Is Miles Franklin Precious Metals Legit? My Honest Review

I went looking into Miles Franklin Precious Metals for the same reason you probably are: a 35-year-old dealer with almost no formal complaints sounds either too good or too quiet to trust.

So I dug through its filings, its reviews, and its state licensing. What I found surprised me in spots and worried me in others. Here is the unfiltered version, the parts the company won’t put on its own homepage included.

Where I Land on Miles Franklin Precious Metals

My rating: 4.2 out of 5 stars.

This dealer fits a specific buyer well. If you value a long family track record, real human service, and macro education from people who clearly live and breathe the gold story, you’ll feel at home. If you want one-click checkout and prices posted plainly on a product page, you’ll get frustrated fast.

The single thing that sets it apart: Minnesota is the only state that actually licenses and regulates bullion dealers, and Miles Franklin operates under that oversight. Most competitors can’t make that claim because their home states don’t offer it.

What Won Me Over

• A real family business since 1989, not a marketing shell that popped up last year.
• Minnesota state licensing with annual background checks and surety bonding.
• U.S. Mint authorized reseller status, a badge granted to a tiny number of firms.
• Customer reviews repeatedly name staff by name and describe callbacks within hours.
• A genuine buyback program with payment in 7 to 10 business days.

Those points stacked up faster than I expected. Together they paint a picture of a firm that has chosen reputation over volume.

What Gave Me Pause

• No prices listed anywhere on the site. You have to call.
• A surprisingly thin online review count for a company this old.
• Some glowing reviews use near-identical wording.
• Phone-first buying for anything over $10,000.
• Scattered complaints about slow shipping during busy stretches.

None of these are dealbreakers on their own. Bundled together, they explain why a careful buyer should ask hard questions before wiring money.

The Schectman Family Story Behind the Name

Here’s a detail most reviews skip. The “Miles” in Miles Franklin came from a family middle name, and the launch was funded by a $60,000 loan from a friend plus the founders’ parents cashing in their life insurance to back the venture. That’s not a corporate origin story. That’s a family betting the house.

David Schectman and his son Andy started the company in 1989 on one founding rule: treat the customer the way you’d want to be treated.

About two decades in, the business moved to single ownership under Andy. The Better Business Bureau file dates back to 1993, with accreditation since 2009.

Why does a multi-generational family operation matter? In an industry crowded with two-year-old brands and revolving door owners, a 35-year continuous track record is itself a form of accountability. You can’t fake three decades.

Andy Schectman, the Man Who Became the Brand

Andy started his career as a licensed financial planner working with Swiss Franc investments and alternative assets.

Today he’s a recognizable voice on global finance, talking BRICS, de-dollarization, the petrodollar, and central-bank gold buying across dozens of channels.

What stood out to me: customers report he personally returns calls and emails. One reviewer got a callback within hours while Andy was on vacation in Europe. For a company president, that’s rare.

Why “Full-Service Dealer Meets Discount Broker” Is the Whole Pitch

The company sells itself as a low-overhead broker that still gives boutique-level attention. In practice that means education and a named broker on the phone, paired with margins they claim stay lean.

I’ll be straight with you: the “discount” half of that pitch is the part reviewers push back on most. More on that below.

The Media Empire Most Reviews Ignore

This is the angle competing reviews barely touch. Miles Franklin runs a full content operation, Miles Franklin Media, with a show called “Little by Little.”

They hired veteran journalist Michelle Makori, formerly of Kitco News, as President of Media. Andy himself shows up constantly on Kitco, Liberty & Finance, Soar Financially, and a long list of other channels.

So here’s the honest question: does being a macro-commentary machine make them a better dealer, or just a louder one?

My take is somewhere in the middle. The education is real and useful, and the commentary attracts buyers who are already informed.

But a podcast doesn’t lower your premium or speed up your shipping. Treat the media reach as a reason they found you, not as proof the metal is priced right. Verify the numbers separately.

The Minnesota License Nobody Else Can Claim

Minnesota is the only U.S. state that licenses and regulates precious metals dealers. The rest of the industry operates under federal rules that are far looser. Miles Franklin is fully compliant under the Minnesota Department of Commerce framework.

What does that oversight actually protect a buyer from? In plain terms:

• Annual background checks on every employee and the principals.
• Mandatory surety bonding, so there’s money set aside if something goes wrong.
• Ongoing state audits and compliance reviews.

That’s a real trust signal, not a logo someone bought. A dealer can slap badges all over a website, but a state regulator running yearly background checks on the owner is a different level of accountability.

A Walk Through the Metals They Carry

The catalog lets you browse by metal or by mint, and it covers all four: gold, silver, platinum, and palladium. You’ll find bars, coins, and rounds across the board.

