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Regal Assets is a fairly unique gold IRA company. They offer a combination of cryptocurrency, silver, and gold products for retirement. You can also buy items from their inventory using cash if you want.
But there have been a few concerning developments over the past year. Here's what we've found out about people's customer experiences.
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!
With this said, we do have a list of our top 5 companies (we have found that at least 1 of these 5 companies fits what 99% of our visitors are looking for and all have great reputations & customer reviews):
See if Regal Assets made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
Is Regal Assets a Scam?
Regal Assets doesn't seem to be an active scam. In order to be a scam, a company must be created under false pretenses. There must be a deliberate effort to defraud consumers by making false promises or selling items that are misrepresented. That doesn't seem to be the case here.
In fact, until recently, Regal Assets had a great reputation in the industry. They were often cited in lists of the top gold IRA providers in the nation. Customers had great things to say about their experiences, noting that the employees seemed to have a lot of integrity. They said that they felt like they were really cared for throughout the process.
But over the past year, things have seemed to go wrong for Regal Assets. That lauded company reputation has gone away, and the management doesn't seem interested in getting it back. Third party review sites show tons of disgruntled customers who have not had their recent purchases or buyback requests fulfilled. They say that it's almost impossible to get in contact with anyone at the company, and that they're given excuses and false promises when they do manage to get through.
The Better Business Bureau is a watchdog that helps customers communicate with the companies they work with. People can file complaints, and the company can respond. There have been 19 complaints filed in this past year, almost none of which have been resolved. Two have never even received an initial response. Because of the company's inattention to the issue, the BBB has given them the lowest possible rating: F. Regal Assets is also not accredited with the BBB anymore, even though they were at some point in the past.
The BBB website also notes information about government action. It seems that several government actions have been taken against Regal Assets. The most egregious was from the state of Minnesota, which fined Regal Assets $15,000 for their lack of compliance with Minnesota regulations. That's a higher judgment than nearly any other precious metals dealer has faced, and it's because Regal Assets never responded to the court case.
Public complaints give you a lot of information about a business. When a business is large enough, even the most well-managed and transparent firms will occasionally receive negative feedback. You get to see what the customer had to say, as well as how the management responded. In the best cases, the company makes a strong effort to correct any errors, clear up any misunderstandings, and ensure that the customer is happy.
Sadly, this doesn't seem to be the case with Regal Assets recently. As mentioned, they have failed to respond to several complaints and have never followed up properly on several more. The vast majority of complaints filed in the last year have never been resolved. Even when issues are solved, customers state that they are frustrated by how long the resolution took to create.
There also haven't been any explanations of the issues. The CEO has never tried to communicate about what happened internally. There have just been hints here and there, like mentions of fired employees. But whatever went wrong with the company's management is simply not being discussed. The company website is up and functioning as though nothing is wrong.
We can't look at all 19 complaints that have been recently filed. However, we can examine some of the more recent ones and look at the pattern.
Nine Months Without Delivery
One customer said that he ran into issues after he rolled over a large portion of his IRA into precious metals. He had done online research to find out which IRA companies were the most reputable. In January of 2022, Regal Assets still had an excellent reputation and great ratings from past customers. So he believed that they were one of the safest companies to work with.
The customer mentioned that he didn't like the IRS regulations that require gold IRAs to be stored in a depository. But he knew that these regulations had nothing to do with Regal Assets, and he was reassured multiple times about the security of his purchase. His representative promised that the precious metals would be shipped to the depository within a few weeks of opening the account.
Regal Assets was paid for the metals in January of 2022. While the customer doesn't mention the exact time frame, other complaints have said that the items should have shipped within eight weeks. Instead, nine months had gone by. In September, the customer wrote his complaint.
He said that he was unable to get in contact with his initial representative, nor could he talk to anyone else managing the company. His assumption was that he had been scammed, and he wanted to be given a full refund. That way, he could invest with a different precious metals company.
He said that he was heartbroken by needing to write the review because he had had such a good rapport with his representative. The rep really seemed to care about the customer's needs and didn't avoid any questions about the transaction. But the rep had also gone radio silent now that the customer's assets were missing without any indication of when the metals would be shipped.
The customer concluded by saying that he couldn't imagine treating a customer like this himself.
Regal Assets responded, but the company didn't provide any solutions. They just said that the complaint had been sent to the CEO to be reviewed. A week later, the customer responded to say that he believed this was stalling. He wanted to have his funds back and noted that it was illegal for Regal Assets to hold them without completing their end of the transaction.
Because the precious metals had never been shipped to the depository, the customer was asking for a full refund. Regal Assets never followed up with any more information or an offer to return the customer's funds. The complaint is still open, and without any further updates, it can be assumed that the customer has yet to receive his refund.
One customer left a complaint in September of 2022 regarding their missing funds. They said that Regal Assets had taken $75,000 in their retirement funds, but the company had never deposited the purchased precious metals into the customer's account.
