16 Aug Avoiding Disreputable Precious Metals IRA Companies
When making plans for the future, it can be dissuading when we discover that there are companies out there who are merely looking to take advantage of us. However, the same can be true for any industry, and rather than shy away from the industry, we just need to be more educated when searching for a solution.
Becoming familiar with the more unsavory acts a minority of companies try to carry out means that we will only be paired with a reputable and trustworthy Precious Metals IRA provider. This will ensure that you can confidently build a financial future without having to worry about a business failing or surprise fees.
Don’t Be Fooled into Purchasing Rare Proof Coins
There have been companies in the past that have misled the customer into parting with their hard-earned cash into a Gold IRA rollover, then using the process to invest in rare proof coins.
This is not in the best interests of the account holder, as the only coins that should be purchased are bullion coins. This is because the value of the gold held in a Gold IRA account is normally based on the gold content as opposed to their rarity.
This kind of practice can cost investors a lot of money, and only look to benefit the company. Go to mineweb.net for a more in depth guide on gold IRA rollover process.
Ensure That the Storage of Your Precious Metals is Above Board
When you purchase gold and have it stored with an official custodian, it’s normal practice for you to receive some certification to inform you this has been completed. If you speak to a company that is unable to offer this feature, then it could be advisable to avoid that particular company.
That’s not to say that the company is not complying with what’s expected of them, but as an investor, we need to ensure that we’re able to safeguard ourselves where possible.
If you’re not able to receive any confirmation that your account has been setup and your precious metals have been stored in the right way, then it could be that your account is not all it seems, and could consist of non-existent purchases.
Be Aware of Shaved Coins
While it may be unbelievable, there are precious metal dealers out there that will sell customers shaved coins. Shaved coins mean that some of the gold content has been removed, which can only favor the dealer. As you can imagine, those who are subjected to such a scam will find that their investment is not all that it seems.
Check the Fine Print
Regardless of what service we sign up to, there can be mountains of paperwork we have to navigate through. If the paperwork is for a service like a cable or a cell phone plan, then it’s normal for many us to skim over the details and make a signature.
However, we have to be a bit more vigilant when it comes to securing our future, especially from a financial standpoint. Read through the contract, and then read it again to ensure that the Precious Metals IRA company you plan to use is offering you the right kind of service.
If you’re in any doubt, that it can be advisable to employ the services of an attorney who will help you ascertain as to whether the contract is genuine or not.
Reject Unsolicited Calls
If you receive a phone call asking you whether you would like to invest in a Precious Metals IRA, it can be a good idea to simply end the call. Why? Genuine Precious Metals IRA companies will very rarely cold-call complete strangers, if at all.
Genuine companies will certainly follow up on any interest you may have shown in a Precious Metals IRA, but if you receive a call from a provider without ever making an inquiry, red flags should appear.
The same can apply to door-to-door salespeople. While they may be genuine, it’s not a chance you should be taking with regards to your finances.
Check For Third-Party Accreditation
While many may assume that checking of a Precious Metals IRA company can be complicated, it’s actually easier than you think. To ensure that you’re only dealing with a reputable company, you can check links and feedback via the following platforms.
- The Better Business Bureau
- The Business Consumer Alliance
While it’s a not a necessity to ensure that the company has been in business for many years, it’s certainly something you should consider when making a decision. The reason for this is that you want to deal with a company that is both knowledgeable and experienced. This isn’t to say that the company who has been operating for less time is any less professional or reputable, but it can mean it may not have as many details about the industry as you’d like.
Check out the video below on the basics of a gold IRA rollover process: