Miles Franklin Precious Metals Reviews

Miles Franklin Precious Metals
Miles Franklin Precious Metals
Miles Franklin Precious Metals is a precious metals dealer based in Wayzata, Minnesota. They have been in the industry since 1989, founded by David and Andrew Schectman. The company offers gold, silver, platinum and palladium coins and bars to customers. They have partnered with New Direction IRA for gold IRA services and Brinks for storage services.
Fees & Charges
Honesty & Transparency
Customer Service
Product Selection
Over 30 years of experience
Offer platinum and palladium products
Received an A+ rating on BBB
No pricing details on the website
Expert Score

Miles Franklin Precious Metals stands as a stalwart in the world of bullion dealers, boasting over three decades of experience in the industry.

Based in Wayzata, Minnesota, Miles Franklin offers a comprehensive range of gold, silver, platinum, and palladium products to investors, catering to both IRA-eligible and numismatic preferences.

Founded by David and Andy Schectman in 1989, the company prides itself on its commitment to quality support, client education, and fair pricing. In this detailed exploration, we delve into Miles Franklin’s offerings, management team, fees, and customer feedback to provide valuable insights for potential investors.

What is Miles Franklin Precious Metals?

Miles Franklin Precious Metals is a bullion dealer based in Wayzata, Minnesota. Their office is located at 801 Twelve Oaks Center Dr, Wayzata, MN 55391. Similarly, their contact number is 952-582-6306. 

9k8JA45gge3E1fvyZlItmk4inLw7OUqcto HLAig2cDqi

They offer gold, silver, platinum and palladium products to customers to invest in. You will find both IRA-eligible and numismatic products in their catalog. Miles Franklin Precious Metal boasts of having surpassed $5 billion in sales. 

The company has been in the industry since 1989. It is a full service company as well as a low overhead discount broker. Also, the company puts a lot of emphasis on providing quality support and client education. 

Find the Best Rated Gold IRA Company of your State


People Behind Miles Franklin Precious Metals

Miles Franklin Precious Metals was founded by David and Andy Schectman in 1989. 

Andrew Schectman:

w4tBnHS3lcp5cAkB0BnMGlSdBov8Wpe56JnlRzvMuYn5cLroAOm0VIaW5RNIypcrqLp REV7uWv51Rp8pwG8canIHOQDdV9mDN U5 MGi2 NYkPWspc Bd5tevnzAE lXEhdbaSBd3fTK8QO8iTuaVgNBD GOwAdTcAYay2X9MVFZAWvOoedrNWmDwEsjA

Andrew Schectman is a licensed financial planner and specializes in alternative investments and Swiss Franc investments. He oversees the company’s operations and business functions including account management, strategy, new business and finance. 

David Schectman:

V3CQoRKkoFRowEGfAcBtg xWtMAfQXAZLKhKxoPWNQAEuNX0eRHHxp6BsRF9DOXlSz02wA uV6UPgEvO ZyEWp4i 4AXwjf6AhIqVKsAklFzQqr572iUOy7q1c 9yL6EcXIbOHdbuZ44qAAVwxVB 8frOvsEInrZXbpxtqFMcNBgd7W8V2ST9qh CWPjRg

David Schectman is a graduate of the U of M. He has experience in working as a buyer and in sales before becoming a precious metals broker. 

There, David trained the company’s 60+ brokers in economic theory. He has appeared on several investment seminars and national radio. 

In 2006, David gave Andy the position of President, giving him full responsibility of the company’s daily operations. Currently, David Schectman is active in educating buyers and discussing investment strategies through the company’s blog and newsletter. 

Beware of Gold IRA scams. Recently several scams have been charged by the authorities. Companies such as Regal Assets, Safeguard Metals and Red Rock Secured defrauded hundreds of retirees like you and me. I strongly suggest you learn how to identify gold IRA scams. You can request a free guide using the button below:

How to Set Up a Miles Franklin Gold IRA

At Miles Franklin Precious Metals, customers can get a gold IRA as well. The company has partnered with New Direction IRA to offer these services. 

First, you would need to submit your self-directed IRA application to the custodian. Afterwards, you would need to rollover funds from an existing IRA or add funds directly.

MgOZzKPRa3m83cFeaoyZlggo94qkx6DQurOi8gGwqN8nL7GycUSPpV3IstykgO3SVHO DTZpiSI9XfSyFlTV7IW3qp6Ts9ZHOzODPdJiUpcAfOxawW5JvB U4DQELSXfRRk

Once that process is complete, you can begin adding precious metals to your IRA from the inventory of Miles Franklin. However, be extremely cautious when purchasing precious metals for your IRA here as their catalog has plenty of non-IRA options. 

Adding negligible precious metals to your IRA can result in severe penalties. 

Miles Franklin Precious Metals Products

Being an experienced bullion dealer, Miles Franklin boasts of having an impressive product selection. They offer both IRA-eligible and numismatic products of various metals. 

However, their website doesn’t share any pricing details about the products, unlike many popular bullion dealers such as California Numismatic Investments.

Here’s a detailed overview of their catalog: 

Gold Products:

You will find many of the popular gold bullion here including: 

  • American Gold Buffalo
  • Canadian Gold Maple Leaf
  • American Gold Eagle
  • Austrian Gold Philharmonic
  • Australian Gold Bar 
  • Liberty Gold Double Eagle
  • Saint-Gaudens Gold Double Eagle NGC

And plenty more. 

