Miles Franklin Precious Metals Review


by Grant HEnson

*The owners of this website may be paid to recommend some precious metals companies. The content on this website, including any positive reviews of these companies and other reviews, may not be neutral or independent.

Are you planning to add precious metals to your retirement portfolio through an IRA investment? While it’s a smart approach to securing a financially stable future for yourself, it can be challenging to ensure a smooth investment experience without the support of a reliable investment company. 

If you’re reading this review, it means you’re considering Miles Franklin as your investment partner and want to learn more about the company. 

To help you with that, this detailed review will take you through all the ins and outs of Miles Franklin’s offerings and investment procedure. Why trust what I say in this review? Because after spending over two decades investing and navigating the precious metals industry, I have partnered with various companies, including Miles Franklin. 

Today, I’m here to help you make the right investment decision by getting familiar with the company through my experience and knowledge. So, if you’re still struggling to decide whether Miles Franklin is a worthwhile investment partner, read on to find out!

Miles Franklin: A Brief Overview

So, what is Miles Franklin? While it may appear as just another precious metal company, it's actually both a full-service business and a low-cost discount broker. Miles Franklin, established in 1989 by a father and son, has been running under the same founders for 30+ years. 

The father-son duo of David and Andrew Schectman bring a wealth of experience and knowledge of the financial world to the company, building its strong reputation over the years. This has helped Miles Franklin become one of America’s most trusted precious metals dealers, leading to over $9 Billion in sales so far.

Having invested with them, I can confidently say that the trust and reputation Miles Franklin has earned over the years is still intact, making it one of America's most reliable precious metals investment partners. What makes me so confident? Let’s explore that further below! 

The Best Gold IRA Companies in 2024

Before I get started with this review, I want to inform you that I have reviewed dozens of precious metal IRA companies over two decades, and I have curated a list of the top 6 gold IRA companies in 2024. I highly recommend reading this article before proceeding with an IRA transfer.

The #1 Best Gold IRA is Augusta Precious Metals, with its A+ rating from Better Business Bureau, hundreds of 5-star reviews, and lifetime account support. Read my review on Augusta Precious Metals, or visit the official Augusta website to learn more. 

What Makes Miles Franklin Stand Out? 

Similar to many novice investors looking to trust a company with their hard-earned money, I was also a beginner a couple of decades ago. With little experience, I was anxious to trust any new company with a significant amount of money. But, as Mark Zuckerberg says, "The biggest risk is not taking one." 

Hence, when I came across Miles Franklin as a trusted precious metals dealer by many investors, I decided to proceed with the company. Interestingly, this investment experience turned out to be highly exceptional.

Not only did I come across a huge variety of products on their website, but I also explored various other services. For a more in-depth analysis, let’s go ahead and explore all the standout services Miles Franklin offers. 

Product Offerings

Starting with their vast product offerings, Miles Franklin has an easy-to-navigate website that features a wide range of precious metals. Besides the categories of metals, their website also allows you to choose products from well-known mints, per your preferences. I came across a list of categories when navigating through Miles Franklin’s website: 

  • Gold: This includes various gold bars, coins, and top sellers like Gold Eagles, Gold Maple Leafs, and Gold Kangaroos.
  • Silver: This includes various silver bars, coins, rounds, and top sellers like Silver Eagles, Silver Maple Leafs, and Silver Kangaroos.
  • Platinum: This includes various platinum bars, rounds, and coins.
  • Palladium: This includes various palladium coins, bars, and rounds.
  • IRA-Approved: This includes a wide range of IRA-approved gold, silver, palladium, and platinum. These IRA-approved precious metals are distinct from other categories mainly due to their strict purity standard, as per the IRS guidelines for IRA investments
  • Mint: This specifically includes products from well-known precious metals mints like the United States Mint, The Perth Mint, The Royal Mint, the Austrian Mint, the Royal Canadian Mint, Valcambi, PAMP, the South African Mint, and other mints.

Storage Facility 

Besides the wide variety of products, I also admire Miles Franklin for its partnership with a secure storage facility like Brink’s, a subsidiary of Brink’s, Incorporated. Founded in 1859 in Chicago, Illinois, Brink’s has become one of the biggest secure logistics companies globally. 

In collaboration with Brink’s, Miles Franklin extends two distinct storage programs to investors. The first, termed the Private Safe Deposit Box program, facilitates the exclusive storage of gold and platinum at Brink’s depositories in Ontario, Toronto, and Vancouver, B.C. 

Meanwhile, the second option comprises a fully segregated precious metals storage program. Given my investment in a precious metals IRA, i wanted to select a storage depository in proximity to my residence. Because of that, it was only logical for me to leverage Miles Franklin’s segregated storage, in conjunction with Brink’s, located in Brink’s Montreal, Canada.

