Gold Bullion International LLC has announced the launch of its new product — GBI Advisors, which is basically a platform that allows advisors purchasing and storing gold, silver and other precious metals for their clients. These purchases can be added to the advisors’ portfolio and reporting systems.
According to GBI, they are intending to cover the gap in the independent advisor business by developing an online platform for storing, buying and selling of precious metals all on behalf of their customers. Handling operations in the form of coins, gold or other metal (silver, platinum palladium) bars, the advisors will have a better chance of meeting the progressively more popular demand for precious metals among their customers.
Using the GBI services precious metal buyers, who were previously kept anonymous by the brokerage firms, will be able to have their possessions stored in their own name.
The company operates six insured vaults that belong to Via-Mat, Brinks and Malca Amit.
In February 20,000 financial investment advisors that will have exclusive access to the platform’s website, will sign up their clients and open accounts on their behalf. After that the company is said to launch several major partnerships with yet unannounced but well-known RIA systems.
The said arrangement will basically allow the advisors to use the reporting systems for streaming the GBI data, and thus, reflect the investments into precious metals in their monthly or quarterly reports more easily. So far we are not exactly aware of the way this will work, one thing we know for sure is that this will allow fee-based and fee-only advisors to charge wrap-fees. We’ll provide you with a bit more insight once specifics come out.
For your reference, the proprietary technology of GBI allows buyers to place orders and receive competitive bids through the company’s established network of precious metal refiners and dealers. All of these operations are performed in the client’s name.