Thanks to the economic turbulence over the past few years, many people have lost their faith in traditional investing. Some people still believe that traditional investments are worthwhile, but they want to protect some of their assets against inflation or crashes.
That goes especially for people's retirement savings. If you're nearing retirement, you might want to secure part of your savings in precious metals. That way, if the stock market crashes again, you have some assets to carry you through until the economy rebounds.
Patriot Gold Group is a company that can help with that. They sell gold and silver, but more importantly, they help you set up an eligible IRA. Then they help you pick the products that are best for your timeline and goals. There's a strong focus on client education and on transparency.
Not every gold IRA company is the same, though. Sometimes companies don't have the best policies, or they have hidden fees and commissions. Sometimes they have poor reviews or major warning signs. So is that the case for Patriot Gold Group?
We've taken a look at what the company offers, as well as who's in charge. There's a surprisingly accessible amount of information on the company website. Then there are also reviews and analyses that have been done by third party watchdog organizations and consumer websites.
About Patriot Gold Group
Patriot Gold Group is a gold dealer that focuses on investment-grade precious metals purchases. They have IRA services that allow you to buy gold using your retirement funds. The company has a few ways that it tries to stand out from its competitors, mainly through its educational tools and hands on approach.
When you combine the experience of all of the company's experts, you get half a century in the precious metals and finance industries. The goal is for people to connect with the investment products that best suit their portfolio needs. The senior partners at the company have spent time in the upper senior management at huge US gold retailers and wholesalers.
Every Patriot Gold Group customer will work directly with one of the company owners. The company has scaled itself to make sure that every new client is given a boutique experience. Even so, there are a few hundred reviews from past customers online. Patriot Gold Group has the professional network of a large firm with the hands-on approach of a much smaller boutique.
The company makes several guarantees to any new client who works with them. They guarantee that it will only take 24 hours to set up your new account with a custodian, though it may take a few more days to complete your funds rollover. There is also a guarantee that you will never pay as high a price as retail, and you won't pay any fees during the whole existence of your IRA.
That's a pretty big deal. One of the biggest drawbacks of gold IRAs is the fees. You have to pay to keep a storage vault open, as well as to have your custodian take care of your holdings. Since the materials don't earn dividends like traditional assets, these fees make them depreciate over time. Depending how much time is left before you take distributions, the lack of fees with Patriot Gold Group could save you several thousand dollars.
The Patriot Gold Group website has helpful information available regarding the management of the company. In fact, they have a write-up about every single employee, including the CEO, senior partners, managers, and associates. Everyone gets at least a paragraph with information about their education and background.
This is one of the most transparent setups in the business. Oftentimes companies will offer a small amount of information about their CEO, but they won't post much about their employees. It can be difficult to find out how many employees any given corporation has. But if you want to find out more about the specific associate serving you, all you have to do is check out the website.
Let's take a look at a few of the people managing the company. Their experience will give you a better idea of whether this is a positive place to invest.
Jack Hanney works as the CEO of Patriot Gold Group. He has been part of the financial sector for more than 20 years. When he grew up in New York, his father successfully worked in politics and owned an insurance brokerage. When Jack was 14, he purchased a subscription to the Wall Street Journal. When he entered his 20s, he relocated to California to study under wildly successful investor William O'Neill.
After embarking upon his finance career, Jack was the Director of Sales and manager of multiple trading companies. These companies traded commodities and futures using automated algorithms. He was then recruited by a number of tech startups and became well known in the digital world, before deciding that he wanted to go back to finance.
Jack had the opportunity to be a Certified Financial Planner for massive nationwide brokerages like Morgan Stanley. But instead, he decided to take on the role of Senior Executive Trader with a private company. He worked in this position from 2010 until 2014.
As CEO of Patriot Gold Group, he oversees the general trading, oversees the company's retail division, and has powerful positions in other companies as well. Currently, he lives in Los Angeles with his wife and two daughters. He considers the clients of Patriot Gold Group to be an extension of his family and friends, maintaining lifelong relationships with them even after the initial transaction is concluded.
Mike Celano is a senior partner with Patriot Gold Group and has a strong background in the economy. Not only does he understand basic economics, but he also understands discrepancies in the system, global currencies, factors affecting global markets, and worldwide macroeconomics. Over the years, he has lived in Mexico, Hong Kong, Malaysia, and the US.
