Lear Capital Complaints and BBB Rating Explained

Disclaimer: This post does not serve as financial advice. The proprietors of this website may receive compensation for recommending specific precious metals companies. The content on this website, which may include positive evaluations of these companies and other reviews, may not be neutral or independent.

When considering an investment in precious metals, it’s crucial to conduct thorough research and evaluate all aspects of potential investment companies, including their handling of customer complaints. 

Lear Capital, a company with over 26 years of experience in the precious metals industry, offers a range of investment options and services. Despite its long-standing presence and numerous positive reviews, Lear Capital has received some complaints that prospective investors should be aware of.

Understanding these complaints can provide valuable insights into the company’s reliability and commitment to customer service.

While no company is immune to criticism, the way Lear Capital addresses and resolves issues can reveal much about its operational integrity and dedication to client satisfaction.

In this blog, we will delve into Lear Capital complaints reported against it, and what customers have to say about their experiences. 

By examining both the positive and negative feedback, you can make a more informed decision about whether Lear Capital is the right choice for your precious metals investment needs.

What is Lear Capital?

Lear Capital has been operating for the past 26 years, having first opened its doors in 1997. Over the years, the company has significantly expanded its offerings.

Lear Capital provides opportunities to invest in gold, silver, and other precious metals. They offer a wide range of products and utilize in-house financial experts and storage facilities, enabling investments in precious metals both inside and outside of an IRA.

The company emphasizes that investing in precious metals can diversify your portfolio, protecting it against volatility, inflation, and other financial risks. While their goal is to sell their products, they acknowledge that gold and silver can be valuable components of a well-balanced portfolio.

Are there Any Lear Capital Complaints? 

Yes, there are several Lear Capital complaints that potential investors should consider. Here are some notable ones:

1. One customer reported that Lear Capital promised significant profits within three years but skimmed off so much during the initial purchase that they were never able to recover their investment. This customer claimed to have lost about half of their initial investment over a three-year period. They stated that everything Lear Capital told them was a “big web of lies,” including assurances that their investment would rise with inflation. Despite inflation skyrocketing, their investment continued to dwindle, leading the customer to accuse Lear Capital of severe misrepresentation.

2. Another customer invested $58,195.39 in precious metals in June 2022 and later found their account valued at only $35,990.70, even though metal values had risen during that time. This customer demanded a return of their original investment and threatened to go public with their experience and seek criminal charges against Lear Capital.

While there have been a few Lear Capital complaints, the company has responded and resolved these issues. This indicates their commitment to addressing customer concerns and maintaining a level of customer satisfaction.

The number of Lear Capital complaints available online is significantly low in comparison to the large number of their positive reviews.

What Customers Say About Lear Capital?

Lear Capital, like most major investment companies, has received numerous ratings on various review websites. 

A positive aspect is that Lear Capital directs potential customers to these reviews on their website, highlighting their transparency. At the top of their website, they link to reviews on platforms such as Trustpilot, Google, and others.

Here are some recent customer reviews about Lear Capital:

• A customer expressed great satisfaction with Lear Capital, mentioning that Bill Obi was very helpful with their purchases. They found the purchase process to be quick and easy, with the website’s gold and silver offerings being clear, concise, and straightforward. The customer praised the excellent communications and customer support, stating that Lear Capital is their preferred place to buy gold and silver.

• Another customer shared that Lear Capital has been their go-to source for buying and selling precious metals for many years. They commended the excellent customer service and support they received and mentioned that they have recommended Lear Capital to others who are interested in getting into precious metals.

• A long-term customer of Lear Capital recounted their experience of calling the company for the first time, knowing nothing about buying silver or gold. They praised Morrey Wasserman for his professionalism and patience in answering all their questions. This positive experience has continued with every transaction, including the most recent one in May 2024. The customer appreciated how Mr. Wasserman keeps things simple and always delivers exactly what they need, thanking him and Lear Capital for helping secure their family’s future.

• Another review highlighted the informative and patient approach of Dana and the rest of the Lear Capital team. The customer felt comfortable working with all the agents and highly recommended Lear Capital to their family and friends.

On Trustpilot, Lear Capital boasts a 4.8 out of 5 stars rating, with the vast majority of over  2,175 reviews being five stars. Reviewers frequently commend specific customer service representatives, appreciate the personal attention they receive, praise the website, and note the extensive transparency provided by the platform.

Similarly, on Google, Lear Capital holds a rating of 4.8 stars out of 5, based on 290 reviews. Users often highlight the personal touch and attentiveness of Lear’s representatives.

However, it’s important to note that not all reviews are positive. 

According to the Better Business Bureau (BBB), Lear Capital has an A rating, is accredited since 1997, and holds a 2.6 out of 5 stars rating. Some customers expressed dissatisfaction and filed some complaints about the speed of transactions and felt misled by the handling of their transactions.

