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Protecting the value of your savings is a major concern right now. After all, you’ve spent years trying to amass a fortune. The last thing you want to happen is for its spending power or value to take a severe nosedive.
There are several ways for you to protect your savings and, gold Individual Retirement Account (IRA) happens to be one of the better options. With the help of an IRA company, you can set up an account that lets you buy and store gold to your name.
Deciding on which IRA Company to do business with can get daunting as there are more than a handful of options out there. Augusta Precious Metals is one of these options, and that does beg the question: can you really trust them with your savings? To answer that question, it’s best to go through what many Augusta Precious Metals reviews are saying about the company.
Who Is Augusta Precious Metals?
The company formally known as Augusta Precious Metals is known as one of the leading gold IRA service providers in the USA right now. They mostly cater to people with retirement accounts or those that wish to protect their savings from future inflations, and diversify their investment portfolios.
Founded in 2012 by Isaac Nuriani, the company has made a name for itself as a fairly dependable service provider for those looking to invest in precious metals. And this is no mere boast as the company is supported and endorsed by several influential people and celebrities. Some of their more notable endorsements include NFL Hall of Famer Joe Montana.
The company based its entire approach towards IRAs on the fact that this account is one of the least understood retirement planning schemes out there. Some do not realize that Gold IRAs play by a different set of rules than standard IRAs and bank accounts and the demands for it can be overwhelming.
Thus, Augusta was founded on the notion that the process of setting up, owning, and maintaining an IRA is relatively simple. At the very least, that’s what they are claiming on their website.
Also, there are several requirements that an applicant must meet before Augusta does business with them. More of this will be discussed later. Aside from this, the company maintains a rather trustworthy reputation in the industry which is supported by different Augusta Precious Metals reviews.
What Services Do They Offer?
By concept, Augusta Precious Metals is a Gold IRA service provider. In other words, much of their work revolves around helping you set up an IRA, use the same, and maintain it for as long as possible. How they do that is through several services which are the following:
Gold and Silver IRA
Perhaps the company’s forte is its ability to set you up with a precious metals IRA. However, their work can also focus on helping you make a decision before you have an IRA set up to your name.
Augusta offers consultations that should help you establish the reasons for setting up an IRA. They can even help you figure out whether or not having an IRA is a necessity right now.
And if you do make a decision, the company will do what it can to help you through each step of the process. This will include assisting you with the paperwork, and expediting the funding phase.
Once your IRA has been set up and funded, Augusta can now fill the role of an agent between you, your IRA custodian of choice, and the different depositaries storing your gold. And if you really want to, you can have Augusta manage your entire account with only a little input from you.
Gold & Silver Cash Purchases
In as much as Augusta’s primary focus is on IRAs, it does cater to people who want to buy gold for reasons other than retirement planning. Perhaps you might want to buy gold for the simple fact that you want to own a high-valued rare earth metal. Or perhaps you might want to invest in gold, but your finances do not allow you to buy more than $5,000.00 worth of it every year.
If that is the case, Augusta does allow clients to make cash purchases for their available gold and silver products. The company can facilitate a cash transfer if you order specific items, and then have them delivered to your home most safely and securely possible.
Shipping with Augusta is covered by an insurance policy until it is delivered to your doorstep. In other words, you will be indemnified in case something were to happen to your purchases mid-transit.
Lifetime Client Support
Regardless of investor intentions, Augusta does offer various customer support services online or through the phone. Their website has several helpful features including a real-time market price monitor, a library of content, and a constantly-updating product catalog.
One notable feature here is their webinars that Augusta Precious Metals recommends that you participate in before you set up an IRA with them. Here, would-be clients would learn the basics of precious metals IRAs such as buying products for it or how to make the proper investment decision.
Aside from investor education, Augusta also excels in addressing customer queries and complaints. Their support line is noted to be always available and the agents on the other end are known to be rather attentive with their work. They are even willing to accommodate clients who are simply calling for a simple market update.
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Augusta Precious Metals Pros and Cons
Augusta might give the impression of a really good company to do business with but it is far from perfect. Based on hundreds of Augusta Precious Metals reviews, the overall consensus is that the company has a lot of features to make it worth your while but some issues need fixing.
Pros
One of the company’s strongest qualities is its insistence on being as transparent as possible. Before you even decide to set up an IRA, the company will inform you of everything that you need to know. That includes fees and other expenses.
They also put considerable focus on investor education to help clients make an informed decision on their investments. This includes free assistance and access to several resources and online tools.
