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In the world of precious metals IRAs, the right bullion dealer can make or break your retirement. Oxford Gold Group is a company that offers IRA services. But what exactly is their reputation? Are they actually legitimate? Have there been any complaints about their services?
We've broken down the most important things that you should know.
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About Oxford Gold Group
Oxford Gold Group is a precious metals dealer that focuses mainly on precious metals IRAs. Their main goal is to help people convert part of their existing retirement funds into gold, silver, platinum, or palladium. In addition, they will deliver precious metals directly to you if you make a purchase for your non-retirement portfolio.
The company has a strong focus on client education, stating that they strive to help clients make confident and informed decisions about their investment future. Their team of experts is capable of answering all of your questions about the process and about the industry.
When you contact the company, you'll work with one or two dedicated representatives. These people will develop a personal relationship with you, learning about what your goals are and what you need. Then they'll make suggestions for your investments based on what might be an ideal future holding.
Every client receives individually tailored guidance regarding the type of investment, amount of investment, and the exact products to invest in. The guidance may also vary based on how different products are performing on the market. Global economic factors might play a role in how you plan for the future or what you choose to invest in.
Oxford Gold Group works with a variety of different individual investors. They're happy to help you whether you have a massive precious metals portfolio, you're a hobbyist or collector, or it's your first time venturing into the precious metals industry at all. Regardless of your level of expertise, the staff are happy to point you in the direction of ideal resources.
When you invest in a precious metals IRA, you will need to choose a storage depository. There are strict guidelines regarding the security and accreditation of your storage facility. You are not allowed to hold an IRA in your home, as home storage doesn't meet the appropriate security requirements.
You will also need to work with a licensed custodian. This is a financial entity that manages and maintains your IRA. Because self-directed IRAs are different from traditional ones, you will likely need to use a new custodian even if you have an existing IRA.
There are hundreds of accredited depositories all over the globe. You can choose from multiple in the US or multiple overseas. Oxford Gold Group works with two main companies: Delaware Depository and Brinks Global Services.
As the name implies, the Delaware Depository is located in Delaware. It's a popular choice for holding precious metals IRAs because it has major tax advantages. In addition, it's close to the New York City area, making it ideal for people from this part of the East Coast.
Brinks Global Services has multiple depositories located in the US, Canada, and varying other countries around the world. They are one of the most well-known security companies in the world. If you have more specific regional needs for your storage, you might consider seeing whether Brinks has a depository in your ideal location.
You will need to pay for the annual costs of storage. Some depositories might also calculate costs on a quarterly or monthly basis instead. While many depositories have percentage-based fees, that's often not the case for the Delaware Depository and Brinks. You can usually expect to pay between $120 and $200, depending on the specifications of your vault.
It's also important to note that you will need to pay an annual fee to your custodian for maintenance. The fee will depend on the custodian you choose. Some custodians also have additional fees for things like transfers, statements, and deposits. It's important that you have a straightforward idea of what to expect from your custodian's fee structure so you aren't surprised down the road.
There isn't a lot of information available through the Oxford Gold Group website regarding the custodians they typically work with. Many precious metals IRA companies have preferred custodians that they partner with whenever possible.
If you have a custodian in particular that you want to work with, they'll also likely be able to accommodate that. It's all about helping with the customer's needs.
Is Oxford Gold Group a Scam?
Oxford Gold Group isn't a scam. This is a legitimate company that provides all the services it claims to. Not only that, but it has largely positive consumer reviews. Past customers say that they're happy with their experiences, while third party organizations give the company high ratings based on their integrity and customer service.
The company has been accredited with the Better Business Bureau since 2018. They maintain an A+ rating, indicating that they respond to all complaints against them. There are 55 customer reviews on the BBB page as well, which give an average of 4.93 out of 5 stars. That indicates almost universal praise.
Similarly, Consumer Affairs gives Oxford Gold Group a rating of 4.8 out of 5 stars based on 55 ratings. On Trustpilot, the rating is 4.9 out of 5 stars based on 170 reviews. Compared to the positive reviews, there's very little negative feedback.
Let's take a look at what a few of the most positive reviews had to say. Then we can take a look at the complaints. There have been 5 complaints filed with the BBB over the past three years, 4 of which were filed in the last year. The site indicates that all of the complaints have been resolved.
One review from June of 2022 praised two of the staff by name. The customer said that it was a pleasure to work with Pierre, who was extremely knowledgeable and patient. Pierre answered questions in a way that made them easy to understand. Meanwhile, Kenia helped with transferring funds, making the process as smooth and streamlined as possible.
A review from May of 2022 similarly praised both Pierre and Kenia. The customer and her spouse were anxious about the investment, but wanted to secure their portfolios based on the political unrest in the US. She said that it eased her anxiety to work with Pierre, and that she felt extremely confident in her purchases.
