Employers can contribute to their employees’ IRAs, which is pretty sweet.
  • SIMPLE IRA: Similar to SEP, the SIMPLE IRA is also for small businesses. SIMPLE stands for Savings Incentive Match Plan for Employees. Here’s the deal: Employers and employees can both kick in money to these IRAs. It’s a simple way to save for retirement.

Direct vs. Indirect Rollover: Your Guide to Moving Retirement Funds

Ever wondered how to move your retirement savings from a 401k to an IRA? Well, you’ve got two options: direct and indirect rollovers. Let’s break down the differences in simple terms.

Direct Rollover: Smooth Sailing

Think of a direct rollover as the easy, stress-free option. When you do a direct rollover, the money from your 401k goes directly to your IRA. No need to get your hands on the cash – it’s like a safe and secure transfer. And here’s the bonus: no taxes are withheld from your funds during this process. It’s a straight-up move from one retirement account to another.

Indirect Rollover: Take the Wheel

Now, let’s talk about the indirect rollover. This one involves getting the cash from your 401k plan sent to you. Yep, the money comes to your hands. But here’s the catch: You’ve got to be the one to move it into your IRA, and you’ve got a time limit. The IRS says you’ve got 60 days to make this happen.

The Taxman Cometh

Here’s another thing to keep in mind: when you choose an indirect rollover, the plan administrator might hold onto at least 20% as federal tax. It’s like they’re taking a little piece of your pie. Don’t worry; you can get it back when you file your taxes, but it’s a temporary hassle.

What’s the Deal with Limits?

Now, here’s the good news: the IRS doesn’t put a limit on the number of direct rollovers you can do in a year. So, if you want to move your retirement funds a few times, you’re in the clear.

But here’s the not-so-great news: indirect rollovers are limited to once a year. That means you can only do this kind of rollover once in 12 months. The IRS keeps a close eye on this rule.

Miles Franklin Review: Final Thoughts

Miles Franklin is one of the precious metals companies that believe in fair pricing – none of those hidden fees or tricks. Plus, they’re all about top-notch customer service. They want to make sure you have all the info you need to make the best investment choices.

So, if you’re curious about precious metals and want to explore the world of investing with a trustworthy partner, Miles Franklin Precious Metals might be just what you’re looking for. They’re here to help you shine in the world of investments!

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Tim Schmidt


Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.