Lastly, reviews agree that the company has one of the best customer services in the industry. Their professionally-trained staff and near 24/7 availability can help in addressing any concern a client might have, regardless of where they are located in the US.
To Summarize:
- Transparency especially with the fees
- Extensive investor education
- Top-quality customer service and support
Cons
If there is one recurring point of criticism with the company, it would be their steep investment minimum. Would-be applicants are required to have saved up at least $50,000.00 if they want to set up an IRA with the company. This is perhaps one of the highest investment minimums in the industry as of now.
Also, their product catalog might be extensive but it focuses strictly on gold and silver products. If you are someone that wishes to invest in palladium and platinum products, Augusta Precious Metals cannot cater to what you are looking for.
To Summarize:
- The highest investment minimum at $50,000.00 for IRA transactions.
- Strictly gold and silver products only.
Minimum Investment and Fees
As was stated, one of Augusta’s strengths is its transparency, especially in the matter of IRA fees. One can simply call them up, ask for the fees, and the company will provide a detailed breakdown of how much doing business with them will cost a person.
Here’s a list of the fees that you can expect when you set up an IRA with the company:
Start-Up
The company will charge you a one-time fee of $50.00 for the setup of your account. This will cover the expenses for your paperwork as well as the agent’s time spent assisting you through the process.
Custodial Fees
What many gold IRA companies fail to disclose is that they are not the ones exactly handling your account. Companies like the Equity Trust Company are authorized to do such and have their own set of fees for the management of your account. Depending on the custodian, your expenses here could go as high as $250.00 for the first year and then $100.00 for every succeeding year.
Shipping and Storage
The costs for shipping and storage are variable with Augusta. In other words, how much you will pay for the delivery and storage of your purchases depend greatly on what you just purchased and in what quantity.
For shipping, there is the chance to have your fees waived if you perform a qualifying purchase. In most cases, this would involve you spending a minimum of $10,000.00 for one transaction. If you meet the conditions of the qualifying purchase, Augusta will cover the expenses for the delivery and storage of your ordered assets.
Bid and Spread
This expense is rarely talked about in other companies. Essentially, the price you pay for precious metals in other companies is not the actual amount of the item or its bidding price. There is an additional markup added to the price tag, which is the spread. If you don’t know that there is a bid and spread in the precious metals, you might end up paying more for what is considerably less.
With Augusta, they don’t do that. They will tell you exactly how much that gold was initially purchased by the seller and how much you will pay for it. This way, you can determine the bid and spread, and make a decision for yourself as to whether or not you should purchase items for that day.
What Makes Augusta Precious Metals Unique?
If there is one thing that makes Augusta Precious Metals stand out, it would be their seemingly academic approach to setting up, owning, and managing an IRA. The premise the company has set up is rather simple: they understand that IRAs have become more prevalent in recent years.
People are trying to find ways to protect their savings ever since the housing market crash of 2008 proved to them that volatility is always a constant factor in the economy. In other words, there’s no telling what can happen to your savings in case something that is absolutely beyond your control or foresight were to happen.
The problem with the increasing popularity of IRAs, however, is that not a lot of people do not understand them and what it is for. It also does not help that a lot of IRAs willingly allow people to apply for an IRA and do the bare minimum of helping them with their investments.
To rectify that, Augusta insists that you undergo the necessary training before you even decide on setting up an IRA. The first hurdle to clear with the company is attending a series of webinars where you will learn the basics of owning an IRA as well as selling gold.
It also helps that the company has an entire department dedicated to Investor Education with a Director of Education by the name of Devlyn Steele. A member of the Harvard Business School analytics program, Steele conducts these webinars personally and can handle both new and potential IRA owners simultaneously.
In the sessions, the Director of Education will ask a series of questions to gauge how capable you are of handling an IRA. He can give insights as to the current trends in the market and where precious metals might be heading in the future.
The most important part of these webinars is that the director will be as upfront and direct with clients as possible. If you have or have not what it takes to handle the demands of an IRA, Steele will tell you so.
The overall goal of the seminars is to help you decide whether or not you have what it takes to be an IRA holder. This way, you are certain that investing in gold is something that you are willing to engage in in the future regardless of the outcome.
This is quite unique as an approach as most gold IRA companies will push you towards setting up an IRA with them. If the client is not fully sure about their decision, the potential for becoming resentful with their investments increases with each purchase.
Essentially, what Augusta does is help you come to a realization if you are a right fit for precious metals investments and not the other way around. The demands for maintaining an IRA can be considered, which is why the company would rather give you all the information you need to make the most informed investment decision.
