The truth is:
Gold is one of the few assets that has maintained, if not increased, its value through the years.
Owing to its resilience and stability, it has become a popular choice to invest in via gold IRAs.
However, like any financial decision, choosing a reliable and reputable gold IRA company is crucial in safeguarding your investments and ensuring a smooth process.
We know how daunting finding the right precious metal provider can be, and that’s why we’re here to help.
Today, we’ll be covering American Alternative Assets (AAA) company. Specifically:
- Is American Alternative Assets Legit?
- Products Offered
- IRA Process
- Fees and Costs
- Customer Rating
After this review, you’ll be equipped with everything you need to make an informed decision about whether this business is the right choice for you.
Recommended: See our #1 recommended Gold IRA company
#1 Recommended Gold IRA Company in the US
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Without further ado, let’s get started.
Is American Alternative Assets Legit?
Establishing the legitimacy of a precious metals provider is as crucial as the tangible value of the asset itself.
So, let’s first take a look at AAA’s background to see if they can be trusted with your hard-earned money.
First things first:
It is a privately-held company that was was established in 2016 and is currently located in Woodland Hills, California.
According to their website, they offer direct purchases of precious metal coins and bars, and provide personalized retirement services, like setting up a gold IRA account.
The website also states that they are rated A+ and accredited by the Better Business Bureau (BBB).
A quick check shows that they have been a member since December 2021 and they have 12 reviews up their sleeves.
(We’ll dive deeper into their customer reviews later in the next sections.)
Apart from their accreditation with BBB, this firm is also a member of the National Ethics Association.
Of course, we checked this claim, and true enough, their president, Shanon Lee Davis, has been a member since January 2022.
This being said, is American Alternative Assets legit?
With all of the information we gathered, we have concluded that: yes, American Alternative Assets is legitimate, and not a scam.
However, it’s important to keep in mind that while these factors suggest the business is legit, it’s always a good idea to speak to your financial advisor and do your own research before engaging with any financial services company.
One way to do so is to give them a call.
You can also check out our #1 recommendation – Augusta Precious Metals, and compare which one is better for you.
Now that we’ve established the legitimacy of the company, it’s time to check the variety of products they offer.
Unlike many providers who offer various types of precious metals for IRA and personal purchases, AAA offers gold and silver only.
Unfortunately, their product range isn’t too extensive.
You can only find the following few options, all of which are qualified for a Precious Metals IRA account:
- 2021 Australian ¼ oz. Gold Florin
- American Buffalo
- American Gold Eagle (bullion)
- Gold Gyrfalcon
- Canadian Gold Polar Bear & Cub Coin
- 50 Gram Valcambi Gold CombiBar
- 100 gram Valcambi Gold Bar
- Canadian Silver Polar Bear & Cub Coin
- 5 oz America The Beautiful Silver Coin
- Montserrat Silver Emerald Isle of the Caribbean Coin
Keep in mind that while you can quickly access the details and specifications of each product on their website, you won’t be able to see the real-time prices.
For this, you’ll need to fill out a form or contact them. While this is an additional step, it ensures that you get accurate pricing.
Gold and Silver IRA Process
It’s not enough to simply know about the legitimacy of a precious metals provider and product offerings, you also need to know how they can assist you with setting up your gold IRA account.
So, does AAA support you through this process?
We’ve checked their website and you can open an account in three standard steps:
Step 1: Open your IRA
To do this, all you have to do is review their Terms of Service and sign their purchase agreement.
Step 2: Fund your self-directed retirement account
This is the part where you determine whether transferring or rolling over funds from existing retirement accounts, such as your TSP, 401(k), or 403(b), is the best course of action.
Step 3: Purchase the precious metal you want
Once your new IRA has been funded, you can now choose what metal you want to add to your account.
Do note that during the process, you will be guided by one of AAA’s team members. They will also answer any questions you might have along the way.
Another thing, you can’t open your account straight away from the site. You have two options to get a hold of their representative.
The first option is to request an information kit. It contains a guide that teaches you how gold and silver can protect your retirement against volatile economic conditions.
Because you’ll be leaving your contact information, they’ll be able to reach out to you.
Another option is to give them a call directly. This is a better option if you prefer to have one of their team members answer your questions regarding opening a gold IRA.
If you prefer to invest in silver instead of gold, that’s an option too.