The staples are here, Gold and Silver Eagles, Canadian Maple Leafs, Australian Kangaroos, Britannias, and Saint-Gaudens pieces. Mints include the U.S. Mint, Royal Canadian Mint, Perth Mint, Austrian Mint, PAMP, and Valcambi.

Bullion for Stackers vs. Numismatics for Collectors

Two kinds of buyers shop here. Stackers want investment-grade bullion priced close to spot. Collectors want numismatic and rare coins where the value lives in scarcity and condition.

Miles Franklin serves both. If you’re a stacker, stick to standard bullion and ignore the collectible upsell unless you genuinely know that market. Numismatics carry wider spreads, and that’s where inexperienced buyers lose money.

The U.S. Mint Authorized Reseller Badge: What It Really Signals

Miles Franklin is a U.S. Mint authorized reseller, one of roughly 27 firms ever granted that status. The Mint doesn’t sell American Eagles directly to the public, so it routes through a short list of vetted dealers.

That credential tells you the Mint itself was willing to put the company on its approved list. It’s a quiet badge, but it carries real weight.

Vaulting With Brink’s, North of the Border and Beyond

Storage runs through a partnership with Brink’s Global Services, and Miles Franklin says it’s the largest non-banking institution working directly with them. You get two paths, and several vault cities including Toronto, Vancouver, and Montreal.

The Canadian locations let IRA holders physically inspect their metal, which most U.S. storage setups don’t allow. The appeal is obvious for anyone nervous about holding everything inside U.S. borders.

The wrinkle is just as real. Cross-border storage adds a layer of logistics, and depending on your situation you may want a tax professional to weigh in on reporting. Don’t assume it’s complication-free.

Segregated Storage vs. the Private Safe Deposit Box Option

Two storage choices:

• Fully segregated storage: your specific metal is held separately, never mixed with anyone else’s. Brink’s locations include Montreal, Vancouver, Los Angeles, New York, Salt Lake City, and Miami.
• Private Safe Deposit Box: available in Toronto and Vancouver for gold and platinum, a more private arrangement.

Both come with full insurance, and one source notes storage fees can be waived on holdings of $15,000 or more. You can also store metal you bought elsewhere, which is a nice flexibility most dealers don’t offer.

How a Retirement Account Comes Together Here

The IRA path runs through New Direction Trust Company as the named custodian. That said, the firm will work with whatever self-directed custodian you already prefer, so you’re not locked in.

The rollover experience real customers describe is refreshingly low-pressure. A human answers the phone. There are no badgering follow-up calls. One buyer reported going from account opening to funded metals in about ten days.

The Custodian Setup and Why It’s Flexible

Most dealers steer you toward one custodian and stop there. Miles Franklin names New Direction as the default but stays open to others.

For a retirement saver who already has a self-directed account somewhere, that flexibility saves a headache.

Metals in an IRA must stay at an IRS-approved depository under IRS rules. You can’t keep them at home. That’s the law, not a company policy.

The Money Part: Fees, Minimums, and the Fine Print

Here are the real numbers, pulled from third-party sources since the site won’t post them:

• IRA setup: around $50.
• Annual admin: roughly $75 under $100,000, $125 at or above it.
• Per transaction: up to $40.
• Depository fees: about $100 to $200 a year.

There’s no minimum order, which is friendly to smaller buyers. The big friction point is the no-prices-online policy. You call, you get a quote, you decide. They do lock the price for 10 minutes at online checkout before your card is charged.

One thing to know going in: any cash-instrument purchase of $10,000 or more triggers an IRS Form 8300 report. Wire, check, ACH, and card purchases are not reported. That’s standard across the industry, not a Miles Franklin quirk.

Shipping, Insurance, and Free-Delivery Thresholds

Shipping facts worth knowing:

• USPS, registered and insured, signature required.
• Free shipping on 10+ ounces of gold, platinum, or palladium, or 500+ ounces of silver.
• A flat $15 fee below those thresholds.
• Discreet, unmarked packaging.
• Delivery typically 1 to 5 business days after the ship date.
• North America and U.S. territories only, no international.

Everything ships fully insured in transit, but claims must be started within 7 business days of expected delivery. Mark your calendar if a package is late.

Accepted Payment Methods (and Why There’s No Credit Card)

Through a broker you can pay by bank wire (their preferred method), certified or cashier’s check, eCheck, ACH, money order, personal check, or crypto. Online, you’re limited to credit or debit card up to $10,000.

• No PayPal, on either channel.
• Checks are held 7 business days before processing.
• Payment must arrive within about 5 business days of placing the order.

Why so little credit card love for big orders? Card processing fees would eat into already-thin metal margins, so wires keep the cost down. That’s the trade-off for a discount-broker model.

Selling Back and Trading Up

The buyback process is straightforward. You call for a quote at current prices, ship your metal for verification, and get paid within 7 to 10 business days. They claim the highest national bid on trade-ins.

