Wealth Protection

As a professional courtesy to an employee, we prepared an income tax extension for the tax year at no chargeThis request was professionally completed through the electronic filing (e-filing) submission processThe tax work documents provided to our firm were electronically scanned into the
Company’s system by this person during her tenure with our firmFollowing the process, copies of the e-filed documents were provided to this person electronically allowing her access to print and/or saveAs she worked for the firm for a very brief time period in 2017, the extension requested was for the tax year as she indicated she would not be able to file her Federal and State taxes within the time constraints dictated by the Federal and State governmentAt no point were records shared with our firm nor did we complete any tax support for her returns. Further, her request for Form is impossible as this form does not exist at the Internal Revenue Service As required by law, our firm securely retains electronic copies of all work papers and filed returnsIf this individual is unable to locate the documents that she entered into the firm’s system, it would be our pleasure to send an encrypted electronic copy to her upon providing the proper contact information

Appreciate your clarification as the confidential treatment of our client's information if of utmost importanceThe information you requested will be sent encrypted to the email address on file

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
 Complaint: [redacted]
I am rejecting this response because: The response from the business does not address the complaint. Yes- I did meet with them on multiple occasions with my father to make a decision about putting money I had in another type of fund in another type of account to make it more useful to us to use for my daughter's college expenses. I did not say that I did not meet with them. It was suggested that I put these monies in a specific type of account. it was suggested that I be able to grow this money by contributing a certain amount of money to this type of account per month. It was NEVER presented as a payment to this account. I was not told that I would lose my money if I did not pay the specific amount indicated every month. NOR was informed when I stopped the automatic withdrawal after the first month (when it caused an overdraft of my bank account).Typically if a payment is not received, a person is notified that they are late or in default. I was never contacted about this.This indicates to me that it was NOT really a payment, as was my understanding. I have now lost this money because I was not able to pay the specified amount of money per month. I am being told that I owe $6,000 to maintain the account, plus I still owe the amount every month if I do not want to lose my money. If I do not pay the money, I will lose most of the money I contributed. I will only get back a small portion of what I contributed to the fund/ account. I feel they were deceptive with respect to not making it clear that this was a payment and that I would not have access to this money and that I would lose it if I did not pay. I do not know what other "family member" they are referring to in their response. No one in my family changed anything. The business did contact me ONE time since the last meeting I had with them, even though they are indicating that they contacted me several times. I was told I had until 1/28/17 to respond. I feel that they took advantage of someone in a poor financial situation who had a small amount of money to contribute to my daughter's college. I would have been better off just keeping the money I had and not taking this suggestion from this business because now I do not even have the money I worked hard saving for years for my daughter. They took it from me and I cannot get it back.
Regards,
[redacted]

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. 
Regards,
[redacted]

We were engaged to assist [redacted] and her father, [redacted], to develop a plan to help pay for her daughter’s college and any unplanned contingencies. We had a total of 4 in depth meetings totaling approximately 7 hours and presented several solutions to their unique situation. They...

decided on a specific path which we helped them design where specific funding was agreed upon and subsequently after implementation a family member that was not present decided to take the plan in a different direction. We were not made aware of any serious concerns until this was brought to our attention. We have been in contact with [redacted] and have since met with her and her parents to discuss their concerns and offered either recommendations or suggestions. We’ve made several attempts as a means of follow up but have not received a response from the client. It should be noted that publishing information that was detailed in the complaint may be restricted from disclosure per a Mutual Confidentiality Agreement signed by both parties.

I am in the process
of gathering detailed information about this complaint...

and will have a meaningful
response in the very near future when the complete details needed have been
gathered.  Thank You!

Review: In 2011 we received a post card in the mail inviting us to attend a seminar about paying for College expenses. We attended that seminar and entered into a business relationship with [redacted] of the '[redacted]'. We paid him a fee of $1845 for his service in setting up a plan for us to fund our daughter's college expenses as well as navigate the college selection process. [redacted] suggested that I purchase a very expensive Life Insurance policy to be used as a vehicle to fund my daughter's college expenses. I questioned this approach on multiple occassions informing him that I had no need of additional Life Insurance. Annual premiums on this policy are in excess of $8k. [redacted] tried to reassure and convince me on multiple occassions that this was a sound investment for our financial needs.

Still not convinced that this was a proper investment tool, I sought out an additional professional opinion from a Certified Financial Planner on the suitability of this policy. Based on the consultation and advise received, I firmly believe that this policy is completely unsutiable for our needs and for the reasons we sought out [redacted]'s services. The tactics used to sell this policy are questionable at best and I question [redacted]'s credentials as being an expert in 'financial college planning'. He never revealed that he is an Insurance Agent nor did he discuss my need for Life Insurance or do an analysis to determine my need. He also has not revealed any commission that he is receiving on this policy.Desired Settlement: I want this policy rescinded and a complete refund of all premiums paid to date on this policy. I also want to be refunded the percentage of the $1845 fee attributable to '[redacted]. I would like the fee itemized and documented between [redacted] and [redacted]. I would like a refund of the fee amount directed to [redacted]. I am not seeking reimbursement for the fee to [redacted].

Business

Response:

We have just today received this FIRST NOTICE referenced as a SECOND NOTICE and will respond within 10 days as requested.

Business

Response:

The

complaint was filed by an individual who has a degree in mathematics. She is

and has been employed by one of the largest banks in the United States doing

actuarial work (actuaries are people who work with numbers and perform

statistical analysis). The client is an educated, intelligent and

experienced business person. After several meetings and many hours of

discussion, she was provided with multiple disclosure documents explaining the

benefits and limitations of the college planning concepts, as well as policy

illustrations for the proposed insurance purchase. In her complaint to the Revdex.com,

she acknowledges that following her purchase, she then consulted another agent

after which, based upon that agent’s advice, she believed her decision to

purchase insurance was unsuitable. Any suggestion or claim that the sale was not suitable or that she did not understand what she bought if totally without merit.

