Cornerstone Asset Metals is a precious metals dealer that offers retirement advisory services. The company says that its goal is to help clients diversify their retirement portfolios by expanding into precious metals. But are their services legitimate? Are there red flags to watch out for? And how do they compare to other precious metals IRA companies?
We've taken a look at what Cornerstone Asset Metals has to offer, as well as what past customers have to say about their experiences.
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About Cornerstone Asset Metals
Cornerstone Asset Metals claims to be a wealth management and retirement advisory firm. However, they seem to focus mostly on precious metals dealing. It's difficult to say whether their specialists all have the exact requirements to qualify as a retirement advisor or not.
They do say that their employees are accredited specialists in asset management. Every customer is given their own customized plan for wealth protection and preservation, whether they're an individual or an institution. The company says that it exists to provide excellent service and to address people's concerns about their retirement funds.
According to the company website, the main services that they provide include:
Recycling and Environmental Work
The company states that they are committed to the environment. Some of their silver bullion is recycled from the manufacturing and photography industries. Throughout the refining and purification process, the silver is refined to at least .999 purity. Every product is meant to meet ASTM standards for purity.
They do this because recycling metals helps to reduce the environmental impact that comes from mining. It also saves energy. The company's environmental principles help it to appeal to people who are concerned about lowering their own carbon footprints and supporting responsible businesses.
Wealth Strategies
According to the company website, customer satisfaction is one of their highest priorities. It's true that they do have many testimonials on the site that claim to be from satisfied customers. But it is difficult to find reviews through third parties, and those that we did find were negative.
That said, the company claims that they want to have an ongoing relationship with their consumers. They say that they have many repeat customers and source much of their business through referrals.
Their wealth strategies differ from those of traditional retirement advisory companies. Most of those companies will give you a strategy that combines different assets to maximize growth while protecting you against economic downturns. Cornerstone Asset Metals focuses on precious metals based strategy.
They say that they give customers excellent products. All of their products exceed the quality standards for good precious metals. You can have precious metals delivered directly to you as an individual, or shipped to the depository where your IRA is being held.
Financial Security
Another principle that the company operates on is financial security. They want to make sure that you are secure in your assets. In keeping with this, all of the metals that you purchase are kept in your name. You can have them stored in a depository or mailed directly to you.
All of the paper records will show that you are the owner of the metals. You will not lose your assets if Cornerstone Asset Metals ends up in debt. Some other companies only let you buy a stake in their holdings without actually giving up ownership.
That said, Cornerstone isn't the only company to offer people full ownership of precious metals. There are thousands of precious metals brokers that do exactly that for their customers.
Focuses on Retirement
Cornerstone Asset Metals has its main focus on your retirement plan. Most of their services are built around helping you secure part of your retirement in precious metals. It seems like the company's goal is to sell its products to consumers as part of a wealth diversification strategy.
As such, there are a lot of educational resources about retirement accounts on their website. They explain the different assets that you can hold in a self-directed IRA, as well as the advantages that self-directed IRAs have above traditional managed ones.
There is even a guide available through the website that walks you through a strategy to retire with over $1,000,000 in your account. You typically need at least this much to comfortably live without needing to go back to work.
Diversification Strategies
The company emphasizes how important it is to diversify your retirement account holdings. Different types of assets come with different risks and potential for growth. When one asset performs poorly, another might perform well. The more diverse your portfolio is, the safer you are when it comes to unexpected economic turbulence.
Many top investors recommend putting a small percentage of your retirement funds into precious metals. Precious metals tend to act in opposition to the stock market. When the stock market goes through periods of volatility, gold and silver gain value. When the stock market is thriving, gold and silver tend to lose some of their value.
Precious metals also hedge against inflation. Their prices rise as the US dollar depreciates. If you saved a dollar 50 years ago, it's worth just a fraction of its original value today. But if you invested that dollar in precious metals, you'd be able to liquefy the metals for much more than your original investment today.
Is Cornerstone Asset Metals a Scam?
Cornerstone Asset Metals is not a scam. It is a legitimate business that serves people all over the US. They provide retirement diversification services by helping clients set up precious metals IRAs. Though they are not accredited with the BBB, they do have an A rating.
However, this company is far from the only one to offer IRA services. And there are some serious potential drawbacks of working with them.
It's difficult to find customer reviews through third party organizations. For example, as of writing, Yelp doesn't have any reviews. The BBB website has no complaints publicly listed and just one customer review, which gives the company a scathing 1 out of 5 stars.
The customer said that the company would use Bible quotes and religion to manipulate people into buying. He also said that the sales pitches were manipulative and dishonest. According to this customer, the sales representatives would lie about silver's potential for growth, and they would try to keep customers from doing their own research on the market.
In addition, action has been taken against the business in Minnesota. Minnesota requires bullion dealers to get special licensing before they can sell products in the state. It seems that the company failed to do that. This might have just been an honest mistake, but it does make it seem like the company management didn't research well enough before expanding their target audience.
Pros & Cons of Cornerstone Asset Metals
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Final Thoughts
Cornerstone Asset Metals is a legitimate precious metals dealer that offers some IRA services to people all over the US. But are they the best company to work with? Not necessarily. While there's nothing that speaks to a pattern of fraud or negligence, there are a few red flags to be aware of.
For example, the only customer review on the BBB website is extremely negative. There has also been action taken because the company sold precious metals in Minnesota without getting the required license to do so.
There are many other companies that have a much more positive presence online. They have dozens of positive customer reviews, great overall policies, and employees who are happy to work there. It's better to invest your money with one of these companies instead.
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