The silver IRA process is similar to its gold counterpart and involves the same steps. The only difference is that you’re holding silver instead of gold.
One thing to note with this type of individual retirement accounts: they require a custodian and storage facility.
A custodian is a company that takes care of your account, holds your precious metals, and ensures that your asset is stored and insured.
Most providers have their preferred custodians, but AAA hasn’t listed their choice on the website. You need to give them a call to find out which custodians they prefer working with.
A storage facility, on the other hand, is the location where your precious metal is stored. Also called a depository, this facility should be secured and IRA-compliant.
American Alternative Assets’ choice is the Delaware Depository, which is one of the most trusted storage facilities in the industry.
American Alternative Assets Fees
Unfortunately, there’s limited information online about this provider’s pricing, fee structure, and other costs.
You will need to sign up for their services or request their information kit to learn more.
We consider this a red flag in precious metal IRA providers.
While there are numerous fees and costs involved outside of purchasing the actual precious metals, you still want to deal with a business that is transparent with all of them.
This builds trust.
We’re not saying that AAA is not trustworthy and reliable, but we just find companies who are upfront with their fees more reliable and easy to deal with.
This is because it makes it easier for potential customers like you to decide whether it is a good fit for you without wasting your time, and we know how valuable time is these days.
For example, Augusta Precious Metals is a gold IRA firm that’s transparent with almost everything you need to know about opening an individual account – from fees to buyback programs and everything else that comes in between.
Companies like this show how they value customers’ time from the get-go, thanks to their readily available information.
Speaking of which:
Whether you want to take possession of your physical coins, or looking to buy them in an IRA, do check out Augusta.
They will educate you on diversifying with gold and silver, will hold your hand through every step of the process, and do 95% of the paperwork with you.
If this is something that interests you, give the Augusta team a call at 833-989-1952 to learn more.
You can also grab their guide here and get a FREE GOLD coin when you open a gold IRA account with them.
Now, back to American Alternative Assets Gold IRA fees.
If you decide to work with AAA, the fee structure will be disclosed to you upfront during the account opening process.
For customers who don’t mind paying higher fees, this process is acceptable.
However, if you’re a small investor who has a limited budget, you may find this practice a bit questionable, especially when you end up incurring high fees.
The only information you’ll find about fees and costs on the AAA website is custodian fees.
According to the site, the custodian usually charges an online application fee of $30 and a paper or electronically signed application of $75, while in-kind assets registration costs $50.
To be honest, not that much info available to our liking.
Although we do a pretty thorough research for our American Alternative Assets review, it’s not enough to show what it’s like to do business with them.
So, let’s give the floor to the real and verified customers.
This company has an A+ rating from the Better Business Bureau, with an average rating of 5 stars out of 5.
However, do note that the company was just recently accredited (2021) and it only has 12 customer reviews on the site.
On Trustpilot, they have an average rating of 4.2 stars out of 5 with only 13 reviews. The number of reviews doesn’t really bother us given that it’s a relatively new company.
American Alternative Assets is not listed on Business Consumer Alliance or Trustlink.
What bothered us is that the company claimed on their website that they have over 1,000 Five-Star customer ratings, but we can’t find that many reviews apart from what we mentioned earlier.
American Alternative Assets: Worth It?
- Is American Alternative Assets legit?
- Should you open an account with them?
One thing is clear, as of today there are no serious red flags to indicate the company might be a scam.
At the same time, AAA certainly wouldn’t be our first pick because they have a very limited information available online and involve more steps to get it.
For example, there’s no FAQ page or any way to know what the minimum investment amount is, unless you call them or request an info kit.
While there’s nothing wrong with this process, it requires more time from you.
Here, we want you to save time, so we only recommend the companies that can give you as much information as you can right away.
This allows you to decide whether a Gold IRA account is for you and gives you an idea of what kind of business you’re going to deal with.
Unfortunately, AAA fails to do.
If you’re okay with going through several steps before you can get the basic details you need to know, sure, you may go with it.
If not, our top choice for American alternative investments is Augusta Precious Metals.
They’re transparent with their fees and other information you need to know, and overall one of the best Gold IRA firms in the United States.
Plus, you get a FREE GOLD coin as a bonus when you open an account with them.
Now, onto you:
- Have you ever dealt with this business?
- Do you agree with American Alternative Assets customer reviews or do you have a different opinion/experience?
Let us know in the comments below!