Securing a gold IRA is a necessity. After all, it is one of the surest ways you can protect your existing assets from issues like inflation and economic downfall.
You can acquire a self-directed gold IRA from reputable companies that have decades of legitimate experiencing handling gold and other precious metals. They do exist and currently, you can even find their platforms online already.
Right now, you have a lot of options when it comes to these firms so it makes it hard when comparing gold IRA companies. The only remaining question right now is which one of them should you put your trust and hard-earned money.
Take note that among the plethora of gold IRA companies, only a few of them can deliver satisfactory and scam-free services.
If you want to avoid the traps, you must know how to filter out the suspicious companies from your list. Here are some of the tips that can help you do that.
5 Tips In Comparing Gold IRA Companies
Right from the start, we have to emphasize that we offer here are recommendations and guides alone. We will never hold the card that will cause you to opt for a particular company. This big financial decision should be made by you.
Therefore, you should do extensive research about the background of the companies that you are interested in. Reading other reviews would help you in your search as well.
For the meantime, here are some guidelines that you can follow whenever you are looking for a gold company to work with.
1) Know Their Level of Experience and Expertise
The first trait that a gold IRA company has to display is their level of expertise in their given field. Enough with the sweet marketing talk.
A company should be able to discuss with you and answer all the questions that they have. From the simplest down to the most complicated queries, they should be able to respond to it appropriately.
A working team should take a look at your plans and provide feedback and recommendations. They should be able to give you a sound and reasonable advice for the next decision that you have to do.
And for the record, please avoid those companies that are too pushy. You can always feel it when they are intentionally trying to suck you in their marketing black hole. You can always veer away from this.
Trustworthy companies don’t need to do sales talk because they know that their services will sell on behalf of them.
2) Assess Their Accessibility
The next thing that you have to inspect is the accessibility of these companies.
Of course, this should be a necessary aspect that you have to secure. What you need right now is an investment firm that can be found physically and virtually.
It would never be wise if you settle on something that only responds to you to over the phone. Well, it is not really wrong if they will talk to you over the phone.
But if it is the only means of communication that they offer to you, then there’s something wrong about them. You have to exercise extreme caution.
You can always track where these companies are operating. They should be able to give you a valid address and double check it via third-party review sites.
In fact, even a simple Google search will give you a good understanding of the company.
Always remember that you are investing in gold here. This precious metal cost a lot. Therefore, you should never bet your resources into something that do not really exist at all.
3) Fees and Costs
Any reputable gold IRA companies should offer a properly structured costing of their services. There’s no excuse for them not to provide how they are setting their fees. If that’s not the case, then that’s the green sign that you have to step away from them.
There are two ways of how a gold IRA company can charge you: flat and scaled. When a company bares that their services will incur you scaled fees, you have to think twice about it. Scaled fees can hurt you in the long run.
You see, scaled fees are based on the existing fund that you have–usually sitting at 0.1% rate.
It seems small, right?
Well, you will never feel the weight of that amount, especially if your plan is only short term and that the amount you have invested is lesser than a hundred thousand bucks.
Take into account that even if you have a small gold IRA this doesn’t mean that it will not grow. The value of gold and other precious metals will also increase, due to their limited supply and existing economic factors like inflation.
When the value of your account rises, so is the fee.
If you will risk it with a company that has scaled charges, you have to be prepared for this predicament.
Although it appears to be an exploit, such a policy cannot be considered illegal. The only point right here is that such terms will cause you to pay unnecessary fees.
The best choice that you have now is a gold IRA company that offers reasonable flat fees. However, don’t go for those that have excessively low rates because they might be hiding from you.
They might slip some hidden charges while the processing takes place.
4) Processing and Procedures
The next thing that a gold IRA company should show you is the way they process your account. They should be transparent about this factor, ensuring that there are no steps that have been missed or intentionally scratched out.
The setup of an IRA account may take some time. That’s a fact that you have to understand. Because of this, the company has to give you a timetable of the entire processing.
If they exceed on their prescribed finished date, they have to explain to you. A good IRA company should do this all the time.
Furthermore, the company should make this smooth and easy on your end. After all, you are their client and you are paying them to do their job.
Legitimate companies usually do all the “dirty work” for you. They prepare all the necessary documents and arrangements before they present it to you. Right from the start, you always deserve this kind of customer service.
The company should also inform you where your involvement is necessary. It will make things fast and safe for your part.
Again, you need to avoid those companies that hide their processing procedures and timeframes.
Always be wary of those companies that are saying that they can do it fast. Fast, by all means, will never quantify things.
You don’t need ambiguity. What you need is exact and well-informed services from these firms.
5) Storage Of Gold
Aside from these fundamental guidelines, you should also know that with the IRS rules, you will never be able to take in possession the gold that you have acquired unless the age of 59.5 years is reached. The gold that you get will be temporarily stored at a depository.
When comparing gold IRA companies, you need to also see how they store your gold. Not only where they store, but also how they store it and the number of options there are for storing your assets.
This is called segregated storage and if you are asked about the means of storage for the metal, you should prefer this type of storage as it is much better way to store your gold.
In this way, your gold will never be mixed with other products that have been stored in the depository by other people.
You don’t want your gold to be stored together with other people’s gold. You want to be able to get segregated storage which means the gold is separated from others and labeled as yours.
Some companies charge more money for this type of segregated storage, and very few come with this option as a standard service. If this service can’t be provided by a company, you should back out already.
Wrapping It Up
When looking at gold IRA companies, you should look at a few and see what trust they have with real customers.
Many companies have Trustlink reviews, BBB, and ratings on Business Consumer Alliance, so you should check these ratings for sure for each of the investment companies you’re interested in.
One gold IRA company that stands out is Regal Assets if you want to know who we recommend. They have one of the highest ratings on Trustlink, BBB, and BCA as well as having segregated storage as a standard feature.
If you are looking for a reliable and experienced gold IRA company, you should go with Regal Assets.
Regal Assets (full review here) is a gold IRA and cryptocurrency service provider for more than decades already.
They are also leader in processing online orders efficiently, quickly, and securely.
They have satisfied numerous clients already due to their appropriate pricing and no-fuss transactions. You should get in touch with them if you are interested in this particular investment.
If you have any questions or concerns, please leave a comment below and we will get back to you as soon as we can.