Silver Products:

Their silver selection includes plenty of numismatic as well as IRA approved products:

  • Australia Silver Kookaburra
  • American Silver Eagle 
  • PAMP Silver Cast Bar 1 kg
  • Canadian Silver Maple Leaf
  • Australia Silver Koala 1 oz
  • Canadian Silver Creatures of the North Kraken 2 oz
8N5edf11Ajs13gCtfjIeTZcawM5PSIciMv0ch6I3fPo7RiU W5dXNNQ1GXQkZPYzA7uam1ytu0z oNwlfQi9KTZspvi4Z kr1bRDR0wWDSKjynTeNubNtvReUII0jtbyiWR9T3i paCbQvbkjINsG4VTMil zFzXAZCSOkKeMsRhFpG6OoECeK1UPcD8Rw

And plenty more.

Platinum Products:

There are plenty of platinum products to choose from as well:

  • Canadian Platinum Maple Leaf
  • American Platinum Eagle 
  • Platinum Bars (1/10oz, 1 oz, 10 oz)

Palladium Products:

You will find the following palladium products to invest in at Miles Franklin:

  • American Palladium Eagle 
  • Canadian Palladium Maple Leaf
  • PAMP Palladium Bar 1 oz
rBKNpJnU501 yDCGGWUUtYQS3e4I8LIkgzloEb1DtoMjoU9AIOb OOHpL7y5yc32rzT zRT aUF95ryaahhZenItii5vAJ3QInQjA0Yy 9xVUsN wSVEUBkKZSDoDhwFtXwrjnGBp1AxbBsQ1I6WJOmWiVccoWFWGKlaeLilUj2VZGGcqyMwe

Miles Franklin Precious Metals Fees

Miles Franklin has partnered with Brinks to offer storage facilities. Clients who opt for a gold IRA would need to avail their storage facilities as IRS rules don’t permit storing IRA metals at home. 

For storage, clients would need to pay a minimum monthly fee of $39. The setup fee for your storage is $89. 

However, clients have the option to discuss their fixed rates to get an exact quote. 

Apart from the storage fee, there are also charges for their gold IRA services. 

The initial set up fee of your gold IRA here would be $50 along with a transaction fee of $40 per transaction. Furthermore, New Direction IRA charges a variable annual maintenance fee. 

All gold IRA companies are NOT the same. We’ve done the hardwork for you and found the most transparent gold IRA company with the highest rating by customers.

Miles Franklin Reviews and Complaints

Despite being in business for over 30 years, this company hasn’t received many reviews online. The Miles Franklin BBB page has a rating of A+ and an average score of 4.4 out of 5 stars based on 5 customer reviews. 

wCRUfei9 mLn30V0Hln3Hyy xqtzG4j3jBBX8NiIwX1XXlTo1HDQ8EvuL6bO06qVWJ85ZmhPKqyGNmPAPT1irHCCh1TaCWssYK8v265EeW9OyytMJairBaK696hkPM6XvFSPUusKz56N9GdHppVEM mkeEiaKC00hjYR4pAazIAUjwyfdlqpJ5LEvQyOMA

However, the company hasn’t received any complaints on the consumer platform, which is a notable feat. 

Apart from BBB, the bullion dealer has received a few reviews on Yelp. 

There, the company has an overall rating of 4 out of 5 stars based on 4 customer reviews. 

ZZ7vGfwIhW9 kn1H4vcwlxvqMJz1pX2SSC9um71ezTDnT8HvIdEOls ob8ekb z Fu6 TVeTwT68AwO1gR3sY2LfO5hjFLEvZb9Rgbt1ZK937dsyOaJ0BxfxZ 6adv6nqFpEe8tHSHQibSfWlgh5t2BxwHZOu9847Enny6tv

Similarly, their Google My Business listing has received 11 reviews and its overall score is 4.1 out of 5-stars. 

48MZeJqyHipDxoq2xd5psP8j xhU4CEHggdWE1Cjlc3zO0j5cP68chSdnDPdtBWQE62A6D VhWcpCsmAFYYBcKB dNsCSDwrkmOM4epzo1xFVfsTU5Q1DFBRYWqvCPE5jZnUJCmah71fJ7WLZYApJUlnR nkuIRwA0P2Ipcz3l4surrDzfz8fdFswPra7g

Most of the positive reviews praise the company’s prices and professionalism. Having received only a handful of reviews for such an experienced business doesn’t look good. It can certainly be a disappointment for many investors.

Is Miles Franklin Precious Metals Legit?


  • Over 30 years of experience
  • Offer platinum and palladium products
  • Received an A+ rating on BBB


  • No pricing details on the website

Yes, they are a legitimate enterprise. The company has been in the industry for over 30 years and has an impressive catalog of gold, silver, platinum and palladium products. 

They have partnered with a reputed custodian and storage provider to help clients invest in precious metals IRA. Similarly, they offer both IRA approved and numismatic products to customers. 

Certainly, they have a lot of positive highlights. But that doesn’t mean they don’t have flaws. 

For starters, the company doesn’t share any pricing details on its website. This makes price comparison extremely difficult for many investors, especially those who are browsing the market to find suitable service providers. 

Finding the right gold IRA provider can be challenging. However, checking out multiple options can help you get rid of any confusion as you would be able to get an idea of what the industry has to offer. 

I recommend checking out our list of the best gold IRA companies on our website. It will help you familiarize yourself with the industry’s top service providers. 

If you have experience in dealing with Miles Franklin Precious Metals, feel free to share it below!