Complaints

This profile includes complaints for The Roth Companies, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  The Roth Companies, Inc.

  4925 Stone Falls Ctr Ste A O Fallon, IL 62269-7800

  
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  The Roth Companies, Inc.

  7500 College Blvd Overland Park, KS 66210-4035

• 

  The Roth Companies, Inc.

  3636 S Geyer Rd Saint Louis, MO 63127-1237

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:01/05/2024

  Type:Order 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 purchased a policy in 2007. I have been paying $13000 yearly. In 2023 the policy went up $4000. I paid that. Now In 2023 They are increasing my policy by $5000. I cant afford this and I believe this is fraudulent. I also believe that I was misled when I purchased the policy. The policy only goes until I&#**;m 80. I&#**;m 80 now and I&#**;m gonna outlive my policy.

  

  Business Response

  Date: 01/12/2024

  Client insured: ******************************

  Date of birth: 05/09/1935 (see DL redacted Exhibit 1 for age verification).  Client age is currently 88, not age 80 as referenced in submission.

  Our wealth management advisory team has been serving ***************************** since 2007.  During our initial engagement we reviewed ********'s goals and objectives to determine how our firm could help her solve the financial and estate planning she wanted to accomplish. Our planning sessions with ******** provided insight that she wanted to develop a financial plan that could accomplish her estate planning revisions and minimize tax on assets left to her beneficiaries upon death.  After a thorough analysis of her financial position and estate planning goals the life insurance planning best fit her goals and intentions.  We reviewed the plan design so the strategy could also protect against inflation and supplemental retirement income needs if she needed more income during retirement with the main objective to prepare a solid estate transfer with tax efficiency.

  Financial Objectives: 1)Estate Planning, 2) Tax Minimization, 3) Probate avoidance, 4) Retirement Planning

  Financial Plan: Included a ************************ portfolio at TD Ameritrade, Fixed Products, and ************** with Estate Planning updates

  Risk Profile: Moderate due to age in retirement 

  ************** Product: The contract was implemented into the financial plan to provide a wealth transfer strategy and minimize tax of other retirement savings when transferred to beneficiaries.
  

  Important financial planning and accounting record:

  If *************************** would have maintained the original funding of her planned premium the contract would have performed as she originally implemented and signed.  However, just after two years she did not fund the premium in year 3 and we had to help reinstate the life insurance contract. (See attached Resolution Life Payment History Exhibit 2)

  We continually monitored and managed the annual renewal with necessary planned premium requirements.  The planned premium was set at $13,005.15 to provide a lifetime contract design when properly funded.  The original financial plan was built to fund this amount annually. However, the 3rd year was skipped by ******** and she resumed normal planned premiums in the 4th year with a catch up premium due to missing prior year.  The challenge became when she failed to pay any premiums for the next 8 years.  (See attached Payment History Detail_Exhibit 3)

  The premiums were not paid from 2011 2019. We were very sympathetic to the unfortunate home fire that ******** experienced in 2018, which we understood impacted her cash flow.  But the premiums were not paid.
  We were able to help review Sirvellas cash flow and she finally paid a partial premium in 2019.  Then in 2020 she paid premiums quarterly but at a lesser amount so there was a shortfall again.  (See attached Payment History Detail_Exhibit 3)

  Tax year 2021 was the first year since 2010 the necessary planned premium was finally paid based upon the original signed financial plan on life insurance contract.  In total over 11 years of failing to pay the premiums as planned. We discussed the importance of this many times with ********.  Specifically advising that the cash surrender value amount can only provide a certain duration of time before the policy will lapse.  The contract did perform well and it sustained her life insurance contract for years without premiums prior to her resuming premiums.

  As reflected in the accounting records and Payment History Detail Exhibit 3 the contract should have been properly funded and was not. A shortfall of $117,279.67 was failed to be paid into contract by ********.  If she would have maintained the original planned premiums the cash surrender value was targeted to be at $214,070.00, which would have stabilized the contract as intended.

  Our financial planning and advisory team specifically provide clear transparency on any contract.  (See attached Client Signed Illustration Exhibit 4)
  Page 4 we explained to ******** and any client that if they surrender the contract in the first year or early years they will be sick.  Then circle this on document with having client initial so they are clear.  We do not recommend anyone implement a life insurance plan for a short term due to various surrender charges or costs depending on institution.
  Page 4 and 5 the planned premium is clearly stated on document and references the premium outlay with current policy costs at different returns with cash accumulation value.  As reflected the policy would not have any change of additional premiums had Sirvella paid the premiums for prior years that were missed.  The contract would be inforce for her lifetime.
  Page 10 This page specially states:
  I understand that:
  Purchase of **************:  I am buying a flexible premium cash value variable universal life insurance policy issued by Reliastar ************** Company, now Resolution Life.
  Our firm provides fully transparency and clarity for our clients prior to any financial plan being installed.
  Page 11 As reflected Sirvella initialed 8 times and fully signed acknowledging the life insurance contract provisions.  Each section on this page was cleared explained and initialed.  The contract language specifically references the life insurance policy provides insurance protection for life.  In addition, it describes the cash value and lack of premium payments with regard to impact on contract.
  Page 15 We reviewed the Flexible Contributions section multiple times to help accommodate Sirvella changing life needs.  We have been clear that if she has enough cash value in plan the contract insurance costs can be paid with excess cash value in policy.  However, the lack of premium payments over the contract life created the higher catch up premiums as it was not properly funded per plan established.

  Our firm has reached out to Sirvella and spoken with her to help her through her concerns and provide clarity.  Through solid communication our advisory team will carefully serve *************************** with her important financial needs. 
  Our firm strives to always provide a top level client experience through care, kindness,integrity and expertise. 

  The Roth Companies, Inc., a private wealth management firm, is a recipient of the Five Star Wealth Manager award. This award of excellence is based upon various considerations such as expertise, comprehensive services, and client service satisfaction.  The firm serves individuals, families and businesses who need financial planning, retirement advice, investment management, tax strategies, insurance, estate planning, and business advisory solutions.

  Customer Answer

  Date: 01/25/2024

  All he said was a lie!  I was never late or could not make my payments.  I have put in almost $200,000 or more into this.  I started sending payments to the **** company and then to the insurance company.  The first payment was made to the **** company.