My Last Update to this Article was on: October 11th, 2018
A Word Of Advice
Don’t fall for pushy salespeople that will utilize the “Bait & Switch” and will charge you a premium for “rare” gold coins…unless you are looking to lose half of your investment.
Before you read my review of Blanchard, click here to see why I decided to work with this other company instead.
Blanchard Company Review
Blanchard and Company was established in 1975 and is a Gold IRA company based out of New Orleans, Louisiana. They do have a tremendous phone customer service, and their representatives were able to answer all my questions – For a full list of questions I ask all Gold Companies on my initial phone conversation, go here.
Unfortunately, for a Gold 401K Company that has been in business for 30 years, I expected a bit more from Blanchard and Company. Customer service aside, their overall reviews, ratings, rankings, and customer reviews and complaints, as available on the Internet, do not speak of Blanchard and Company in a good light. Quite the opposite, unfortunately.
My Personal Opinion About Blanchard and Company
On a more positive note, Blanchard and Company offers a few wonderful upsides, such as a Buy Back guarantee. This means that if you buy gold from them, they’ll buy it from you at the current market price of gold (whatever the price is at the time you sell it). This is excellent, and I’ve only seen this type of offer from just a handful of Gold IRA companies, such as this other one.
Blanchard and Company also allows for you to sell them your gold possessions (not the Gold you buy from them, but the Gold you may already have). In this way, they act as a Gold buying agency, and it is a nice service to have.
On the downside, however, I see some serious negative aspects with Blanchard and Company. Some of these include the fact that they are not ranked nor do they have a single review with TrustLink, they have over a dozen complaints with the BBB, and they have an average (not excellent) score with the Business Consumer Alliance.
Even more important than all those points, Blanchard and Company appears in the RipOff Report, and a client has posted a scam alert. This is a huge red flag. I’ll be going more in detail about it below.
I Liked These Things
– Buy Back Program with a guarantee
– Gold Buying Program (acting as a Gold buying Agency)
– Listed with the US Mint
I Did Not Like These Things
– Not ranked and no client reviews with TrustLink
– Over a dozen complaints listed with the Better Business Bureau
– A BBB rating with the Business Consumer Alliance (AAA is the best)
– A scam alert posted by a client on the RipOff Report Website
– Scaled Annual Administrative fees and Storage Fees (vs. flat annual fees).
– Set up Fees ($60/year)
– Minimum purchase amount is $10,000
– Very long processing times for both a Gold 401K Rollover and a Gold IRA Rollover (up to 24 days)
Reviews, Ratings, Complaints, and Scams
Better Business Bureau
Blanchard and Company has been accredited with the BBB since September, 1982.
The Better Business Bureau has given Blanchard and Company an A+ Score (the highest).
However, there have been 14 complaints filed against the company.
One of the clients that complained stated that he purchased $25,000 worth of gold. Blanchard and Company had promised a delivery of 4-6 weeks, and after 10 weeks, the shipment had still not arrived. Blanchard and Company successfully resolved the case, finalized the shipping, and explained that that specific shipment of goods was in high demand at the time.
Another client’s complaint stated that Blanchard and Gold delivered the shipment of Gold to an incorrect address. Blanchard & Co. responded, saying that the purchased gold had decreased in price since the time of purchase, and that the client was probably trying to use an excuse of an incorrect address to back out of their mutual agreement.
Business Consumer Alliance
The Business Consumer Alliance has given Blanchard a rating of BBB (out of an AAA as the absolute best).
A BBB rating is considered average.
There have been no complaints filed against Blanchard & Co. with the BCA.
Blanchard and Company has zero client reviews and is currently not ranked with TrustLink.
The fact that Blanchard and Co., which is one of the longest standing Gold IRA Companies (30 years in operation), does not have a single client review with TrustLink is a gigantic red flag in my eyes. I have seen many much newer companies like this one having rankings and reviews with TrustLink.
Other Reputable Review Sources
The RipOff Report
There has been one serious ripoff report filed against Blanchard and Company at the RipOff Report Website.
One unsatisfied client states that he bought Gold and was charged a 16% premium as compared to the current gold spot price. The client further claims that it was partly his mistake, as he was brand new to the Gold market and Blanchard and Company capitalized on this fact. Blanchard & Co. responded to this client’s statement, and has offered to be open for questions and further discussion.
Blanchard and Company – Summary
There are too many factors against Blanchard and Company for me to feel comfortable with either recommending it or with personally pursuing any investments with them.
They charge scaled annual administrative fees that average $250 a year, and scaled storage fees that average $100 a year, whereas other companies offer a flat fee structure. What this means is that Blanchard and Company will charge you more if you decide to increase your investments with them. Other companies, take the opposite approach (the one I like!) where, regardless if you invest more or stay at the same level, the administrative and storage fees always stay the same.
Blanchard and Company’s Gold IRA Rollover and Gold 401K Rollover transfers take a very long time (up to almost an entire month) to process compared to a few of the best Gold IRA Companies I’ve spoken with. This company also charges a $25 setup fee, which, although not too much, is higher than other companies which offer to waive the setup fee.
My last important point on Blanchard and Company is: stay away from any Gold Company that does not have perfect reviews, rankings, and ratings from the top 3 ranking entities. Blanchard and Gold’s scores with the BCA are low, and non-existing with TrustLink. After 30 years of being in operation, I would expect to see at least a 100 client reviews. This, however, was not the case.
My advice: run for the hills.
What Company Did I Choose?
For the reasons above, I decided to not choose Blanchard.
Instead, I decided to work with this other company.
I wrote 3 pages on all the reasons on why I decided to choose this other particular company.
In a nutshell:
They specialize in gold IRAs, they have a non-pushy sales staff, the lowest fees, the fastest processing and shipping times, segregated storage (this is a big reason), and the best (and also the most) consumer reviews.
If you would like to talk to me, I’ll be glad to help out in anyway I can. You can email me directly to [email protected] and I’ll answer personally.