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Forget the cave — advisers now have easier way to store clients' gold

GBI launches online purchase and management program for precious metals; works with reporting systems

Jan 17, 2013 @ 1:27 pm

By Davis Janowski

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Old school

When I write about storage, a hard drive is usually involved. But not today.

On Wednesday, Gold Bullion International LLC announced the launch of GBI Advisors, a product which enables advisers to purchase and store gold and precious metals for their clients and to get those purchases added to their portfolio management and reporting systems

GBI's intent is to fill a need in the independent adviser industry for an online platform where they purchase, sell and arrange for physical storage of precious metals on behalf of their clients.

Whether in the form of gold bars or coins or other metals including silver, platinum and palladium, advisers will be able to more easily meet what has become an increasingly popular demand among clients for precious metal.

The firm has storage arrangements with six global, insured vaults operated by Brinks, Via-Mat, and Malca Amit.

Using the website registered investment advisers or brokers can sign up and create accounts for their clients but it will be February before the firm launches a “few major partnerships” with some as yet unnamed but well-known RIA reporting systems.

That move will essentially allow the advisers to stream the data from GBI into the reporting systems, and thereby more easily add precious metal investments to their monthly or quarterly reports.

And while I'm not exactly sure how this latter bit will work it will also allow fee-based and fee-only advisers to charge wrap-fees. More on that when some specifics come out.

Anyway, we have written about GBI before.

In a nutshell their proprietary technology allows purchasers to place orders and get competitive bids through GBI's established network of dealers and refiners.

A page from the RIA platform built by GBI.
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A page from the RIA platform built by GBI. (Gold Bullion International LLC)

Unlike ETF purchases of precious metals or those at some banks GBI purchases are in the client's name.

For more information visit GBI Advisors online.

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