Consumer

Response:

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]

Review: [redacted]

I am rejecting this response because:

This policy was not purchased to meet my life insurance needs. I had that covered through other means. It was marketed as a vehicle to pay for the cost of college education expenses. The reason given for choosing Life Insurance was that money tied up in Life Insurance is not considered by colleges when determining ‘need based’ aid, thus lowering a family’s out of pocket contribution toward the total cost of college tuition expenses.

I have no doubt that [redacted] has been and is fully aware of my concerns with this policy from the outset. I was in his office on multiple occasions discussing these concerns.

I then sought out a second opinion to confirm my reservations with this policy for the purpose it was intended. I consulted with a Certified Financial Planner (not an Insurance Agent) who is fully accredited in the financial industry: Masters of Science in Finance with a CERTIFIED FINANCIAL PLANNER® designation from the Certified Financial Planner Board of Standards. He confirmed that my concerns with this policy and the way in which it was marketed are legitimate and merited. Therefore, I stand behind this complaint.

[redacted] did an investigation into agencies that market Life Insurance as a vehicle for paying for college expenses. Here is a link to their findings:

Regards,

Business

Response:

See attached

Review: [redacted] / [redacted] / AKA Wealth Protection llc, failed to follow specific direction regarding a Policy Premium Payment from our Premium Deposit Account and has repeatedly failed to service our account by providing requested Policy Projections including but not limited to premium payments and cash values.

We purchased a Life Insurance Policy from [redacted] based upon assertions made regarding its usefulness and efficacy in planning for maximizing possible Financial Aid and securing Funds for College plans for our 3 children.

We had a house fire in Nov of 2012 and contacted [redacted]'s offices requesting information on policy requirement, payments, and values, little of which was provided and we made specific requests regarding policy premium payments.

We called asking for John [redacted] and were handed off to Brenda who assured us she had the authority and ability to deal with our issues from the call we made and without anything in writing for the offices, but she screwed up our premium payment for [redacted] 2 years ago (Dec 2012). The firm also failed to provide us with a work through of the projected policy values and coverage at that time. Due to the house fire in late November of 2012, we were dealing with living out of hotels outside our children's school district, and buying a car. We spent the rest of 2012 and all of 2013 working to find temporary rental housing, replace necessary items, and the demolition, redesign and rebuild of our home, so we did not pursue Brenda or your firm repeatedly, but we could not have been more clear then as we do again here, that the transaction made against our specific request was not acceptable and we wanted to get a policy review of all our options including correcting or changing the premium payment. We never received that.

Last winter, We contact [redacted]'s office again, Brenda was not longer working there and Larry P[redacted] finally did what some of what we asked by paying only the absolute base minimum premium to keep the policy in force last year (or so that is what we understand to be the case.)

At the same time, we asked for a full work through of this policy based on: 1) Only paying the minimum required premium until the policy cash dividends cover the cost, and 2) paying premiums taking into account the current balance in the premium account. Yet we still have not received any work through on the policy based on the parameters we provided. We expected to have those given to us to review without repeatedly pestering (and not by trekking the 40 minutes up to Pottstown at John [redacted]'s convenience). To date we have nothing.Desired Settlement: 1) Immediate processing and follow-up receipt within 2 weeks to us of at least the requested policy coverage, value and payment breakdowns (minimum payments until the policy is self funding, payments only until current Premium Account balance is used up, and policy values and options if Brenda's payment error were to be corrected from maximum payment to the minimum premium payment)

2) Disclosure of commissions and payments earned to date by [redacted] on the policies and then have that paid to us as partial compensation for of the errors and failures.

Business

Response:

In response, we feel it best to provide a timeline of recent contact with [redacted]:

11/18/14 - Received his initial e-mail requesting his

Policy information going forward and also what it would look like if the

maximum was not paid in 2012

11/18/14 – [redacted] filed a complaint with the Revdex.com (for some reason we were not notified by Revdex.com until 12/3).

11/19/14 – Responded to [redacted] acknowledging his e-mail and that we

would get the information he requested within the 2 week timeframe he requested.

11/19/14 – Asked [redacted] for some assistance in researching and addressing

his specific issues.

11/24/14 – Reached out to an additional person within

[redacted] for help in addressing his issues and reaching out to him.

12/2/14 – E-mailed [redacted] asking if someone had

contacted him from [redacted] and he replied no perhaps due to the Thanksgiving holiday.

12/3/14 – CPC received the complaint from Revdex.com. This seemed very unusual since he filed the complaint with Revdex.com at the same time he contacted us not even giving us adequate time to assist. Previous inquiries were thought to have been resolved.

12/3/14 – Reached out to a key VP at [redacted] for

additional help and she responded by having another key VP work up the requested

illustrations which he did

12/3/14 – I called [redacted] and explained that I had 2

illustrations for the information he requested and would forward them to him

which I did. Also explained that his third request would take some time and

that will be forwarded to him the week of 12/8

and he was ok with that.

12/5/14 – Received the latest illustration reflecting what

the policy would look like if the additional funds were not added to the rider

12/8/14 – Reviewed the latest information from [redacted]

12/9/14

– Will forward the latest information to [redacted] detailing what the policy

cash value and death benefit would look like without the additional funds and

follow up with a call.We are handling this directly with the client as best as possible but due to the necessity to keep confidential information private, we do not find this to be an appropriate forum to protect the client as well as comply with the client/firm confidentiality agreement.