You need to choose the best Gold IRA Company if you will like to avoid stress when handling your investment. Most companies available will try to convince you that they are the best.
But, you need to go an extra mile and carry out enough background checks on the companies which offer the services so that you will invest with the best. If possible, you should call the company which you have considered your best option and ask them about the services which they offer. A company which has highly qualified customer care attendants who will talk to you in a professional manner should be your first choice.
Investing in a Gold IRA is a good way of saving for your retirement. However, due to the high number of Gold IRA custodians in the market, choosing the right company can be a daunting task. It’s therefore very important to know how to identify the best custodian for your investment.
Here are 5 key things to consider:
1. Proven Track Record
The track record of a Gold IRA company is one of the most important things to look for during your search. The best way to learn about your custodian’s reputation is by personally visiting the company you’ve identified and meeting with its representatives.
They should be able to discuss with you the present market trends and advise you on the best investment program that suits your individual needs. If you have any questions, don’t be afraid to ask the representatives for clarification.
Gold IRA companies are certified and accredited by numerous different organizations, and to earn these certifications and accreditations, they must meet very strict standards. It’s therefore very important that you ensure that the gold IRA custodian you’re about to choose is approved.
The Better Business Bureau, for instance, provides rates and accreditation to these custodians. So to find a good custodian, consider visiting the BBB’s website and searching for the top ranked companies i.e. with an A+ rating. The other best market watchdogs are Trustlink and Business Consumer Alliance.
3. Investment Options
A well-rounded gold IRA custodian should be able to offer a wide range of other precious metal investments besides gold. These can include silver and platinum. Though these metals may not be of interest to you in the present, they may come in handy in the future when the market changes. (View Page: IRA-Approved Precious Metals)
It’s also vital to select a gold IRA custodian who is trustworthy and knowledgeable, and is able to advise you accordingly on which program to invest in based on the current market trends.
4. Quick Access and Storage Safety
Storage safety is another important factor that is often overlooked by many when selecting a Gold IRA custodian. The company of your choice should provide several storage locations both nationally and abroad.
But that is not all. They should also provide their clients with segregated storage options. This guarantees you easy access to your gold when you need to liquidate them faster since they are not combined with other people’s precious metals.
5. Buyback Program
When you finally decide to liquidate your gold, it is very important that you find someone who can purchase them fast and easily if you don’t want to lose out on potential gains. Because of this, you should ensure that the custodian you select provides a buyback program that allows you to resell your precious metals fast at the current market price.
What Else You Should Be Looking For
1. IRA Pricing & Fees
The biggest difference in pricing and fees will be if the Gold IRA Company charges a flat or scaled fee. Take a look at this table to understand what happens if you’re maintaining an IRA account with a scaled account fee (Assuming 0.1% account fee).
If you’re on a scaled account fee you’ll end up paying 2x to 40x more VS an account with a flat fee. Even if you’re thinking about investing less than $250,000 today you account value will naturally grow due to inflation and appreciation on precious metals.
Unfortunately most of the Gold IRA companies have a scaling administration fee schedule which can cost you more as the account value increases. Our advice: Pick a Gold IRA company with a flat annual fee.
2. Coins vs Bullion (And What Type of Precious Metals You’re Investing In)
Watch out for any Gold IRA company that is pushing for one specific type of metal (they most likely make higher profit margins on them). These companies have negative reviews on TrustLink, BBB or BCA — so make sure you read our reviews and pick one of the recommended companies from our Top 10 list.
You’ll also need to make sure that you’re purchasing precious metals that are acceptable for IRAs and choose the custodian that can offer the best secure storage to protect your assets. Our advice: Pick a Gold IRA company that offer the type of precious metal you are interested in, not the one they’re pushing for.
3. BBB & BCA rating
Pick a Gold IRA Company with a strong BBB & BCA rating (Preferably with “A+” BBB rating and “AAA” BCA rating.)
- Better Business Bureau Rating
- For more than 100 years, BBB has helped consumers find businesses they can trust. Companies are graded from A+ to F through 16 different variables such as “time in business”, “competence”, “complaints” and “background information.”
