Written by Mike Jones
I’m writing this article to educate the general public on my story about an investment company I current have relationship with. I will not name this company in my article and will only call this Company X. Did you ever want to hired an investment planner? If you said, yes then continue reading my article. One should not go through the same experience that I went through.
There are many large investment companies out in the business world. Not all of them are created equal. There are differences with each account representative. Some representative personalities are mild, some dry, and even some with high energy.
My experience with Company X has not live up to my high expectations. It first started when I worked in the same building, where this investment company located. Then one day a representative with Company X came to me and asked me to become a client with him. It took some time and then I decided to meet with him. He was very friendly at the beginning.
Then he set up a meeting and told me to bring many financial documents to this meeting. While at this meeting I had to disclose all of my personal financial matters. They wanted to better understand my lifestyle. At the time, I did not realize the high sales pressure they wanted me to by their products and services. They promised the world to me. Then they sold me some life insurance policy that I did not fully understand at the time. They did not even give me time to shop around to see if it was the best deal in town. So I went ahead a brought this life insurance policy anyways. Plus, they are taking extra money out of my bank account monthly for an account I never see.
While being a client with Company X my representative was always in a rush to meet with new and current clients. Also, he promised a good network of contacts for me to meet. Then he would rarely take the time to stop and meet with me for a minute. Then one day we had a follow-up meeting. He strong-armed, figuratively me into giving him personal contact numbers from my cell phone. I felt this tactic was not necessary or professional at all. If I wanted to give him this information I would have done it voluntarily. This was the icing on the cake to make a change to another account representative with Company X.
So I picked another account representative from Company X. She was new and happy to bring me into her portfolio. The only thing she could not do was investments. So I picked another person to join this team. Once I had both representatives lined up then we had a meeting. At this meeting, my female account representative had a meeting at the same time with the managing owner of Company X. I did not feel this was right and the managing owner probably did not realize I had a meeting set-up with her too. This was another black eye with Company X. She should have re-scheduled another meeting with me at another time. This is why Company X does not value me very much. Then on top of that their advice on some transfer of money from a traditional Roth account to another Roth accounts. It cost me money on my taxes. If I would have knew, I would have put it in a separate account. Supposedly the paperwork got mixed up. I don’t know for sure.
Then later on I found out my new account representative with Company X had left the company. Only I found out this later by my new female account representative. I was very upset and should have been informed in writing by Company X. This was another sign this business relation was failing. Customer service has gone out the window.
The process continued with finding another new account representative. At another point, my new female account representative decided she was too busy and asked me to find another representative even though she was not officially on my accounts. My accounts were then transferred without my consent to the home office of Company X. I had to seek help from the local Company X office. Where I was told to find another account representative on your own. To me, this is poor customer support. They like to leave the customer out in the boat in the middle of the ocean. Then expect the customer to make it to shore by them self. By learning their business model, I gave me insight on what their focus is.
Because I see so many representatives around my office building, I have a chance to interact with many of them. I decided to give Company X another try. With all that I went through, one would think it is time to cut my losses and move on. Currently, I’m still with the same Company X.
The bottom line is that if your not making millions of dollars than they don’t want your business. The fact is that only 1% makes up this small market of millionaires and billionaires. Do your research on perspective investment planning companies and their associates. Don’t let them rush you into anything. You are the one in control of your financial future. It is advised to start now and not wait towards retirement. Also, listen to what your account representative promises you. Can they deliver on their promises? If they are not delivering on their promises than find another company to deal with. Good Luck.
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Source of information: First hand experience