A few things to keep in mind:

• Payment by paper check is free; a wire costs $30.
• Don’t clean your metals before selling, cleaning can lower their value.
• Once you accept a quote, backing out can trigger a market-loss charge.
• Buybacks may generate a 1099-B, and a W-9 is required.

The market-loss policy cuts both ways and is worth understanding before you commit. If you accept a price and the market moves, you’re held to your word.

What the Third-Party Rating Sites Actually Show

I won’t cherry-pick one badge and call it a day. Here’s the honest spread across platforms, with the caveat that review counts shift constantly and some figures may be slightly stale.

Platform	Rating	Reviews
BBB	A+ (accredited), ~4.4/5	5 to 7 reviews, zero complaints
Trustpilot	3/5	5 reviews
Yelp	3.4/5	5 reviews
Google	3.7/5	25 reviews

The pattern is clear: ratings lean positive, but the volume is thin for a company in business 35 years.

BBB

An A+ rating, accredited since 2009, with zero formal complaints on file. The customer review average sits around 4.4 out of 5. Check the live BBB profile yourself before buying, since counts change.

Trustpilot

The Trustpilot page shows a small handful of reviews with mixed sentiment. One detailed reviewer said pricing ran at or above competitors. A small sample means one or two reviews can swing the whole picture.

Yelp

Roughly 4 out of 5 across a few reviews. Not much to go on, but nothing alarming either.

Google

Somewhere between 4.1 stars across 11 reviews and lower figures across 25, depending on the source. Again, light volume.

Across every platform the takeaway is the same. Sentiment is mostly good, the sample is small. For a buyer used to thousands of reviews on giant competitors, that thinness is something to sit with.

The Honest Drawbacks I Won’t Gloss Over

I promised candor, so here are the weak spots plainly:

• Slow shipping in busy periods. One BBB 2-star review noted an order hadn’t shipped a week after the wire cleared.
• Refund and fulfillment errors. One customer ordered silver dimes, had their address entered wrong, and received quarters instead.
• Thin review footprint. Competitors post thousands of reviews. Miles Franklin posts dozens.
• Phone-only for larger orders. No full online checkout above $10,000.
• Suspiciously similar reviews. Some positive reviews use near-identical language, which one analyst flagged as possibly duplicative.

None of these scream scam. They paint a picture of an old-school operation that hasn’t fully modernized its buying experience or built a deep public review trail.

Who This Dealer Is Right For (And Who Should Pass)

This dealer fits you if:

• You value a 35-year family track record over slick technology.
• You want a named human broker who actually calls back.
• You like macro education and already follow Andy’s commentary.
• You’re a collector who wants numismatic selection and fair buyback terms.

You should keep looking if:

• You want instant online checkout and a cart.
• You insist on transparent published pricing before you call.
• You feel safest only after reading hundreds of public reviews.
• You hate phone calls and want to do everything by screen.

Match yourself honestly to one of those lists. The right answer depends entirely on how you prefer to buy, not on whether the company is trustworthy.

Frequently Asked Questions

Q1. Does Miles Franklin Post Its Prices Anywhere, or Do I Have to Call?

You have to call or email for pricing. Online orders are capped at $10,000 and the price locks for 10 minutes at checkout. There’s no published price list, which is the most common complaint buyers raise.

Q2. Why Is Miles Franklin’s Metal Stored in Canada, and Is That Safe?

Through Brink’s, several vaults sit in Toronto, Vancouver, and Montreal. The setup is fully insured and lets IRA holders inspect their metal. It’s safe, but cross-border storage adds logistics, so ask a tax professional if your situation is complicated.

Q3. Can I Move an Existing 401(k) or IRA Into Metals Through Them?

Yes. The default custodian is New Direction Trust Company, but they’ll work with any self-directed custodian you already use. Customers describe a calm, no-pressure rollover.

Q4. How Long Does It Take to Actually Get My Metal or Fund My IRA?

Delivery usually runs 1 to 5 business days after shipping. One buyer funded an IRA to metals in about ten days. Busy market periods can stretch those windows.

Q5. Is Andy Schectman’s Media Commentary Connected to the Sales Side?

Yes, the media operation and the dealer are the same company. The education is real, but a podcast doesn’t change your premium. Verify pricing on its own merits regardless of how compelling the commentary is.

My Final Take on Miles Franklin

Pulling the threads together: on one side you’ve got a 35-year family heritage, the only state license in the country, U.S. Mint reseller status, and a service reputation where the owner personally calls people back.

On the other, a thin public review count and an old-school, phone-first buying process that won’t suit everyone.

For a retirement saver who wants accountability and a human on the line, Miles Franklin is a legitimate, trustworthy choice that earns its 4.2 out of 5. Just get your price quote, compare it against a competitor, and go in with eyes open.