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There are dozens of gold IRA dealerships scattered throughout the US. These companies help you set up and fund a retirement account with precious metals. But like with any precious metals company, this is a formula that's ripe for scammers. How can you be sure that you're actually working with a legitimate company?
Beverly Hills Precious Metals has been operating out of California for almost 20 years. But what exactly do they offer? And what do past customers have to say about their experiences? Here's what you should know before you make any decisions about investing.
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About Beverly Hills Precious Metals
Beverly Hills Precious Metals has been operating since 2003 as a bullion dealer. They also offer some gold IRA services. However, if you want to see their available inventory, you have to contact the company to find out what they're offering.
This isn't super convenient. There are other companies that show you their full inventory right on their websites. Some even use algorithms to update their prices in real time, so you don't even need to call to get a quote. That makes it a lot easier to research your price and make sure you're getting the best deal.
You can go to the section of the website called "History of Inflation" to learn more about economics. This teaches you why precious metals are considered a hedge against inflation. A dollar earned in 1965 is worth only a fraction today of what it was back then. But proportionally, the price of gold has kept up with inflation.
Online resources are important because you want to be informed before making a purchase. The best precious metals companies seek to educate you, rather than confusing you into making a purchase.
The company does not provide a lot of information about their IRA process online. It's unclear which custodians or depositories they usually work with. Some other precious metals IRA companies are much more open about this. The more open they are about their custodial partners, the easier it is for you to choose the custodian that works for you.
The fact that you can't view the inventory online is very unique, and not necessarily in a good way.
Is Beverly Hills Precious Metals a Scam?
Beverly Hills Precious Metals does not appear to be a scam. The company has been part of the precious metals industry since 2003. Their website has a variety of information about the industry and how to make purchases with them. But there are a couple of red flags.
One of the potential red flags is that the company is not rated or accredited with the Better Business Bureau. This is unusual, particularly in a company that's been in business for so long. When you ship to the entire United States, one of the best things you can do is to get accredited with the BBB.
The lack of BBB rating is also perplexing. Sometimes companies without accreditations can still have an A+ rating. But Beverly Hills Precious Metals has no rating whatsoever. This happens when the BBB doesn't have enough information about a company to make a judgment.
The bright side is that the company has not had any official complaints filed in the past three years. But there have been two customer reviews on the BBB website. One is positive, and the other... not so much.
It has been extremely difficult to find reviews of Beverly Hills Precious Metals through third party sites online. The company does not appear to have any ratings on Trustlink or Trustpilot. On the BBB website, there are just two reviews.
Sometimes companies don't garner a lot of online ratings and reviews, especially if they're smaller. But the lack of reviews makes it difficult to determine how satisfied past customers were. It also makes it tough to identify any potential patterns of mismanagement.
On the BBB website, the most recent review is from April of 2022. This customer gave top marks and said that it was great to work with the company. She added that the staff was hardworking, quick to ship the orders, and very helpful. She said that she was able to learn about precious metals and feel respected despite being a total newcomer to the precious metals industry.
The other review was from February of 2022. This one is less positive, giving just 2 out of 5 stars. The customer said that she believed the company was questionable. She indicated that she did not know where her assets were being held, and that she had not had her questions satisfactorily answered. She said that too many companies were involved in her IRA, and she didn't want them to have access to her retirement funds.
The company has not responded to this review. Since it is not an official complaint, there is no need for them to respond in order to maintain their BBB reputation.
But judging by the confusion in the review, we believe this might be a simple case of misunderstanding. When you work with a precious metals IRA dealership, there will be three companies involved: the dealership, your custodian, and your storage facility.
Your custodian is licensed by the IRS and is in charge of maintaining your IRA. This means that they receive and deposit your items in your storage facility of choice. The storage facility will also be licensed with the IRS, which means that it is compliant with stringent security regulations.
You will only spend money on precious metals when you agree to. At that time, your custodian will release the funds to your precious metals dealer. Then your precious metals dealer will send the metals to your depository so they can be stored in your vault.
At no point does your precious metals dealer have full access to your IRA. Nor are they the ones in charge of maintaining the assets.
It is a little concerning that this customer left this review, but not for likely scam reasons. It just indicates that the company might not have explained the IRA process as well as they should have. When you invest in a precious metals IRA company, it's important that you feel confident and secure in your financial decisions.
Pros & Cons of Beverly Hills Precious Metals
Beverly Hills Precious Metals is a precious metals dealer that seems to have everything figured out. Their website is packed with helpful information about how to buy and sell your gold. They also have a strong focus on IRAs, making them ideal for those who want to roll over their retirement funds into gold.
But they can't quite beat out the competition. There are several things that don't work in their favor. For example, the lack of BBB accreditation or rating despite the near 20 years of experience. Or the way we could only find two short customer reviews anywhere after scouring the most popular online review sites.
Though Beverly Hills Precious Metals is a formidable business with a variety of impressive endorsements, we just don't know very much about their customer satisfaction levels. There are other companies that have hundreds of documented satisfied customers. For this reason, we recommend working with a competitor that has more positive online feedback overall.
Although we do think that Beverly Hills Precious Metals is a decent company, we believe that there are better companies out there to make your investment with.
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