Merit Financial (aka Merit Gold) Details:
BBB: Rating of A+; 68 complaints closed with BBB in last 3 years | 25 closed in last 12 months
TrustLink: based on 574 Reviews
Merit Financial has been around for years and has some experience in the gold investment business. The company offers several gold and other precious metal purchase options, and maintains a good rating with the Better Business Bureau. Given that Merit Financial has been operating for many years and has several celebrity spokespeople, you have probably heard of it already, and the company has steadily been attempting to develop name recognition throughout the market.
NOTE: For reasons outlined more fully below, we do not recommend Merit Financial. Regal Assets is our #1 gold IRA rollover company of choice (Click Here for our Regal Assets Review)
The Investment Platform of Merit Financial
One helpful aspect of Merit Financial’s investment platform is that the company offers investors and customers real-time access to market data and market fluctuations directly through the website (similar to Regal Assets). The company also provides personalized portfolio management advice and recommendations based on customer-specific assets and market trends. However, we did not find the advice to always be on point and feel that the customer service in particular was not up to par with other companies we reviewed. While we had high expectations for Merit Gold customer service representatives, they did not fully deliver in our opinion. Perhaps the best way to illustrate our impressions after contacting Merit Gold was that the account manager was reading off of a training sheet rather than providing “individualized” portfolio management advice.
That being said, the customer service representatives were polite, if a bit pushy, and did try to help us choose the right retirement portfolio to match the criteria we provided. This led us to question the website claim that Merit Gold is extremely knowledgeable with regard to gold IRA rollovers and investments. While they did attempt to provide useful guidance, we did not find them to be as experienced as our #1 pick for gold investment and gold IRA rollovers (Regal Assets – Click Here for the Review).
Gold Bullion, Precious Metals and Coin Exchanges
Those considering investing in gold-backed IRAs or other precious metals might be sufficiently satisfied with the services provided by Merit Financial, assuming you are already somewhat knowledgeable about precious metals. While the account representatives at Merit Gold can provide general advice, we found them unable to assist investors in creating portfolios with the potential to develop decent returns on investments. Diversity in the portfolio is key, and being gold experts ourselves, we found their advice to not always coincide with the type of diversification that is representative of professional investment decisions. That being said, one positive is that Merit Gold offers a variety of precious metal investment options including semi-numismatic coins and rare gold bullion options, although their options were not as broad as those we found at Regal Assets.
Merit Financial’s Gold Delivery Protection
Shipping and delivery are also important issues to consider. Whenever investors purchase gold or other precious metals from Merit Gold, the company insures every transaction and shipment to insure that customers are fully protected. As any savvy investors already knows, insurance and protection of investments is vital when dealing with retirement accounts. For this particular company, gold or other precious metal shipments are initiated within two weeks (the company advertises within twelve days) from the date of purchase. While two weeks is good, that aspect did not measure up to Regal Asset’s guarantee of delivery in just seven days.
In addition, while Merit Gold does offer a variety of off-site storage options for precious metals investors, there are some drawbacks to this option. First, the company reserves the right to modify the gold storage arrangements and contracts at its leisure. Moreover, the company reserves the right to freely modify and adjusts storage fees and costs, potentially to the detriment of investors. In the event a precious metals investor fails to pay the modified fees for off-site storage, Merit Gold could potentially liquidate the assets to pay for any delinquent amounts. However, some investors may be willing to forego the risks in exchange for the convenience of off-site and secure precious metals storage. That being said, many other gold companies such as Regal Assets also offer similar services with more transparency in fees and costs.
Market Competitive Prices
Merit Financial is generally competitive as far as the company’s pricing structure is concerned. While these prices are certainly affected by outside market factors and subject to constant change and adjustment, the company remains competitive relative to other similar companies in the industry. While investors must suffer the uncertainty involved in constantly changing prices that could potentially result in a loss of profit in a retirement investment account, the pricing uncertainty is not completely the fault of the company itself. The market, and the condition of the investment company, both play a role in determining the prices investors pay to purchase gold IRA accounts.
Legal Regulations and Limitations
Aside from the usual legal regulations and restrictions imposed by government, Merit Financial also burdens customers with a variety of corporate regulations and restrictions. First, the company requires all investors to purchase precious metals by either credit card or, possibly, certified check. Both money orders or direct cash payments will be refused by the company. Moreover, and in general, clients are not allowed to cancel the order if they have seconds thoughts upon completion of the investment decision. While the company does offer a seven day grace period for first-time investors, customers will be bound by their investment decisions for each purchase thereafter. Finally, the company offers no tax assistance or support whatsoever with regard to gold-backed IRA purchases and other precious metals investments.
Because of these various problems and inconveniences, we cannot recommend Merit Financial as our gold IRA rollover company of choice. Instead, we recommend REGAL ASSETS (Click Here) as the best in the industry.
For more information and for other reviews on IRA investment companies, please Click Here.