Additionally, the BBB has an alert stating that Lear Capital filed for bankruptcy in March 2022, although the company is still allowed to operate during these proceedings.

Services and Products Offered by Lear Capital

Lear Capital provides investors with access to a wide range of products and services, including:

• Precious Metals: Investors can purchase various types of precious metals, including gold, silver, and platinum. The website offers an extensive selection of products, such as bars and coins, which can be securely shipped to you or stored for your IRA investments.

• Rare Coins: Lear Capital offers rare coins that are not easily found elsewhere. These can be purchased online and either stored or added to an IRA, appealing to both collectors and investors.

• Research Tools: Lear Capital provides charts, market notifications, and other forms of research to assist in making informed precious metal purchases. This is especially valuable for self-directed precious metal IRAs, where investors make their own buying decisions. Access to accurate information helps ensure sound financial decisions.

• Buy-Back Program: Lear Capital allows you to sell your coins back to them at a fair and negotiated price, providing a straightforward exit strategy for your investments.

• Online Coin Encyclopedia: This resource helps you identify and understand the value of the coins you possess, enhancing your knowledge and investment confidence.

From a customer service standpoint, Lear Capital assigns each customer a “personal account representative.” Many reviews highlight the benefits of this approach, noting the personalized service and familiarity with a dedicated representative. This ensures you always have a trusted contact at the company.

Lear Capital emphasizes communication with its customers, offering real-time pricing and full-price transparency. This allows for confident and straightforward transactions. Additionally, the company provides a secure email system, ensuring you can easily address any questions or concerns with their team.

Resources Available

Lear Capital’s website offers a variety of resources to help buyers make informed decisions:

• Smart Tools Suite: This suite, which includes a pricing app, provides users with comprehensive information on pricing and coins. Users can look up prices, calculate inflation, and compare their portfolios with others. This enables a thorough understanding of precious metals prices, aiding in making well-informed investment choices.

• Up-to-Date News Center: The news center covers a wide range of topics related to gold, silver, precious metals, and the overall economy. Although the news is primarily geared toward encouraging investments in gold and silver, it features information from reputable sources like CNBC. Readers should approach these resources with a critical eye.

• Pricing Charts: Lear Capital offers real-time pricing charts for various precious metals, customizable for different time periods. Additionally, the site provides multi-year historical data showing gold’s performance in both bull and bear markets, which can be valuable during economic uncertainty.

• Investor Downloads: The website provides numerous downloadable resources specific to investing with Lear Capital. These include risk disclosures, a sample transaction agreement, a refund policy, reporting obligations, and shipping instructions for ordering gold. These resources help users feel more secure and informed about their investments.

If you’re serious about investing in precious metals, you should start with this free gold IRA scam checklist. It will help you identify potential scams and invest safely.

Lear Capital Fees

Like all companies that facilitate opening a precious metals IRA, Lear Capital charges fees. Currently, the company charges $260 for opening an account and storage, with annual fees of $180.

Commissions are also charged on the purchase of precious metals, applicable with every transaction. A minimum investment of $7,500 is required.

It’s important to note that these fees are relatively standard for precious metal investments. However, a general issue with investing in gold and precious metals is that you won’t earn money through dividends or interest. The only way to realize a profit on your precious metal investment is by selling it.

What are the Pros and Cons of Lear Capital?

When evaluating Lear Capital, it is essential to consider both the positive feedback and the complaints to get a comprehensive view of the company.

Pros:

• Long-standing Reputation: With over 26 years in the precious metals industry, Lear Capital has built a substantial presence and experience.
• Positive Customer Reviews: Lear Capital has high ratings on platforms like Trustpilot (4.8 out of 5 stars) and Google (4.8 out of 5 stars). Many customers praise the personal attention and customer service provided by their representatives.
• Diverse Product Offerings: Lear Capital offers a wide range of precious metals, including gold, silver, and platinum, along with rare coins. They also provide extensive research tools and an online coin encyclopedia.
• Customer Support: The company assigns personal account representatives to clients, ensuring a dedicated and familiar point of contact.
• Transparency and Communication: Lear Capital emphasizes real-time pricing and full-price transparency, which helps customers make informed decisions.

Cons:

• Bankruptcy Filing: The Better Business Bureau (BBB) alert indicates that Lear Capital filed for bankruptcy in March 2022, although they continue to operate during the proceedings. This raises concerns about the company’s financial stability.
• Mixed BBB Ratings: Despite positive reviews on other platforms, Lear Capital has a lower rating on BBB (2.6 out of 5 stars) with some customers expressing dissatisfaction with transaction speeds and feeling misled.

Final Verdict on Lear Capital Complaints

While there have been some Leat Capital complaints, the company has shown a commitment to addressing and resolving these issues, which indicates a dedication to maintaining customer satisfaction. 

However, potential investors should carefully consider both the positive reviews and the criticisms to make an informed decision about whether Lear Capital aligns with their investment goals and risk tolerance.