Miles Franklin Review: Pros, Cons, What You Should Know

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Last Updated: May 17, 2024

Miles Franklin is a company that has been around for many years, helping its customers diversify their investment portfolios with gold, silver, platinum, and palladium.

The company promises fair prices, superior customer service, and customer education, but can they deliver on these promises, or are they empty?

As you begin gaining interest in investing in precious metals, you will see many companies selling precious metals to investors.

We will provide you with advanced information in this Miles Franklin review so you can determine if this precious metals investment firm will help you invest in gold, silver, platinum, and palladium or if is it a company to avoid.

We will discuss the company's bullion prices and customer reviews. Read until the end to get our final assessment in this Miles Franklin review.

What Type of Company Is Miles Franklin?

Miles Franklin is a dealer of precious metals that opened its doors in 1989. Miles Franklin Ltd. seeks to help people diversify their investment portfolios and improve their financial outlooks by investing in a precious metals IRA.

The company offers many precious metals coins, including gold, silver, platinum, and palladium. There are also numismatic gold coins.

Where Is Miles Franklin Located?

Miles Franklin is headquartered at:

801 Twelve Oaks Center

Wayzata, MN 55391

The Miles Franklin phone number is (952)582-6306. You can call the Miles Franklin phone number to schedule an appointment because their retail location only serves by appointment.

Meet the Owner and Management Team

The Miles Franklin management team is on top of their game and keeps things in the family. Andy Schectman is the owner and CEO of Miles Franklin.

Since he joined the company, Miles Franklin has gotten more than $5 billion in sales of precious metals.

David Schectman serves as the chief executive officer of the company. This father and son duo oversees the company's day-to-day operations and works towards helping customers meet their goals of investing in numismatic gold coins.

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What Do Customers Say About Miles Franklin?

Reading customer reviews on rating agencies sites is critical when deciding on a precious metals investment company. We investigate each company thoroughly and look for positive and negative reviews and complaints, along with their global rating.

How does this precious metals investment company rank among different precious metals companies?

Companies with more negative reviews than positive may not offer the customer service you need when investing in the precious metals industry. So, how does Miles Franklin rate among its customers?

We checked with the Better Business Bureau first. Miles Franklin has been BBB accredited since 2009, and they currently have a 4.25 star rating out of five. This rating is based on four customer reviews.

At this time, the company has zero complaints and an A+ rating. All reviews were favorable except one. The customer stated their order was not yet shipped after a week or more. The customer felt their order should have shipped immediately.

We stopped at the Business Consumer Alliance to view their rating. At the time of this writing, Miles Franklin has a CC rating, which is considered average. The company has a five-star rating based on two customer reviews. Both reviews were highly favorable. There have been no complaints on the site.

The company has a 3.7-star rating out of 5 on Trustpilot. There is one favorable five-star review, and we could not find any complaints.

Pros & Cons

We've already uncovered some potential problems. When you read our review, you will learn everything there is to know about a company. Any company selling precious metals must be trustworthy and offer a fair price. We have some doubts about this one.

Pros

Cons

Is Miles Franklin Precious Metals a Scam?

Miles Franklin is not a scam. They are a low overhead discount broker with a positive global rating. The Miles Franklin year founded is 1989. The company operates out of its Oaks Center Drive location.

Does Miles Franklin Offer Services for Precious Metals IRA?

Miles Franklin does offer services for precious metals IRA. The company partners with the best custodians and depositories to help customers invest in precious metals IRAs.

If you need help with precious metal IRAs, they will guide you in your selection and help you seek secure storage for your precious metals purchased.

Custodial Services and Depositories

Miles Franklin partners with New Direction Trust Company for custodial services. This Miles Franklin custodian helps customers roll over their existing retirement accounts.

The New Direction Trust Company works seamlessly with Miles Franklin to ensure customers' accounts meet the demands of the IRS for secure storage.

The company also partners with Brink's Global Service for preferred storage vault options. Miles Franklin also offers private safe deposit boxes for its customers to store Franklin products Miles after establishing precious metals IRAs for their IRA investment strategy.

What Precious Metals Can You Buy From Miles Franklin?

You can buy many gold bullion options on the Miles Franklin website. There are also numismatic gold options. The following are some of the items we found on the Miles Franklin site:

The company offers gold and precious metals IRA info from their Salt Lake City location. The company's inventory includes gold, silver, platinum, and palladium.

What Payment Methods Do They Accept?

You have multiple payment options for purchasing Miles Franklin products:

The company recommends bank wires because they arrive in customer accounts quickly, allowing you to purchase Direction Trust Company metals faster.

If you are purchasing for a gold IRA, these will ship to your preferred storage location. Otherwise, they will ship to your home. Make sure to say yes, preferred storage location for proper shipment.

IRA Fees Explained

There are several flat fees and recurring ones for the New Direction Trust Company, Miles Franklin, and your chosen depository.

FAQ About Miles Franklin Precious Metals

There is no minimum order amount for Miles Franklin. By appointment, you can purchase from their retail location at STE 834, Wayzata, MN.

Miles Franklin does not ship internationally. Andy Schectman says they only ship to North America.

You can cancel your order with Miles Franklin, but you must do so by talking to a company representative. If the company suffers a loss from your cancellation, you may be billed and must pay within seven days.

Miles Franklin offers a buyback program and will even buy gold, silver, platinum, and palladium they did not sell. They will not purchase collectible products for international storage.

Our Final Opinion: Is Miles Franklin Precious Metals Worth Your Time?

After researching the background of Miles Franklin, we were impressed with what we found. The company appears to be focused on a high level of customer service, and they partner with Storage Vault Brinks and New Direction Trust Company, both retirement savers.

Although we feel Miles Franklin is a good company, we believe there are better options, including American Hartford Gold, Goldco, Augusta Precious Metals, Birch Gold Group, and Noble. Choose wisely for your investment needs.

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