A review from April of 2022 praised Matt and Kenia. Kenia helped with all of the IRA paperwork and funds transfers, simplifying the whole process. Matt made it easy for the customer to decide which precious metals were best to invest in. The customer noted that the entire process took just over two weeks, much quicker than most other precious metals companies.
In March of 2022, a customer left a review praising Kelly. This customer had never bought precious metals and knew very little about the industry. She said that she was happy to work with Kelly because of her expertise, guidance, and compassion. Kelly was able to get right to the heart of the customer's needs and help her make a purchase that she felt confident in.
Another March review was from a customer who praised Jody. He said that he'd been working with her for over a year. She was patient as she taught him about the industry and about the benefits and risks of precious metals. The customer said that Jody would occasionally send him updates about his portfolio and was always happy to answer questions, even if he wasn't making further purchases.
There are many more reviews like this. What's most striking is the number of different staff members who have been specifically praised. It seems like each staff member really brings everything to the table and gives it their all. They form a personal connection with the customer that leads to these positive, personalized reviews.
It's natural for large companies to have a handful of complaints here and there, even if they have the best customer service in the world. As mentioned, the complaints are just a fraction of the positive feedback offered to Oxford Gold Group.
By looking at the negative feedback, we get a sense for how Oxford Gold Group handles dissatisfied customers. We'll also be able to see whether there are any patterns of mismanagement or repeating issues.
There was a complaint filed in June of 2022 by a customer who said they'd purchased precious metals back in February. When they made the purchase, they were told that it could take up to four weeks for the items to be delivered.
As of when the complaint was filed, it had been more than four months. The customer had yet to receive their package. They had gotten in contact with the company twice, and both times had been told that the product should arrive within ten days. But both times, that was incorrect.
The customer said that they either wanted their order to be delivered or to receive a refund.
They followed up a few weeks after posting their complaint to thank the BBB for the help. The company owner had reached out and personally gotten in touch the day after the complaint was filed. The customer was told that the inventory shipment had finally arrived, so the product would be sent within the next few days.
The product finally arrived on the first of July, about ten days after the initial complaint was filed. The customer stated that the matter was closed.
Another Delayed Delivery
There was another complaint filed in June of 2022 regarding a delayed delivery. The customer had made two purchases, one in March and one in April. Because of high demand, they were told that the items might take up to six weeks to ship. But it had been more than six weeks.
The customer said that they had called the company multiple times to try to contact someone. Despite leaving a message, no one ever picked up the phone or called back.
The customer then followed up to say that the issue had been resolved. As soon as Oxford Gold Group was told about the complaint, they reached out to get in contact. The customer said that they offered an apology, explained the problem, and sent the product out. It had been delivered.
It's interesting that Oxford Gold Group chose to reach out to these customers privately rather than responding on the BBB page. Both of the customers seem to be very satisfied with the conversations they had.
There's a third complaint about a similar issue from May of 2022. The customer purchased precious metals for their IRA, but the metals weren't shipping out. They followed up to say that Oxford Gold Group contacted them less than 3 hours after they submitted their complaint. Their order was processed and sent to the depository.
This customer stated that they spoke directly to the owner, who was very apologetic. They said that after hearing the owner's explanation and apology, they were very satisfied with the service and would continue doing business with Oxford Gold Group in the future.
The final two complaints are also related to delayed deliveries. One is from February of 2022 and the other from June of 2021. Both were resolved with the products being shipped out.
It's hard to say why these shipping issues occurred. Oxford Gold Group seems to have struggled to communicate in these situations. However, it is encouraging that the owner took personal responsibility and called each of the customers to make things right. There may just have been supply chain issues that were unavoidable.
Pros & Cons of Oxford Gold Group
Oxford Gold Group is a solid precious metals dealer. Like many of the best precious metals retailers, they focus on connecting clients to their ideal investments. The goal is to help clients diversify their portfolios to hedge against various economic factors.
They sell bullion both for personal portfolios and for IRAs. Their IRA services are fairly comprehensive, thanks to their in house IRA experts. These experts can walk you through all of the paperwork to set up an account, fund your transfer, and communicate with your custodian.
The online feedback is largely great. Almost all of the reviews have been glowingly positive, with many customers praising the specific representative they worked with. The company appears to create personal relationships with every customer individually.
The only potential drawback is the possibility of delivery issues. Of the few official complaints that have been filed with the BBB, 100% were related to delivery problems. Customers reported having to wait for several months to receive their products. These problems may have been related to supply chain issues.
The complaints indicated that the company was struggling to return calls and communicate clearly. However, every single customer also said that the company owner himself immediately called upon hearing the complaint. They also all said that he did his best to make things right.
There are a handful of other precious metals IRA companies that may offer similar streamlined services with more bullion options. They might also have slightly lower fees and overall rates. But there's nothing stopping you from investing with Oxford Gold Group, as their policies and their feedback are solid.
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