He did extremely well in college and was subsequently hired into an executive management position at Costco. Like the CEO, Mike studied under the tutorship of successful investor William O'Neill. In addition to his Costco work, Mike has worked as a client relationship manager, general manager, and director of trading for several large precious metals retailers in the US.
Because Mike has such a strong background in precious metals, he is one of the most valuable team members available. He lends his expertise to clients who have questions about how to purchase the precious metals that are best for them.
About 15 years ago, Charley started to buy real estate in Southern California, creating a large portfolio of houses throughout the region. As the economy went through turbulence, he pivoted and chose to focus on investing in alternative assets like gold and silver. He came to the conclusion that there are multiple immeasurable benefits to putting part of your retirement into precious metals.
Charley spent three years working as the Director of Retirement Services at the nation's largest precious metals retailer. Following this position, he became the Director of Retirement Services for another precious metals company, this time one that focuses on wholesaling rather than retail.
Today, Charley is one of Patriot Gold Group's senior partners. He is one of the owners that you might work with directly. It's important to him that clients are able to foster a lifelong relationship with the owner of a company. Since the company's health and growth matter to him, the client relationships also matter a lot.
Andrew Clay is another alumni of William O'Neill's teachings, having studied under the investor in 2000. He received an Ivy League education and also served in the US Marines, even being involved in elite reconnaissance missions. Andrew served the US in Nicaragua and was part of the crossing of the Gulf of Sidra back in 1986.
Andrew worked with a team in 2008 to raise capital and create new software. Their technology is now used by the Four Seasons Hotel to connect guests with concierge services and fitness equipment.
Currently, Andrew lives in North Carolina with his wife, two sons, and daughter. He is the portfolio manager for Patriot Gold Group, so he manages and balances the assets that customers buy.
Frank Johnson works as the company's top retirement specialist and a senior portfolio manager. Prior to working with Patriot Gold Group, he had a 13-year-long career helping clients diversify their IRAs. In addition, he has been a managing executive at several of the biggest precious metals retailers in the US.
Because he has such strong knowledge of the markets and retirement regulations, he works as a retirement specialist. His specific focus is on clients who need guidance with regards to their retirement, especially if they're opening a new IRA to buy precious metals.
Frank grew up in Central Florida and went to college there. But for the past 20 years, he has lived in California with his wife and daughter. He is one of the key people that you might be connected to if you call to ask about the company's IRA services.
Is Patriot Gold Group a Scam?
Patriot Gold Group is not a scam. The company has an extremely long history and a good reputation in the industry. They also have a high level of integrity and transparency, with their website listing copious information about how they operate and who is in charge.
There are multiple third party organizations that evaluate businesses like this. The Better Business Bureau has accredited Patriot Gold Group and gives them an A+ rating. There have not been any complaints filed in the prior three years. Of the five customer reviews on the website, every single one gave a perfect 5 out of 5 stars.
Patriot Gold Group has similarly high customer scores with Consumer Affairs. The site shows a 5 star rating with 131 reviews. In addition, Consumer Affairs awarded Patriot Gold Group as one of the top gold IRA companies every year from 2016 through 2020.
Trustpilot shows a 4.8 star average rating with 53 reviews. Overall, while there isn't the hugest amount of client feedback in the industry, there are dozens of verified reviews online to comb through. The vast majority are very positive. It's difficult to find negative feedback, and if any customer does have an issue, a representative from Patriot Gold Group gets in touch to help.
According to the company website, every single customer will always work one on one with a company owner. The customers also don't have to pay typical retail price, since Patriot Gold Group helps people access gold at wholesale prices. There's a promise that if you open a gold IRA, you will have zero fees for life. It takes less than 24 hours for an account to be set up.
Pros & Cons of Patriot Gold Group
Patriot Gold Group is undoubtedly a solid company with a high level of expertise at the helm. Everyone in an ownership or management position has worked within the precious metals industry. Many of the executives have experience in other industries as well, such as general retirement planning, insurance, real estate, or commodities trading.
These people work together to give clients the in-depth guidance that they need. At the same time, they create one-on-one client relationships that have the feeling of a more niche boutique firm. Clients have left reviews talking about how they feel more confident and comfortable in their financial choices, because the people at Patriot Gold Group were so helpful.
Ultimately, we can recommend Patriot Gold Group. They have some solid perks, like a lack of IRA fees and a quick setup. But there are a few caveats to keep in mind. One of the biggest potential problems is that it costs $225 to get set up with their IRA services. Other companies tend to have a much lower setup fee, and they might also have incentives if you invest a certain dollar amount.