This made it especially easy for me to visit and physically check my precious metals whenever needed, making it easier for me to trust their secure depository with the storage of my assets. With that said, you can also explore this storage option at Brink’s facilities in: 

  • Quebec
  • Vancouver
  • British Columbia
  • New York
  • Salt Lake City
  • Los Angeles
  • Miami

Reliable Customer Support

As mentioned earlier, Miles Franklin’s customer service is phenomenal. And as an investor with decades of experience investing with various companies today, I can still vouch for Miles Franklin’s customer support service. Why? Well, regardless if it’s your first or most recent experience investing with them, the team is always highly helpful, knowledgeable, and easily accessible. This is of course, from my own personal experience.

So much so that I prefer reaching out to them first when exploring investment options tailored to my specific needs and goals. For example, when I recently chose to invest with them again and contacted their customer support team at 1-952-929-7006, I was pleased to receive the same warm and professional treatment as my first time. 

I asked their team about the latest products and the best-selling options in the market, and without trying to sell me their products, their focus was to help me explore all my options and decide on a product that best suited my budget and preferences. It was like talking to a friend and asking for investment suggestions, only these friends knew exactly what to recommend from a huge list of options. 

With that said, It’s not just me praising their knowledgeable and reliable team, plenty of other investors have received the same treatment. In fact, according to one satisfied investor’s online review, “Miles Franklin is stellar.” This adds more to the credibility and reliability of the company, both for beginner and seasoned investors like myself. 

Selling Service

Amazingly, Miles Franklin sells precious metals and purchases gold and silver from potential sellers. The best part about selling your assets to Miles Franklin is how simple the selling process is! Speaking from my own experience, here’s how I sold my precious metals to the company:

  • First, I created a list of the precious metals I wanted to sell. This list was organized as per the asset type, quality, and weight.
  • After creating the list, I called the licensed broker at Miles Franklin and asked about my assets' current prices.
  • Once I learned the latest prices and was sure what value I was being offered, I had to ship my assets to the company. For this, Miles Franklin’s team specifically shared packaging instructions to help me carefully send my precious metals to them.
  • After receiving my shipment, the company took 1-3 business days to verify the authenticity of my assets. Upon verifying, they processed my payment, which took 1-3 business days to arrive. Alternatively, if I had asked them to send the payment through check, it would have taken 1-2 weeks for me to receive the payment.

Note: Keep in mind that check payments are free of cost. Meanwhile, the company charges a $25 fee for wire transfers.

Miles Franklin Fee

When assessing all my investment options regarding fees, I found Miles Franklin to be one of the few companies that charge competitive precious metals prices and limited fees.

For a clearer idea, here’s a breakdown of the different fees linked with investing with Miles Franklin: 

  • Shipping and Insurance Fee: All orders of 500 or more ounces of silver and 10 or more ounces of gold, platinum, and palladium will have free shipping and insurance within North America. However, domestic orders under this amount will be charged a flat shipping and insurance fee of $15. 
  • Segregated Storage Fee: This storage option only involves a one-time storage account setup fee of $89.00. However, this fee may be waived if your order exceeds $15,000.
  • Private Safe Deposit Storage Fee: This storage option includes various fees, including:
  • One-time setup fee of $99.00
  • In-person visits fee of $65.00
  • A withdrawal fee of $40.00

Note: This storage option also involves an additional account closing fee, a re-purchase fee for adding new assets to your account, and more. You can consult with the depository service to get a clearer fee estimate for the specific service you require. 

Miles Franklin Rating on Consumer Review Sites

Consumer Protection Agency

Rating

Number of Reviews

Complaints in Past 12 Months

Better Business Bureau (BBB)

A+

4

0

Business Consumer Alliance (BCA)

CC

2

0

TrustPilot

3.7/5

1

0

Pros and Cons

Pros

Pros

  • The website is easy to navigate with a straightforward user interface.
  • Their website features real-time precious metals price slides.
  • They have been in business for more than 30 years.
  • Known to be a reliable investment partner for beginners and seasoned investors.
  • Has a professional and attentive customer support team.

Cons

  • Only offers shipping in North American and US territories.
  • Their online orders are limited to $10,000.

The Verdict

Whether you want to purchase some gold coins and silver bars or want to add to your precious metals IRA account, Miles Franklin is undeniably a reliable precious metals dealer to consider. 

Whether it be their wide range of products, reliable customer support team, or additional services, they all make Miles Franklin a trusted precious metals dealer in the industry. 

However, despite all these offerings, I do suggest considering your specific investment needs and requirements to make a more informed decision. 

FAQs

Is there a minimum order amount?

No, Miles Franklin doesn’t have any minimum order requirements. Hence, it is an ideal investment partner for both small-scale and large-scale investors.

Can I change or cancel my order?

As per the rules and regulations at Miles Franklin, once you place an order, it is 100% confirmed. The only way to cancel it afterwards is to directly contact their Licensed Miles Franklin Broker.

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