The customer had used Regal's IRA services at some point in 2021 to transfer funds from their 401k to a precious metals IRA. At the time, the customer was told that the transaction had been completed. The custodian of the account was Kingdom Trust, one of the main partners that Regal Assets works with.
At some point in 2022, the customer found out that their investment had been marked "pending." Their account showed that the metals had not yet arrived at the depository. When they got in contact with Regal Assets, their representative said that the precious metals actually had been shipped. However, they had not yet been matched to the customer's account.
The customer requested right away that the issue be solved, so their account could be properly settled. But ever since then, they had been fighting with Regal Assets. They found that the metals had never been purchased using their funds, and Kingdom Trust was trying to get the funds back. Kingdom Trust didn't have any information about the metals supposedly in the depository.
The customer was contacted by the company CEO and told that their sales representative had been fired for misconduct. She had placed the customer's funds in another consumer's account. The CEO promised that the funds would be transferred immediately to the customer's account.
But weeks went by without any change to the "pending" status. Kingdom Trust was also not able to get any further information from Regal Assets. The CEO of the company was avoiding the customer's calls and refusing to answer emails. The customer was not able to get in contact with a single person in the Regal Assets office using their contact information.
Regal Assets responded to say that they were looking into the issue and would reach out to the customer soon. But a week later, the customer said that they didn't accept the response. The business had made no attempt to reach out or make contact despite promising to a full week ago. The customer said that they did not see any effort being made by Regal Assets to solve the problem.
There has not been any further follow-up from Regal Assets or from the customer. Like the previous complaint, without any concrete details or updates, it can be assumed that this customer has yet to get their assets back.
Accusation of Fraud
In August of 2022, a customer left a complaint alleging that Regal Assets was engaging in fraud. They had placed a few orders three months earlier, in May. There was a promise at the time that the metals would be shipped and delivered to the chosen depository within six weeks.
As of writing the complaint, the customer said that there had been $30,000 withdrawn from their bank account. But the metals had never been shipped to the Delaware Depository, and there was no information about when the order might be fulfilled.
The customer said that they believed that the CEO of the company was running a Ponzi scheme with the intent of defrauding multiple investors. They said that they thought that the CEO had never intended to fulfill the order, even though thousands of dollars had been taken. Apparently the customer's bank informed them that multiple other Regal Assets customers had also been left without any delivery of their metals.
They further went on to say that nobody should work with Regal Assets, because the company's delivery track record was so bad. Multiple retirees had had their accounts wiped without ever receiving the items that they'd paid for. The customer had tried to get in contact, but no phone calls were ever returned, and they were unable to get an answer as to when the metals would be delivered.
Regal Assets responded three weeks later to say that there was a team checking on the issue. But they did not offer any explanation or apology to the customer.
Another three weeks later, in October of 2022, the customer responded again. They said that the company had still failed to deliver the metals that were promised. In addition, the customer's money had not been refunded. Despite the response saying that the issue was being investigated, the company had never reached out or responded. The customer said that the complaint had not been resolved and needed to remain open.
Ignored Refund Request
Another complaint in August of 2022 was related to a purchase made in September of 2021. The customer decided that they wanted to buy a precious metals IRA to preserve their remaining retirement funds after losing assets in the economic volatility of that year. At the end of September, their Regal rep emailed a confirmation that the IRA order had been processed.
The customer liquidated the assets in their IRA and had them transferred to Regal Assets. From there, the purchased metals were supposed to be sent to CNB Custody to be maintained. It should have been completed within a few weeks. Instead, the customer spent 9 months calling for updates because no package had ever been shipped.
Whenever the customer would call, they either couldn't get a response or would be given excuses. In June of 2022, the customer was sent a letter by CNB Custody saying that the metals still hadn't arrived. There was a number of a manager at Regal Assets to call.
After several calls, the customer finally got through to the company president. Though the president was courteous, she offered no information. The customer spoke to her several times and even received her personal phone number and email. In July of 2022, the customer requested that they be given a full refund. They were backed by CNB Custody, who gave them bank wiring instructions.
Apparently CNB Custody had experienced this issue several times with other Regal Assets customers, and said customers were having trouble with getting their money refunded. As of August when the customer wrote the complaint, they still had not received a refund. They had been emailed three separate times with a promise that the funds would be sent, only for nothing to happen.
The customer had attached several emails of their correspondence. Regal Assets responded simply, "Checking on this."
The customer responded that this was unacceptable. At this point, Regal Assets had had the funds for 11 months without ever shipping out the precious metals. It had been weeks since requesting a refund, and the company had made no effort to send the refund through. They had just made excuses.
The customer concluded that Regal Assets was deceitful and unethical, and that they were worried that they had lost their entire retirement to a Ponzi scheme.
Pros & Cons of Regal Assets
Regal Assets used to be one of the greats, but not anymore. We definitely don't recommend doing business with this company. Dozens of customers seem to be having problems with having their items shipped or getting a refund. Some have had their assets missing for close to a year, or even more than a year.
There are more ethical gold IRA companies that you can work with instead. Until Regal Assets refunds customers and explains the sudden issues with its management, they aren't a good company to trust.