Goldco is among the most well-known precious metal IRA firms out there. They’re also one of the more experienced ones, boasting of superior customer service with a high client satisfaction rate. That’s easy to say, but can they back it up and put their money (or more accurately, yours) where their mouth is? Read on to find out if you should trust Goldco with your savings and retirement accounts.
WHO IS GOLDCO?
Goldco was founded in 2006 and is based out of Woodland Hills, CA. They are legally known as Goldco Direct LLC, but you may also see them referred to as Goldco Precious Metals or the Heritage Gold Group.
Their mission? To provide investors with an easier way to add precious metals to their retirement accounts so they can protect and grow their assets. Basically, a less volatile alternative to stocks or bonds. This was all made possible in the first place by the Taxpayer Relief Act of 1997, which allowed a few specific types of coins and bullion to be permitted as IRA investments. Goldco was eventually started in response to this ruling.
Today, they work as a precious metals broker, partnering with IRA custodian companies and clients to provide rollover services for those that wish to convert their existing retirement accounts to holdings backed by gold, silver, plastinum, palladium, or some combination thereof. They’ve experienced significant growth, and were ranked in 2015, 2016, and 2017 by Inc. Magazine on their list of the 500 fastest growing private companies in the country. In 2017 they had a growth rate of 676.77% and revenues of $89.5 million. They’ve certainly become a major player in their space.
Goldco has been accredited by the Better Business Bureau (BBB) since 2012. They’ve maintained an “A” rating, and have a solid track record of responding to and resolving customer complaints. The Business Consumer Alliance has rated Goldco “AAA”, their highest mark. They also have a nearly perfect rating on TrustLink, with 149 reviews and an average score that’s nearly 5 stars, and their feedback on TrustPilot and Consumer Affairs is similarly impressive. Based on what we’ve seen, clients tend to be very pleased with the overall Goldco experience.
That’s great news so far, but what about their actual product offering? How does it stack up?
WHAT DO THEY OFFER?
First off, let’s cover the basics. Goldco offers the following:
- Coins and bars in gold, silver, platinum, and palladium
- Gold and silver IRAs
- Self-storage gold IRAs
- Rollover of 401(k), 403(b), 457, Thrift Savings Plan (TSP), Traditional IRA and Roth IRA
Goldco basically serves as a broker for IRAs funded by precious metals, per IRS rules and regulations. They also handle client distributions from IRAs, buying back physical metals or selling them via the metals market. Note that they do NOT provide storage or custodian services. They partner with several companies offering these services though, and will help you get them set up. It’s a minor inconvenience, but to us it isn’t a huge deterrent, especially since they’ll help with most of the extra legwork.
They also assist clients with the purchase of IRS-approved coins and bullion. Not only that, but they’ll coordinate with your custodian and storage facility to make sure it all goes smoothly. One of the most common mistakes people make when investing in gold or silver by themselves is not making sure if what they’re buying is actually IRS-approved, so we really like this service.
Now let’s look at their specific products in more detail:
- Gold IRA – Your standard gold IRA. We found that Goldco provides a suitable amount of information on opening one, how to invest in it, and how to eventually cash out of it.
- Silver IRA – They’ll tell you how to get started, what sort of coins are eligible, and other helpful tips.
- 401(k) – Goldco helps their clients roll over their traditional IRA or 401(k) account into a precious metals IRA.
- Traditional and Roth IRA Planning – One thing we really like about Goldco, which we’ll go into more detail later, is the wealth of knowledge they make available to their clients. This includes plenty of information on IRA strategy.
- SEP IRA Planning – If you have any questions about SEP IRAs, eligibility requirements, or contribution limits, Goldco’s team of experts will be able to help.
- Simple IRA Planning – They’ll help you open an account and inform you of the appropriate rules and regulations you’ll have to follow when involving gold or silver.
As far as their fee structure goes, Goldco recommends a minimum purchase of $25,000. At this level, they will reimburse you for your storage fees for one year in the form of the equivalent value of silver. They’ll even ship it to the account owner. Just remember that this silver isn’t part of your IRA and you must pay the storage fee up front.
At the $25,000 level, Goldco’s annual fee is $175. This stays constant until an investment level of $100,000 is reached. The annual fee then increases to $225. These numbers compare very favorably to the competition.
