*We may receive a referral fee from some of the companies featured in this article. This is not a financial advice article. Refer to a professional for financial advice.
An Individual Retirement Account can help you protect your savings from an economic downturn in the future. With one that specializes in gold and other precious metals, you can buy and own assets whose values will only continue to appreciate throughout your lifetime and beyond.
This is where Birch Gold comes in and it has been known for its robust set of products and services that can help you buy, own, and sell precious metals within the US. In other words, the company can make for a viable option if you want to convert your savings into an inflation-proof asset. But here’s the question: why choose Birch Gold?
This review aims to answer that question and help you understand what makes the company one of the safest options you have right now for setting up a gold IRA.
TL;DR
What exactly is Birch Gold? For starters, the company is a dealer in precious metal products that is based in Burbank, California, and has been in the industry since 2003. Specializing in retirement planning services like IRAs and the selling of precious metals, the company is a recurring mention in many Conservative TV programs and is supported by pundits like Ben Shapiro and Steve Bannon.
For nearly 20 years, Birch Gold has maintained a rather stellar reputation as one of the dependable Gold IRA companies in America right now. It has received 4 to 5-star reviews from the clients that it has served, and industry monitors do give the company strong ratings. All in all, Birch Gold makes for a company that you can trust with your savings. For a more in-depth discussion of why it is so, just go through this review.
Birch Gold, Reviews, Complaints, & Disputes
With over 20 years of being in the market and with more than a thousand clients served, you might expect the Birch Gold reviews to be all over the place. This might surprise you but Birch Gold has had a consistently good rating from both customers and industry monitors for several years now.
Sure, it cannot be avoided that a dissatisfied customer might leave a scathing review or lodge a complaint against the company, but this has rarely happened in over 20 years. The reviews received by the company have been quite positive.
Better Business Bureau
The company has over 74 customer reviews with the Better Business Bureau with an average rating of 4.8 stars out of 5. This gives the company an A+ rating with the BBB. As for complaints, the company has had 9 of them in the last three years, which is comparatively small for a provider of products and services. This only tells you that either the complaints are so minor or they were properly addressed by the company within a reasonable amount of time.
Business Consumer Alliance
Birch Gold currently has an AAA rating from the Business Consumer Alliance. Currently, the company has seven 5-star reviews on the site and only two complaints lodged in the last two years. And as for the complaints, it is noted that they have been addressed and dealt with within a few weeks after being raised.
Trustpilot
This review aggregator site currently has 119 Birch Gold reviews with an average rating of 4.8 stars out of 5. Also, there were no formal complaints raised by the reviews, although they do note some notable inconveniences which will be discussed later.
TrustLink
For TrustLink, Birch Gold has received 126 reviews from its clients. Most of the reviews are favorable to the company, which led to a 5-star rating average on the site.
Yelp
As of now, the company only has 5 reviews on Yelp. However, these reviews were favorable to the company, which allowed it to receive a 5-star Yelp average rating.
Birch Gold IRA Fees
You should know by now that maintaining an IRA is not going to be cheap. There are fees involved in setting up the IRA, and then using it to buy and store gold. Also, there will be maintenance fees to consider annually, depending on the company handling your IRA.
For Birch Gold, they will charge a one-time $50.00 fee for setting up the IRA and $30.00 for every wire transfer you will initiate. The annual account management fee is $80.00 while insurance and storage is $100.00.
All in all, you could spend as much as $180.00 every year with the company handling your IRA. It would also help that Birch Gold uses a fixed rate for its fees. This means that your expenses will remain the same every year regardless of the size and type of assets you have stored in your IRA.
There are also promotions included that help keep the costs down to a minimum. For example, if you were to fund $50,000.00 after setting up your IRA, Birch Gold can waive your fees for the rest of the year.
Lastly, Birch Gold does require a minimum investment amount. Fortunately for you, theirs is at the lower end of the spectrum at $10,000.00.
Setting Up Your Gold IRA
The setup process for IRAs is usually straightforward enough to understand. Fortunately, Birch Gold keeps theirs simple enough that anyone can finish it within a month or so.
The setup process with Birch Gold will involve 3 steps. First is the qualifying phase. Here, a company agent will orient you on the basics of an IRA while also acquiring your most basic information like your finances. This part is standard as it helps the company determine whether or not you have what it takes.
The next phase is the Paperwork. Here, you must fill out a sheet with all the necessary documents attached. Once submitted, the company will take some time to deliberate on your application. If you do meet the qualifications, you will then be given an agreement to sign. With your signature there, you and Birch Gold are now bound to a relationship where both parties will now perform all obligations as stated in the agreement.
