Birch Gold Group Review
There is a gold (IRA) rush in the retirement industry with new dealers popping up every week. One gold IRA provider that has managed to stay in the market since 2003 is the Birch Gold Group.
In this article, we’re going to take a look at and review the company.
What is the Birch Gold Group?
Headquartered in Burbank, California, Birch Gold is a precious metal IRA specialist. With a team of ex-wealth managers, commodity brokers, and financial advisors, the company educates people about purchasing precious metals and offers gold IRA solutions (amongst many others).
When was the Birch Gold Group started?
Birch Gold Group was started in 2003 and is now one of the more trusted names in the industry. This is especially relevant since the precious metals industry is riddled with counterfeit products.
Who runs the Birch Gold Group?
While Laith Alsarraf is the founder of the company, it is run with the help of a team of ex-commodity brokers, wealth managers, and financial advisors.
What products does the Birch Gold Group offer?
The company offers a range of precious metals including silver, gold, platinum, and palladium. These metals are offered in different weight categories. While gold stays in the limelight, it isn’t as scarce as other metals (like palladium) that have the potential of offering better returns.
Related Reading: Alto Crypto IRA Review
How does the Birch Gold Group store your gold?
Since this is a retirement fund we’re talking about, the funds must be held somewhere you can’t access directly and with a custodian. Otherwise, it is seen as a distribution, and the IRS can revoke your investments’ IRA designation. Your IRA’s actual gold coins and bars must be kept in a vault that has been authorized by the IRS.
Hence Birch Gold Group provides you with three suggested storage partners:
- Delaware Depository Service Company (DDSC): For IRA storage of precious metals, DDSC is well regarded. Both segregated and non-segregated vault storage options are available for the users.
- Brinks: Another popular option for many investors is Brinks. It also provides segregated and non-segregated vault storage alternatives. Due to its extensive network of storage facilities around the US, many people pick Brinks.
- International Depository Services (IDS): IDS is yet another reputable gold IRA depository expert that Birch Gold Group actively collaborates with and endorses to their clients.
Keep in mind that all of these are non-bank, private storage facilities. As a result, even though the metals aren’t in your possession personally, you may rest easy knowing that your investments are safe from the Wall Street casinos and the financial system.
Pick a storage facility somewhat close to your preferred location among these three businesses and go for it. The cost of storage is the same for all of them with $100 annual charges for non-segregated vault storage and $150 annual charges for segregated storage.
Minimum investment
Birch Gold advises a minimum commitment of $10,000 to start your retirement account. That may be excessive for certain investors since competing providers provide a lower starting minimum.
Prices and fees
You must pay a charge for the privilege and security of holding your IRA with Birch Group, just like with any precious metal custodian and investment service. The $50 account setup fee is included in one-time charges. Additionally, a $30 wire transfer fee is charged.
You must pay a $100 insurance and storage fee as well as an $80 administration fee as recurrent expenses. Additionally, Birch will cover your first year’s fees for transfers above $50,000.
The fact that you won’t be charged based on a percentage of the value of your assets in custodial care is arguably the strongest reason to go for Birch Gold. In other words, regardless of the balance of your account, the annual sum of $180 will remain the same.
Birch Gold Group and Steve Bannon
Stephen K. Bannon, the host of War Room Pandemic and former White House Chief Strategist, has been endorsing the Birch Gold Group since June 2020.
Listeners to War Room Pandemic have heard straight from Bannon on why he has changed his opinions on precious metals. He believes that it’s an essential part of one’s finances, not merely to protect against the unknown but to incorporate within an IRA.
Birch Gold Group and Ben Shapiro
Ben Shapiro, the Editor-in-Chief of The Daily Wire and the host of the Ben Shapiro Show endorses the Birch Gold Group.
Birch Gold and Shapiro have collaborated to inform Americans about the worth of actual precious metals since August 2016 as part of a strategy to diversify and safeguard savings.
The possibility of converting an IRA or qualifying 401(k) into an IRA that is backed by real gold and silver is one little-known facet of precious metals ownership that he has helped bring to light.
With this choice, Americans have the option of safeguarding their futures by transferring a portion of their arduously saved retirement funds away from stocks and mutual funds and into the secure sanctuary of actual precious metals.
Birch Gold Group lawsuit
Birch gold group does have a bit of a tainted history with customers and employees. The company has been involved in a lot of lawsuits. The most recent of these lawsuits was a $500,000 Class-Action Lawsuit for violating the California Labour Code. While this lawsuit is not about Gold IRA scams, but rather a labour dispute, it still is important to be careful.
Birch Gold Group reviews by BBB
Birch Gold has been a BBB Accredited Business since November 2011 and has received the best possible rating, an A+, on a scale from A+ to F.
We most recently checked the BBB website and found four complaints from the previous year and eight closed complaints from the preceding three years. These were cited by the BBB as involving problems with advertising/sales, products, or services. There were 80 reviews from customers, with an overall rating of 4.9 out of 5.
Birch Gold Group pros and cons
Pros:
- Good support
- Two decades of experience
- Knowledgeable team
Cons:
- High upfront cost
- Loss of public trust due to lawsuits
- Controversial endorsers
Birch Gold Group reviews conclusion
Going solely by the sheer amount of experience that the company has in the market, it’s an easy recommendation. But when you consider the lawsuits they’ve been involved in and the people who incurred losses, the choice against it is clearer.
With this article, we’ve reviewed Birch Gold Group. Happy investing!
