Complaints

This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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Principal Financial Group has 46 locations, listed below.

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  Principal Financial Group

  711 High Street Des Moines, IA 50392-0001

  
• 

  Principal Financial Group

  2851 Charlevoix Dr SE Ste 110 Grand Rapids, MI 49546

• 

  Principal

  Indianapolis, IN 46268

• 

  Principal Financial Group

  2200 Riverchase Ctr STE 620 Hoover, AL 35244

• 

  Principal Financial Group Inc.

  3025 Highland Pkwy Ste 440 Downers Grove, IL 60515

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:10/05/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have filed for a Hardship Loan and could not submit the paperwork online, so I was asked to call *************** to continue with the Hardship Loan process. I called and was told I could not complete it by phone but must sign some paperwork and fax it back. I received the paperwork and faxed it back the same day, 9/22/2023. I was told by email that it was received and can take 3 days to process. I then called on 9/27/23 as I had not received any information and was told I was sent the wrong paperwork for the loan. I then became frustrated and filled out the new forms and faxed them back on 9/30. I then called on 10/2 and spoke with another rep and was given incorrect information on my plan. I asked to talk to a supervisor. I told ***** (Supervisor) about the complex situation, who was accommodating and very helpful, and that he would expedite this and follow up within two days. I have yet to get a follow-up and call to speak with another supervisor, *******, who was rude, only giving one-word responses. I have talked to him twice, and he still has a snappy, short attitude. I was very disappointed to have to interact with ******* as ***** was not available. Disappointing to have a supervisor treat a client with disrespect as I am trying to be patient and resolve their mistake.I was told it takes 3 days for a Hardship Loan to be processed. I have been waiting and patient with the service I have been provided and am still waiting 9 business days later. I need this loan to be processed and sent to me as soon as possible, as I have followed the companys processes and shared all the necessary paperwork (as confirmed by Supervisor *****) and have only been told every time I call that it's still in process as this delay was the company's mistake.

  

  Business Response

  Date: 10/06/2023

  Thank you for forwarding. Principal will respond directly to the complainant.
  
  

• Initial Complaint

  Date:10/04/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am the office manager of a firm, our 401(K) was established in 2020, with an annual fee of $825 for the plan that is hosted by Principal. On October 31, 2022, I received an email to notify me with an increase in fees. No mention of the price structure. In 2023, the fees went up to $2800 yearly. It is the same plan, same mutual funds(target date) same number of employees, nothing has changed, but the fees went up by 335%. I have reach out to Principal on many occasions, no explanation, but a PDF email with fees. There is no valid explanation. Is this is away to get rid of small accounts, is it discrimination?

  

  Business Response

  Date: 10/04/2023

  Thank you for forwarding. Principal will respond directly to the complainant.
  
  

• Initial Complaint

  Date:10/03/2023

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have retirement accounts with this company. Upon attempting to move my retirement accounts, I saw that all updates about the process would be sent to an email address I did not recognize. I ended the process and called them on 8/22/2023. They keep saying they're looking into it, but I cannot do anything with my retirement accounts until this is fixed unless I want this person who had fraudulently used my *** to get information about my account. ******************** would not tell me what the problem was or how it happened. I had to find the *** usage via an Experian scan and report it to Principal. They have since confirmed that to be the reason this other party's email is on my account, but have not fixed it so that I can access my funds. I had an attorney send a letter demanding that they fix the problem with my account and detail to me any information about myself or my account that has been sent to or leaked to other parties. This request was sent on 9/8/2023 has received no response. I'm requesting assistance in getting Principal Financial to fix the problem with my account and detail to me any information about myself or my account that has been sent to or leaked to other parties.

  

  Business Response

  Date: 10/03/2023

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:09/29/2023

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Principal Financial Group denied my long term disability benefits, despite their online member portal clearly showed I had such coverage for a period of 8 months, when I got disabled they denied my claim stating I didn't have coverage. For 8 months I was paying into the *** coverage through payroll deduction administered by my employer Advantage SCI who contracted with Principal Financial Group.

  

  Business Response

  Date: 10/04/2023

  This is in response to BBB Complaint ID #********. *************************** takes our responsibility to protect our customers confidentiality very seriously. Therefore, we will respond to the claimant directly. Please let me know if you have further questions.

  Customer Answer

  Date: 10/04/2023

   
  Complaint: 20671722
  
  I am rejecting this response because: Principal Financial Group continues to deny my Long Term Disability claim after I had payroll deduction for a period of 8 months. I need BBB to resolve this matter. 
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 10/26/2023

  We previously communicated to you that we were going to respond to **************** directly, which was completed on 10/5.