Now that your IRA is set up, all that is left to do is to fund it. The easiest way to do this is through a rollover, where existing money from your other accounts will be transferred to your gold IRA. Birch Gold will also assist in this matter.
Gold IRA Custodian
It is important to understand that Birch Gold does not exactly store and handle the gold that you order in your IRA. This is because Gold happens to be one of the most regulated commodities in the US market. No other company or individual is supposed to handle gold, unless they meet certain federal requirements.
What this simply means is that Birch Gold is not an IRA Custodian company but a broker. They cannot physically handle the gold; neither can they manage IRAs directly.
However, they are affiliated with depositaries and accounts managing companies that will do the actual work of operating your IRA. What these only means is that you must be aware that Birch Gold is not the one directly handling your account. You have to clarify this matter with the agent in your first meeting, so you would know exactly who you are paying annually to keep your IRA in an active state.
But this does beg the question: why exactly do you need to have a gold IRA set up in the first place? The simplest reason is that a standard IRA or a 401K account does not allow you to directly invest in precious metals. An IRA that specializes in this kind of commodity is your only way to diversify your investment portfolio.
So, if you want to set up an IRA, what the company will do is assign a specialist to review your situation and see what you are eligible for. This can be dependent on your current retirement plan, as well as your regular monthly income.
And if you do qualify, you are given the option to work with Birch Gold’s partner or any custodian company of your choice. Just keep in mind that you might save more money in the long term if you choose a custodian with whom Birch Gold has a working relationship.
Equity Trust Company
Birch Gold is primarily affiliated with the Equity Trust Company, a company that has more than 45 years of experience handling retirement accounts. This does beg the question: since you will be dealing with both Birch Gold and the Equity Trust Company, would that mean that you’d have to pay separate fees for the services of both companies?
The answer, luckily for you, is a No. If you have chosen Equity Trust as your custodian, then Birch Gold’s fees will be applied. This means a $50.00 setup fee, a $30.00 wire transfer fee, and the $80.00 annual maintenance fee.
That would also mean that Birch Gold’s promotion program would be in effect with Equity Trust as your custodian.
In other words, you won’t have to deal with the annual fee for the first year of your IRA, as long as you wire $50,000.00 once the account is set up.
Gold IRA Depositary
You cannot store precious metals just about anywhere. The federal government is quite strict and does limit the number of companies that can store gold and other high-valued rare-earth elements to a few depositaries.
Also, laws do prevent you from having direct access to your retirement funds. Otherwise, the IRA status of your savings is removed and that account becomes regular savings account subject to regular taxation.
Because of this, Birch Gold has to work with a depositary. This can be a facility of your choosing or any of the companies that Birch is affiliated with, which are the following:
- Delaware Depositary Service Company – The largest depositary service in America, DDSC offers both segregated and non-segregated storage options.
- Brinks – This affiliate also offers both non-segregated and segregated storage options. One key advantage they have over other depositary companies is that Brinks has more facilities located across the country, which makes them more accessible and shipping fees more manageable.
- International Depositary Services – Another Birch Affiliate, this company offers purely segregated vault storage. This means that their storage fees are higher than other depositaries, but the protection of your assets is harder to breach.
Regardless of your choice, all of these depositaries are not banks. In other words, your assets are completely outside of the stock exchange. Also, the fees for each depositary might be dependent on what rate they are using, but you can expect to spend between $100.00 and $150.00 for storage. So, the choice of the depositary for you should be based on convenience. The closer that storage facility is to where you are right now, the better.
As for which storage type you need, that will depend on how much precious metals you are going to invest in every year. Both segregated and non-segregated storage options offer their own set of pros and cons. Discuss this matter with your agent first so you would know which option is the best for your situation.
Click here for Free Gold IRA Kit
Birch’s Products and Services
Birch Gold’s primary line of business is directly selling gold and precious metals to their clients. Thus, they might have been known more for their IRA services but Birch’s selection of gold, silver, and other precious metals is noteworthy.
Birch’s product catalog would not only include IRA-eligible bars, coins, and other products but also collectible, numismatic, and other premium coins. Here is a quick rundown of the different gold, silver, and platinum options made available in the company:
- American Eagle coins in Gold, Silver, and Platinum
- Canadian Maple Leaf coins in Gold, Platinum, and Palladium
- Gold American Buffalo coins
- America the Beautiful Silver Series coins
- Bars and rounds for gold, silver, platinum, and palladium
As was stated, Birch does not cater only to investors, but also to coin collectors. Some of their notable collector’s coins include those minted before 1933, the double eagles from Saint Gaudens, the Morgan Silver dollar, and Gold Indian Head eagles.
