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Complaint Details
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Initial Complaint
06/21/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
Savage & Associates mismanaged my financial accounts. This financial investment company is supposedly in the business of providing the public (their paying clients) with financial guidance and people trust them to do so in the client's best interest, not their own best interest. This company has not tried to resolve the problem or even provide answers as to why my accounts/funds were distributed incompetently and negligently. In fact, the opposite is true. This company was hired and paid to provide financial advice and guidance to my family. Instead, we received a letter "terminating our business relationship" within 30 days. Savage & Associates used taxed funds, instead of pretax funds to pay extensive known monumental care expenses that were sufficient to meet tax requirements. Savage & Associates continues to operate a business whereby the public pays them to invest their hard-earned money to reap the most financial gain. Their clients trust them to weigh the options, both the pros and the cons and give them sound advice. The general public has a right to know that this company is in it solely for their own profit and to do so with the least amount of effort. Side note...Due to the nature of the issue and for confidentiality reasons, if the BBB needs more information, please contact me directly.
Business response
07/09/2024
This letter is in response to your submission to the Better Business Bureau Northwestern Ohio
and Southeastern Michigan dated June 20, 2024, and regarding ***** ******, Inc. (“*****” or
“Firm”) Financial Professional **** ******. In accordance with Firm policy, your submission was
forwarded to the ***** Compliance Department for review and response.
In your submission, you express frustration regarding “taxed funds, instead of pre-tax funds” used
to “pay extensive known monumental care expenses” for your father, **** ********.
Additionally, your submission mentions the termination of your business relationship with Mr.
******. Lastly, you requested “public awareness” and “no tax ramifications on existing accounts
once disbursed.”
As addressed in our previous letter to you, dated May 30, 2024, your rights as Attorney-in-Fact
under Mr. ********’s Power of Attorney document expired upon your father’s passing. Without
a court appointment or other authorization appointing you as Administrator or Executor of Mr.
********’s estate, we are unable to assist with your request regarding detailed information
concerning the management of your father’s accounts.
Regarding Mr. ******’s decision to terminate your business relationship, his determination was
made in response to your prior electronic complaint dated May 13, 2024, in which you questioned
the financial management and guidance provided to Mr. ********. Given you had lost confidence
in his expertise and ability to properly manage your investments, Mr. ****** exercised the right
to terminate under the Client Account Agreement thereby permitting you to seek investment
advice from someone that held your confidence and trust. We hope that a financial professional
Securities and investment advisory services are offered through ***** ******, Inc., broker-dealer, registered investment adviser,
and member of FINRA and SIPC. Advisory programs offered by ***** ******, Inc. are sponsored by VISION2020 Wealth
Management Corp., an affiliated registered investment adviser.
**** ***** ***** *******, Suite ***, *******, ******* *****
© *****, Inc. • *****.com
of your choosing will be able to assist you in the outgoing transfer and management of your assets
going forward.
Concerning any tax issues, please note that neither ***** nor its representatives provide tax
advice.
We thank you for your past business. Should you have questions or wish to discuss this matter
further, please contact me at (**** ********.
Regards,
********* ********
Compliance Officer
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Customer Complaints Summary
1 total complaints in the last 3 years.
1 complaints closed in the last 12 months.