• Initial Complaint

  Date:09/29/2023

  Type:Customer Service Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My aunt passed away she has a retirement account that needs to be closed. The company Principal Custody Solutions continues to give us the run around on giving us any information on the account. How much is in it and how we need to close it. The original employer is no longer in the area in which we live. They have all the information needed. But will not help said they cant do anything else on their end. B

  

  Business Response

  Date: 10/04/2023

  Thank you for forwarding.  Principal will respond directly to the complainant

• Initial Complaint

  Date:09/28/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Sept 18 I started the process of verifying my identity so that I may withdraw funds from my principal *** account that was rolled over from my previous employer and during that time I have had to get the documents that they requested notarized five times on today. I finally got all the requested documents finalized and my passport sent into them. They then sent another email saying they need to verify information which at that point the representative told me that it was because I scratched out a misspelling of my name on the form. The notary saw that I scratched it out and told me to not use any white out, just to scratch it out and initial, and he was still notarized. The form and principal bank is refusing to accept the form even though this is my fifth time on their behalf, requesting me to get this form notarized. Im not understanding what is the point of having something notarized signed, giving your identification document, showing your true and legal name For them to keep rejecting the documents I feel as though principal is trying to keep my money held because they know that their *** accounts are only for a certain time of holding the funds before they are theirs

  

  Business Response

  Date: 09/29/2023

  Thank you for forwarding the complaint. We will respond directly to the customer.

• Initial Complaint

  Date:09/27/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In the summer of 2021, I worked with Principal financial to complete a distribution from a work 401k to a personal account. In the late summer of 2021, I received a phone call that said they were missing information for the account. I provided the information and was told the issue was corrected, the account was opened and the money would be appropriately transferred. The tax documents I received for 2021 show that this occurred. In 2022, I was able to log into the online account for the first time and noticed the money wasnt there. I contacted Principal. They said they would fix it. In January of this year, I received tax documents stating that I was being taxed on the $10,906.72. When I contacted Principal, they said the account was never opened, and I needed to redo paperwork. At this point, I had redone the paperwork at least twice for them. I did it again. Two months later, they said they never received the paperwork, and it didnt matter anyway, because the funds had been turned into unclaimed property. The funds are neither in Iowa or ********* unclaimed funds. I have also been told that they have been turned over to the **** Principal is firm on the stance that I must cash out the funds, deal with the loss from taxes, and then deal with the *** (myself) to do an indirect rollover into a new organizations retirement account. Yesterday, a representative refused to transfer me and told me that I had to accept the cash out and there was nothing she could do. She refused to transfer me, give any information, or reach out to the last representative, ****, that left me a message to call him back. I have filed for an extension on my taxes, but now have less than three weeks to be able to fix the problem. They also are unresponsive to my attorney, and more than half cannot find the documentation that she has third party access. Also, two people from Principal have told us that they lost my money, and will fix the tax documents. The next says they cannot.

  

  Business Response

  Date: 09/28/2023

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:09/22/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I currenlty living overseas trying to withdraw my 401k account. it has been more than months since i start the process and i still waiting. They have all the information they need. Now the problem seems they have limited resources to do the transaction. Resourses being personal qualified enough to do a wire transfer. This company also have the habit to send automatic emails requesting more information and when you reach to them, they said they did not sent them. They could have a better system instead of saying the "Its nothing we can do" about it . it is the way the system works.

  

  Business Response

  Date: 09/22/2023

  Thank you for forwarding. Principal will respond directly to the complainant.
  
  

• Initial Complaint

  Date:09/19/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Two weeks to process a hardship withdraw from my 401k is unacceptable. I got this message saying a week then called and was told up to 2 weeks with no way to expidite the process.I am blown away that a company needs that long to process a withdraw in a time of hardship. I want to document my disgust so others may think twice before investing with this groupe.

  

  Business Response

  Date: 09/19/2023

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 09/20/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********.

   

  I recieved notification that the withdraw was approved and transfer is pending.

  In the future I would sugest a different approach to the withdraw process that does not create the idea of a long wait. ***** days would be completely unacceptable for a hardship withdraw. 

  The actual time was acceptable and I now consider the issue closed.

  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:09/18/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have 401k investments with principal along with a CD which recently matured and rolled over without principal following their promised protocol. I was to receive notice of the new interest rate and term on the CD and be given 10 days to decide to rollover or go another way. Principal has rolled the CD over on their own with a 4 yr term at 1.7% . Now if I move the money principal will charge a $186 penalty. I can get over 5% without breathing hard on an option of possibilities had they followed procedure I would have moved the money if 1.7 is all they can offer. Im shocked principal violated my trust and my accounts

  

  Business Response

  Date: 09/28/2023

  Thank you for forwarding the complaint. We have responded directly to the customer.

  Customer Answer

  Date: 09/29/2023

   
  Complaint: 20617685
  
  I am rejecting this response because: Principal claims they sent 2 notices and left 2 voicemails regarding the CD renewal. I have only received notices on the 401 K, no voicemails except this week which was in regards to this BBB complaint. No calls, no voicemails, no texts, no emails, no letters on the CD renewal. Nothing. When I called today, got **** in CS, he was going to make preparations for no penalty on my transfer. But ***** came on the line and is only offering to reduce their withdrawal penalty by half. Which will still cost me over $90 because they did not perform and did not correspond with me. Inefficient, sloppy CS. They dropped the ball. I have had no contact with them in regards to this CD. Only the 401k and my complaint to BBB. 
  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 10/11/2023

  Thank you for forwarding the complaint. We will respond directly to the customer.

  

  Business Response

  Date: 10/11/2023

  Thank you for forwarding the complaint. We will respond directly to the customer.