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Sometimes when you're looking for a precious metals dealer, you want one with a vast amount of industry experience. That's when you might turn to Miles Franklin Precious Metals. This company has been operating for over 30 years, and they have a solid and transparent management team.
But how do they compare to the competition? What should you know about their services and reputation before you get started?
STOP! Before we continue with this review, we want you to know how seriously we take your investment. We know our research and information may sway your investment decision, so we want to make extra sure you are investing with the right company!
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See if Miles Franklin Precious Metals made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
About Miles Franklin Precious Metals
Miles Franklin Precious Metals is a full service precious metals dealer that sells both numismatic rarities and investment grade bullion. The company has been serving clients across the US since being founded in 1989. The original founders still play a big role in the business, with owner Andy Schectman having a hands-on approach to each customer interaction.
There are some differences between Miles Franklin and a traditional bullion dealer. The biggest is that they also operate as a discount broker. By operating with lower overhead, they are able to offer bullion at cheaper prices than their competitors.
In addition, the company places a large amount of emphasis on education and client support. They believe that clients should be empowered to make the right financial decisions for their future. They also believe that clients should be able to keep coming to their bullion dealer with questions long after they've made their first purchase.
Purchasing Precious Metals
When you purchase precious metals through Miles Franklin, you have a variety of options available. The company doesn't have any maximum or minimum order thresholds, so you can invest as much or as little as you want. They do note that if you place an extremely large order, though, you might need to put down a deposit prior to the order confirmation.
Orders need to be placed by calling the company directly, as there is no way to check out online. There are some cases in which you can change the order after placing it. With that said, the company does note that modifying orders is difficult, so it's better to be positive that you want to make this investment.
There have been past customer reviews indicating that the management at Miles Franklin are very flexible. They have been willing to accommodate customers without penalties even in times of delayed payments or lost checks in the mail. That goes a long way toward establishing their credibility and the solidness of their customer service policies.
There are a variety of ways to pay for your order, although credit cards and Paypal are not available. Similarly, there is no option for cryptocurrency payment.
The fastest and easiest way to pay is through a bank wire transfer. You can also use a money order, personal check, cashier's check, or certified check. All of these will be sent to the company in the mail.
If you choose to use any form of check, it will be held for seven business days to make sure that it clears. The company recommends that you pay with a wire transfer instead, as it minimizes the delays. As soon as you place your order with the company, you'll either be emailed or told over the phone how to facilitate the wire transfer.
Is Miles Franklin Precious Metals a Scam?
Miles Franklin Precious Metals is not a scam. The company has feedback from past customers indicating that it provides the exact services that it claims to. Most of the feedback is positive. On the BBB website, there's a rating of 4.4 out of 5 stars based on five reviews. There are also no complaints.
Admittedly, this is a very small sample size to go by. Sometimes smaller companies have less robust online reviews. Yelp shows a rating of 4 out of 5 stars with four reviews, and Facebook shows 4.8 stars with 17 reviews. There's just one review on Trustpilot, and the company does not appear to have a presence on Trustlink.
This isn't a red flag by itself. It just means that the company is smaller and might do most of its business in person. Let's look at some of the reviews.
One reviewer said that he became an employee after being a lifelong customer. He said he was extremely happy. Another reviewer said that she was happy enough to refer all of her friends to the company.
One reviewer stated that he worked directly with the company owner Andy. He said that it took some time for him to put together the funds for the transaction, and that his first check was lost by the Postal Service. Despite this, Andy honored the original terms of the deal instead of charging fees or upping the price. The customer said that he found this behavior admirable and would continue working with Andy in the future.
Another reviewer stated that she'd worked with the representative Kathie. She said that Kathie had a warm and patient demeanor, plus she went out of her way to help cut the shipping fees. By using her networks of contacts, she was able to get the IRA process going for the customer. The customer also mentioned a few other employees who helped her or answered questions along the way, stating that the entire company was full of professional and helpful individuals.
There is one negative review on the BBB website, which gave the company two stars. Since this was a review rather than an official complaint, it does not affect the company's rating.
The customer said that he had placed the order by working with two different employees. He paid via a wire transfer and was told that the order would ship right away. But the order hadn't shipped after a week. After sending several emails, he finally was given a tracking number. But the tracking number showed that the package had not been delivered to the post office yet.
The customer said that he was disgruntled because he would want to know right away if the order couldn't be fulfilled. He was further unhappy because he felt like he'd been misled by the company's advertisements, which emphasized the fact that there had never been BBB complaints.
The company has never responded to this review. But as mentioned, since it isn't an official complaint, it won't count against them. And the other online feedback seems to be largely positive.
Pros & Cons of Miles Franklin Precious Metals
Miles Franklin Precious Metals is an established precious metals company with a long history in the industry. Since they've been around since 1989, they have an advantage over many of the competitors. But they might also have struggled to keep up with the modern times.
Most of the online reviews are positive, even though there aren't many of them. Customers say that they're happy with the warmth and patience of the employees. Some have praised their representatives by name. But there isn't a ton of online feedback. In addition, there was one negative BBB review by a customer upset about slow shipping times and a lack of communication.
Overall, there's nothing to dissuade you from working with this company. They do seem to have good service and competitive prices. But there are others in the industry that can beat them in terms of their streamlining and customer approach. We recommend working with one of these instead.
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We hope that we were able to help you determine where or where not to put your investment!