- Business Consumer Alliance Rating
- Through a sophisticated algorithm that evaluates several different aspects of businesses, BCA is able to assign letter grades, ranging from AAA to F which assists the public in identifying reputable or disreputable companies. The Business Consumer Alliance, Inc. is a non-profit organization founded in 1936. The Business Consumer Alliance provides free services to consumers to learn everything they need to know about a business before engaging with them. The purpose of BCA is to promote business self-regulation.
Our advice: Pick a Gold IRA company with a 5 star TrustLink rating, A+ BBB rating, AAA BCA rating and as few complaints as possible (zero if possible).
4. Avoid Aggressive Sales Tactics
A common complaint with TrustLink, BBB and BCA are from people feeling like they were taken by aggressive and fast-talking sales reps hungry for their commission. There have also been reports of sales reps calling and pushing clients to make decisions as fast as possible.
Our advice: Pick a Gold IRA company with friendly sales reps and great customer service.
5. Insured and Licensed
Insurance protects your gold IRA account. It is hard to locate a company with gold IRA services without FDIC insurance, but you should not assume. There are others which don’t have the insurance. It is precarious considering you have invested your life savings. Always ensure the company is fully insured.
6. IRS License
For any business to offer IRA services, it should have a permit. If you will ask for the license and a given company fails to provide you the license, and then you better look for another company which is willing to show you prove of insurance. This is not the case with the best Gold IRA companies.
Our Search For The Best Gold IRA Company
We Searched for a Comprehensive List of Gold IRA Custodians
We evaluated these Gold IRA custodians based on our expert guided buying criteria, looking for IRS-approved coins & storage options
We Brought you the Best Gold IRA Companies for Consideration
There are dozens of gold IRAs available today, with many of them focusing specifically on retirees. Moreover, not all IRA needs are the same. So we searched all the best companies and narrowed the list based on our expert criteria. We then researched further to determine the best fit companies for a variety of needs. This result was a shortlist of companies that have handled precious metals IRAs for years, with thousands of satisfied customers to show for their security and customer service. We ended up with a list of Top 10 Gold IRA Companies.
We Looked at the Companies You Want to Know About
Many of the top companies are mentioned numerous times on television, radio, and social media. These are the companies most likely to be used by consumers, so we started with these. We also referenced the lists of “top gold IRA” sites for new companies that you may not have heard of. Then we went a little deeper.
We Checked Credentials
In light of our expert identified need for IRS approval, we checked to make sure our worksheet of companies were licensed to deal in gold and bullion services, as well as manage IRS-approved retirement accounts. Then, we checked with the Better Business Bureau. We only selected companies that were BBB members with a rating of “A” or higher. If they didn’t have the credentials, they did not make our list.
We Checked Customer Reviews
While you can’t trust everything you read online, it’s easy to notice a trend among companies in the reviews and feedback left by customers. Negative reviews were researched to see if issues were resolved. In fact, a company with a bad review that made good on fixing the problem was more likely to be included than a company with all good reviews (because no one is perfect).
We Compared Costs
At the end of the day, your retirement plan is about having enough money to live on — and thrive — in your later years. If your nest egg is eaten up by high fees or questionable charges, it’s not in your best interest. That’s why we looked at startup costs and aimed to find companies that balanced cost with features. In other words, value is where it’s at.
We Looked for Superior Service
Do you need a company that can ship your actual gold (or a cash equivalent) without extra fees or shipping charges and with a timeliness guarantee? Interested in a high-tech storage facility? These premium perks are available, and the best companies stand out as giving them to their customers at no extra charge.
Regal Assets is our Recommended Best Gold IRA Company. As illustrated in our List of Top 10 Gold IRA Companies, Regal Assets earns our first place recommendation. Regal excels with stellar online and offline reputation. It scores the best ratings from the Better Business Bureau (BBB) and Business Consumer Alliance (BCA), the largest two review bureaus, and has the highest favorable reviews in TrustLink from its current client base.
Do you have any questions on why it is important to choose the best Gold IRA company? Ask below!