The services being offered at Birch Gold are equally noteworthy, which include the following:
IRA Setup – Essentially, much of the company’s reputation comes from their services of helping you find an IRA custodian company. You can either link up with a company of your choosing or you can allow Birch Gold to find you one among their affiliates.
As of now, most would choose the Equity Trust Company as Birch Gold is affiliated with them. Once you have your precious metals IRA, the company can then assist you in buying assets to be stored in them.
Storage and Shipping – Once you have placed an order for precious metals and the money has been transferred to the seller, Birch Gold can then facilitate the moving of these items to the depositary of your choice.
Investor Education – You don’t have to buy gold or set up an IRA to be accommodated by Birch Gold agents. If you want a market update, the assigned representative can provide you with the information that you need. They can also discuss with you if certain products are ideal investment options for a particular day or season.
Gold Buy-Back Program
In as much as you’d rather hold on to your gold for as long as possible, there might come a time that you will need to sell it. Perhaps an emergency arose and you don’t have the necessary funds to address it. When this happens, you need to liquidate a portion of the investments on your IRA.
Fortunately for you, Birch Gold does offer a buyback option where you can sell the gold you bought back to them. But this does give rise to a question: are there any fees involved in selling your gold back to the company?
The answer is No. The company’s Buy Back program requires no additional fees for service and the process can be done within a few steps. There is some waiting period for you to get the funding you need, but the buyback process should be completed within a week or so.
As for the selling price, Birch Gold usually buys the gold back at either the current market value or at the value you purchased it. This depends on whichever is most convenient for both you and the company at that moment.
Birch Gold Review: Worth Your Investment?
All in all, is Birch Gold a company that you can trust with your life savings? The short answer is a yes. The company is recommended to would-be investors and coin collectors for several reasons.
First, it has received high ratings and the different Birch Gold reviews from clients do allude to the company being a dependable provider of products and services. It also helps that these ratings come from verified sources such as industry monitors, consumer rights protectors, and people who have first-hand experience as to how the company treats its clientele.
So, if actual people are telling you that they had a good experience with a company, it is highly likely that your experience with the same company will also be great.
The next reason is that they have one of the lower investment minimums in the industry right now. Sure, $10,000.00 is still a large amount of money, but this is comparatively modest when you consider that other leading companies are requiring minimums between $25,000.00 and $50,000.00.
The last compelling reason would be the quality of their customer service. Having a streamlined process for everything will not be enough. A company should also train their staff to be as attentive as possible when dealing with clients and provide assistance through every step of whatever transaction the customers engage in. And fortunately, Birch Gold does exactly that.
Birch Gold Complaints: What We Don’t Like
As much as Birch Gold is a viable option, it is not exactly perfect. For starters, the $10,000.00 minimum might be comparatively low, but it is still an expensive requirement if you are new to the entire concept of buying and owning gold.
What if you are a person that only wants to buy a few hundred dollars’ worth of precious metals every year? That investment minimum will be too steep of a requirement for you. You’d be forced to buy gold from another company that has considerably lower investment minimums.
It is not recommended for those buying gold in small amounts to transact with companies with high investment minimums. That would be detrimental to their yearly budget. Smaller gold companies or local sellers might be preferable in this situation.
The second complaint is the buying process, which remains woefully stuck in the 1990s. Sure, Birch Gold might have a snazzy website and a detailed online catalog.
But you can’t do much on the company’s website other than look at market updates or check on the availability of products. You will still have to do your orders over the phone with an available agent. This can be tedious and frustrating if you and the agent do not live in the same time zone.
So, if you are not a bulk buyer and prefer either online or direct transactions, then Birch Gold is only recommended for you to set up a Gold IRA quickly.
Click here for Free Gold IRA Kit
Final Thoughts – Birch Gold Group Reviews
In a nutshell, Birch Gold is a company that can help you maintain your IRA provided that you have what it takes to keep up with the demand. The $10,000.00 might be a comparatively low hurdle to clear, but it is still a hurdle nonetheless. You have to be someone who buys gold by the thousands of dollars every year to make the most of the company’s services.
That being said, the company is still highly recommended for its seamless IRA setup process, buyback program, promotions, and robust product catalog. Being in the business for over 20 years and with minimal complaints in the reviews will only tell you that this company knows what they are doing. And since they know what to do, then they are in a position to help you protect your savings on a long-term basis.
And if you still need further convincing, you can look at other Birch Gold reviews before you make your decision. After all, the best investment decisions always take time, research, and consideration.