2001 Wilshire Blvd
Santa Monica, CA 90403-5683
Merit’s parent company, Seacoast Coin was formed in 1986, and in 1993 Merit Financial Services was born. Merit has been riding the interest in gold during its boom days and continues to this day under the “Merit gold & silver” sobriquet. The company nearly doubled in size in their move to Santa Monica in 2001. The following statement from their website shows how Merit leverages their relative long life in this volatile industry:
Our mission is to provide the best value and service available to our clients. For over 27 years, we have led the industry in aggressive and transparent pricing. We pride ourselves in producing insightful and sensible market commentary and we maintain some of the highest buy-back prices available.
Company Services and Client Conveniences
Investment Vehicles: Precious Metals IRAs and Physical Possession
Offers Free Investment Kit? NO (Brochure available)
Has Toll Free Call Number? YES
Has Online IRA Application? NO
Has 24 hour Account Setup? NO
Has Rapid Metals Delivery? SOMEWHAT (7-14 days)
Worried About Gold Scams?
Our easy chart lets you research complaints and problems BEFORE investing with a gold broker.
Better Business Bureau Report
BBB RATING: A- (Good)
Complaints: 17 complaints close within the last 3 years
Accredited: NO ACCREDITATION
NOTICE FROM BBB:
The Santa Monica City Attorney’s Office today filed a consumer protection lawsuit against Santa Monica-based precious metals dealer Seacoast Coin, Inc., doing business as Merit Financial and Merit Gold and Silver. (this message is no longer posted on BBB’s site, but Merit also no longer has an active website.)
( Our homepage chart has a direct link to BBB ratings pages for other gold companies )
Trustlink Website Rating
TRUSTLINK RATING: 5 Stars (highest)
Total Number of Reviews: 676 (very high)
( Our homepage chart has a direct link to TrustLink ratings pages for other gold companies )
Business Consumer Alliance Report
BCA RATING: AA (Not the Highest)
Membership established: 02/04/1999
Complaints: 28 complaints last 3 years
19 of the 28 complaints resulted in adjustments in the customers favor, 9 resulted in refusal to adjust or no answer to complaint.
( Our homepage chart has a direct link to BCA ratings pages for other gold companies )
Additional Trust Factors:
U.S. Mint Listed Dealer? NO
ICTA Member? NO
Online Community And Support
Company Website Information and Ease of Use
Merit’s website has a wealth of information for the new and experienced investor. You’ll find the requisite background information on the hows and whys of buying gold, as well as relevant market news laid out in an appealing and coherent manner. Merit also has a mini market data dashboard where you can watch the trends for various indexes around the globe.
Merit has posted a message on their homepage, as of August 5th, 2014, stating they will no longer accept orders for bullion. This may be related to the pending government lawsuit, but our reviewer was unable to find other information related to this message posted on the Merit website. We will continue to monitor the website to see if Merit resumes bullion orders.
Social Media or ‘Satellite’ Websites
Engaging in social media sites may not improve the performance of your gold IRA company, nor may it increase their trustworthiness or customer service. However, we definitely think it proves the company is engaged with their market and is making an active attempt to reach out to their audience in numerious ways.
Social Media Presence: Robust
Merit Gold & Silver has been in the financial services industry for over 25, which is usually a very good indicator of stability, trustworthiness and expertise. Merit would appear to have many of these qualities going for it – they certainly have amassed a loyal following of satisfied customers according to TrustLink.
Merit’s poor performance in the remainder of our “Trust Factors,” with a quite high level of complaints or scams, and most seriously an “alert notice” of government action against them in 2012, does cause us concern. For these reasons, we are not able to elevate Merit to our highest levels of trust, but as always we encourage our audience to make up their own minds by undertaking their own research.
Our Best Recommendation
Please see our home page for our take on selecting the most trustworthy gold IRA company possible.