Miles Franklin
Key Facts
- Min. Investment
- $0
- Annual Fees
- ~$125–$175 custodian/year + ~$468/year storage at Brinks
- Founded
- 1989
- IRA Types
- Traditional, Roth, SEP
Overview
Miles Franklin was founded in 1989 and is now led by Andy Schectman, son of founder David Schectman. Based in Wayzata, Minnesota, Miles Franklin has processed between $9 billion and $12 billion in total precious metals sales over its 37-year history and is a US Mint Authorized Reseller — a credential held by only a select number of dealers nationally. The company operates on a phone-only model with no online shopping cart. Every transaction is handled by a dedicated representative. Miles Franklin holds an A+ BBB rating with zero formal complaints on record — an exceptionally rare distinction.
Pros
- ✓37 years in business with zero formal BBB complaints — one of the cleanest reputations in the industry
- ✓US Mint Authorized Reseller — direct access to government-minted products
- ✓No minimum investment requirement — accessible to investors of all sizes
- ✓No-commission buyback for metals originally purchased through Miles Franklin
- ✓Andy Schectman is a respected voice in the sound money community
Cons
- –Phone-only ordering — no online shopping cart or self-service portal
- –No pricing published on website — must call for quotes
- –Storage fees of ~$468/year are higher than most competitors
- –Trustpilot rating of ~3.7 out of 5 is lower than the BBB record suggests
Frequently Asked Questions
What is the minimum investment at Miles Franklin?
Miles Franklin has no stated minimum investment requirement, making it one of the most accessible options in the gold IRA space.
Why does Miles Franklin only take orders by phone?
Miles Franklin operates on a personal service model. The company believes precious metals purchases — especially for retirement — benefit from one-on-one conversations with a knowledgeable representative.
Does Miles Franklin charge a commission on buybacks?
No. Miles Franklin does not charge a commission when buying back metals originally purchased through the company. Payment is made within 5 business days via check or wire transfer.