(This review was updated in December 2019)
Goldco has one of the most memorable names in the precious metal industry. However, the name alone is not enough to make you invest your IRA with them. You need to look through the myriad of firms in the industry before you can settle on a firm you can trust. This Goldco review examines the benefits and disadvantages of opening a precious metal IRA with the company.
A Goldco overview
Trevor Gerstz founded Goldco in 2006 as a web-based precious metal retailer. The headquarters is located in Woodland Hills, California. The CEO is currently the National Gold Group’s IRA department president. The firm has since grown to encompass traditional 401k accounts and precious metal IRAs. The firm mainly deals in gold, but it also deals with other precious metals like silver and platinum.
Goldco has received numerous awards. In 2015, it was awarded the Los Angeles Top Gold IRA firm award by the LA Business Journal. It has well-established connections with other financial institutions like Horizon Bank and Equity institutional, giving the firm a backing of close to $12 billion.
What Goldco offers
Goldco has two types of accounts. The first is the 401k account. This is aimed at the cautious client who is unwilling to invest in precious metals. These accounts cannot purchase gold or other precious metals. The second type of account offers more freedom than the 401k. The self-directed precious metal IRA allows a client to buy precious metals from the business.
The acquisition process is fairly streamlined. Goldco customer service representatives give the client all the information concerning the precious metals they are interested in buying. This is normally done either online through the website or over the phone. The firm also handles most of the customers’ paperwork.
The unique selling point is the self-directed IRA that allows not only purchase but also self-directed storage. These self-directed IRAs are under an LLC, ensuring that their other assets are protected. The main products you can buy are silver and gold bars or coins. Occasionally, the company offers palladium and platinum coins, but they mostly concentrate on the two main precious metals.
Goldco Ratings on Consumer Review Sites
What We Liked about Goldco Precious Metals
Goldco have received an A+ accreditation by the Better Business Bureau, AAA by Business Consumer Alliance and a five star review on TrustLink. There are few complaints on these sites with only two in all three sites. This is an indication of the customer confidence and reputation that Goldco has.
▶ The self-directed IRA options
Most firms that deal in precious metals offer customers IRAs that they manage themselves. However, Goldco is one of the few firms that offer a self-directed IRA as well as the self-storage gold IRA. You can personally control your IRA if you have the financial shrewdness and you can choose where to store your gold. This sets them apart from most other gold investment companies.
▶ A simple and informative website
If you opened most financial websites, you would be bombarded by advertisements and pop-up chat requests. However, Goldco’s website is slightly different. The firm has a simple design with minimal intrusive marketing. Additionally, there is a live chart that customers can use to view the current price of Gold.
▶ Realistic marketing
Most financial investment firms tend to use a lot of hyperbole in their advertisements. However, Goldco’s adverts seem to be realistic. The firm has no qualms with showing the prices of gold even when they are on the decline.
What We Didn’t Like about Goldco Precious Metals
▶ Fluctuating administrative cost
Most firms have a specific administrative cost and setup fee cost. However, Goldco adjusts the fees depending on the customer’s custodian. This is annoying because the fees are constantly changing depending on the rates Goldco agrees with the custodian.
▶ A lack of variety
Goldco has concentrated on silver and gold. This restricts their customers to these two precious metals. Even though there are occasional sales of palladium and platinum, they are rare. The lack of variety may force some customers to open IRAs with other firms.
▶ Inconsistent delivery time
Goldco does not have a rigid delivery time by which it abides. The delivery may be fast, and sometimes it may take a couple of weeks. This is an inconvenience to some investors who prefer well-structured delivery times.
Goldco is one of the most reputable companies in the industry. There are over 200 positive reviews on BBB, BCA, and TrustLink and only a few complaints. This shows most customers have a positive experience.
Despite the positives, the limited variety of precious metals, inconsistent delivery time and fluctuating administrative costs are areas the firm can improve. The limited involvement of the staff seems to indicate that Goldco is suitable for the seasoned investor or the shrewd individuals who would like greater control of his gold and silver investments. Goldco’s offering is different from most of the other firms. You need to perform your preliminary research on what is the best IRA for you to open. You should also decide on the custodian if you opt for the self-directed IRA and storage options. Ensure that Goldco is the right company for you with proper due diligence.
Phone number: (855) 465-3472
– Lots of positive reviews by customers
– More options for self-directed IRAs
– Realistic and fair marketing
– Fluctuating administrative cost
– A lack of variety
– Inconsistent delivery time