Other fees include a one-time charge of $50 when you open a precious metal IRA account, and a $30 wire fee for fund transfers.
One important thing to remember is that Goldco regularly has promotions where many of these fees will be discounted or even eliminated altogether, so keep an eye out if you’re looking to take action in the near future. We’d also recommend asking your account executive if they have any special offers available at the moment.
WHAT DO WE LIKE?
As we touched on earlier, one of the things that stood out to us about Goldco was the amount of information they’ve made available to their customers. Educating their clients is clearly a priority for them, as evidenced by the “Knowledge Section” of their website. It starts with live pricing information for gold, silver, platinum, and palladium in the United States. Not only that, but they provide the investor with some details as far as how the metals are priced and what factors have an effect on the value.
Next is their eBook section, which deals primarily on IRA and precious metal-related content. Specific topics you can read about include “The Truth About Home Storage IRAs,” “How to Buy Gold and Silver,” “10 Reasons the Dollar Will Crash,” and “10 IRA and 401k Mistakes You Are Making.”
Rather watch a video instead? Goldco has you covered there, too. They have a fairly extensive selection of media, mainly on topics such as retirement preparation, wealth protection, and IRA strategy. Among the titles are “Five Threats to Your Retirement,” “Invest in Hard Assets,” “America’s Monumental Retirement Dilemma,”and “Can You Trust Mega Banks?”
They also have an FAQ section that should be particularly helpful if you’re just starting out. Overall, we really like both the variety and amount of information presented. Even if you aren’t a client, their website is worth checking out as an educational resource if nothing else.
If you’re considering doing business with Goldco, it’s definitely worth getting their free investors kit. Meant for new clients, it gives you the basics regarding their services and the steps for getting started. This goes hand-in-hand with their strong customer focus. They actually emphasize that their goal is to “maintain the highest standards for customer satisfaction.” As we touched on in the beginning of this review, their record speaks for itself.
We’re also big fans of the sheer amount of experience that Goldco brings to the table. Operational since 2006, they’ve seen it all, including major peaks and valleys in the precious metals markets. Their in-house IRA department is filled with experts that can help guide you, especially through the paperwork process. They’ll make sure every little detail is correct, so you can sleep comfortably knowing you won’t be getting a visit from the IRS.
Finally, we liked their fee structure, especially at the higher investment amounts. Their fees are still competitive at lower levels, but as we saw, $25,000 is really the sweet spot for investing with Goldco. If you’re buying in at that kind of level, then you’ll definitely save in the long run with Goldco versus their competitors.
HOW TO GET STARTED
Want to get started with a Goldco Precious Metals IRA? Your first step should be to call Goldco directly. You can also fill out their application online if that’s easier. Make sure you have all of your personal details ready, such as your social security number.
One thing that they will ask you during the course of setup is whether or not you already have a custodian arranged. Since they do not provide this service themselves, they’ve joined forces with a few different custodian companies and will gladly help you get set up with one of them.
You’ll also receive a comprehensive guide that covers your various options for investing. Be sure to review this, as it will help further explain what your choices are and what precious metals are available to be part of your IRA.
THE BOTTOM LINE
After digging deeper into Goldco Precious Metals, we can see why they have consistently been a highly rated firm. Their customer satisfaction rate stands out, and Goldco’s high rankings on independent review sites demonstrates that they genuinely care about making their clients happy.
Retirement itself is a process that is carried out over many years. Decades, even. When you’re dealing with your savings, you want to trust it with someone that’s going to be around as long as you. Fortunately, Goldco has been helping investors since 2006 and is still showing very strong signs of growth. They aren’t going anywhere remotely soon, so we’d feel comfortable trusting our retirement accounts with them.
Their longevity has also provided valuable experience to their team members. Goldco boasts an expert staff that knows all there is to know about precious metal IRAs. One of the trickiest things about precious metal IRAs is making sure you’re following all of the IRS regulations and filling out the paperwork correctly, but their team will help you with this headache and handle most of the heavy lifting for you.
Overall, we saw a great deal to like and trust about Goldco, and would recommend them to anyone that’s considering investing in a precious metals IRA.
If you’re interested in learning more about Goldco, or are looking to set up a precious metals IRA, then visit them at www.goldco.com or call (855) 465-3472.