And once you do make the decision, the company will continue to guide you throughout your investments. This lifetime customer support service will grant you free advice as well as access to a library of articles, tools, and guides either through email or on the company’s website.
Augusta Precious Metals 2022 Reviews, Ratings, and Complaints
Combing through various Augusta Precious Metals reviews, it would seem that the company is a trustworthy service provider with a favorable impression from both customers and industry monitors. Some of the ratings that have been given to the company will include the following:
- A+ from the Better Business Bureau
- An AAA rating from the Business Consumer Alliance
- Trustlink’s 5-Star Average rating gathered from over 300 unique customer reviews
- A 4.8/5 rating from Google Reviews based on more than 152 customer reviews
- A 5 out of 5 Rating from Facebook
- A 4.9 out of 5 Rating from Consumer Affairs
- Hailed as one of the Most Trusted Companies in the US
These ratings given by independent bodies do give the impression that the company is quite dependable with its services and can address issues as they are raised. It also helps that the company has received no major complaints regarding its services. Sure, there are a few issues that might pop up from time to time, but these are isolated cases, and do not indicate widespread negligence on Augusta’s side.
What makes these ratings and reviews credible is that they are generated by people who have actual experience with what the company can offer to clients. Because of this first-hand experience, these reviewers can provide you with insight as to what you can expect from the company if you ever decide to avail of their products and services.
Aside from great customer service, a lot of review aggregator sites and consumer protection agencies also refer to several factors for giving their ratings. One of the more important aspects would be the quality of the products. Essentially, a company should provide products with the highest fineness and purity ratings possible and have been cleared for distribution by law.
Product diversity would also come into play as it naturally allows for better options. If a company has a sizeable product library and can find a way to regularly update the prices to reflect current market values, then the company would get more favorable ratings.
Another important factor would be supported by customers, especially those that are influential. Endorsements from celebrities and industry experts could sway public opinion favorably toward a company, which will be reflected in the ratings given to them. However, clout is not exactly a conclusive factor as it does not indicate the actual quality of services that the company can offer.
One other crucial factor is the quality of the service itself. The efficiency of delivery, the security measures being employed, and the training or experience of its representatives can give the impression that a company knows what its clientele needs and can provide for it with minimum delays.
Lastly, there is the issue of transparency. The industry standard now is for companies to be as upfront as possible when conveying important information, especially on the fees. A would-be client must know what exactly they are getting themselves into and how much the entire experience of having an IRA will set them back financially. And with all these elements considered, the overall consensus with the Augusta Precious Metals reviews is highly favorable for the company.
How to Get Started with Augusta Precious Metals
Setting up your own IRA with Augusta is a rather straightforward experience. You can even complete everything within three steps. The first step is the preliminary preparations. Here, you will contact an agent of the company who will then direct you to the company-sponsored webinars. This handful of sessions can help you decide if you have what it takes to manage your gold IRA.
If you have decided to set up a gold IRA, the next phase will involve Paperwork. This will involve you preparing documents that you have to attach to your application form as a reference for the agent. If you have trouble complying with the requirements, the agent will assist and simplify matters for you.
At this point, you will be given the option of what custodian and depositary you want to handle your IRA. The company has affiliates, but will accommodate any company that you already have in mind.
Once your application is approved, the final step will involve funding your IRA. A rollover might be necessary as Augusta does require a sizeable investment minimum for transactions.
In a rollover, any amount from your existing retirement accounts can be withdrawn and funneled to your newly-created IRA. This will require Augusta to communicate with your company handling your accounts and will take a few days to complete. But as long as you have enough money saved in your previous IRAs or 401k, your Gold IRA should have the funding needed to start buying and storing precious metals.
Final Thoughts – Augusta Precious Metals Review
Let’s go back to the first question: Is Augusta Precious Metals a safe company to do business with? The short answer is a yes. Not only does the company offer a robust set of features and services, but it also approaches the entire concept of IRA ownership and management from a consumer-centric viewpoint.
It’s easy to push a person to make a decision with their investments be done with. But for Augusta to allow you to take the time and guide you towards making the best possible decision with your savings, that takes commitment towards building a relationship with you. For this reason, the different Augusta Precious Metals reviews have favorably rated the company and considered it to be one of the best that the industry currently has to offer.
And if you still need convincing, there are still a lot more sources out there that can tell you exactly what to expect with Augusta’s services. With enough research and introspection, you might come up with a rather grounded investment decision.
