Complaints
This profile includes complaints for L&M Wealth Management's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 1 complaint in the last 3 years.
- 0 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe 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:11/29/2023
Type: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 had an investment. A 401 K. This business has lost over $3500.00 of my hard earned money. I thought it was a safe investment, but kept getting told the market is down and I was losing my money, throughout the two-four year time. I want it investigated and my $3500.00 back.
Business Response
Date: 01/02/2024
We are required to report all client complaints to our broker/dealer. We did so immediately upon receipt of the complaint. They will review and communicate directly with the client from this point forward. When an update is available, our broker dealer or L&M we will provide that to the BBB. Thank youCustomer Answer
Date: 01/03/2024
I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
******** ******
Business Response
Date: 01/03/2024
This letter is in response
to the issue you raised in your November 28, 2023, submission to the Better
Business Bureau (the "BBB") regarding Securities America, Inc.
("Securities America" or "Firm") Financial Professional Victor
J. A********. Thank you for your patience while we reviewed this matter. In your
statement to the BBB, you allege the investment in your 401(k) was
misrepresented to you as a safe investment in which you lost $3,500. You
request a refund in that amount. When we spoke, you clarified that you were
referring to the ******** ********* Investments ("********") mutual
funds referenced above which were held in a Roth Individual Retirement Account (the "Roth"). You further alleged you paid approximately $1,000 in fees to Mr. A********. In researching this matter, we obtained a statement from Mr. A******** and reviewed the Firm's
books and records. Mr.
A******** recalls that you and your mother, **** ******* visited him in
November 2018 at which time you discussed saving for retirement and completed
paperwork to open and fund the
Roth. He states that you met frequently to discuss the performance of the Roth, and in August of 2022 as the market declined, you
considered liquidating the Roth but he advised against it. However, a few
months later, you called ******** directly to liquidate and distribute the Roth. Regarding
the alleged losses, $20,767.91 was contributed to the Roth and invested in
******** mutual fund A shares. In November 2022,
you distributed $20,714.69 from the Roth at a loss of $53.22 and closed the account. All
investments carry risk including market and sector risk, and the Firm has found the
investments chosen were not inherently unsuitable for your stated objectives,
risk tolerance and time horizon. Regarding
fees paid, ******** charged an annual maintenance fee of $15. In addition, you
paid approximately $1,142.24 in upfront sales fees for the A share
mutual fund purchases. Mutual funds have different fee structures that are recommended based on stated suitability. Generally, A shares are suitable for individuals, like yourself, that indicate they have a long investment time horizon. Over
the long-term, the A shares have a lower expense ratio than other share classes. Securities America will not
reimburse you for fees associated with the purchase of the mutual funds or
maintenance of the Roth because you made a unilateral decision to liquidate and
distribute the Roth earlier than anticipated and against the advice of Mr. A********. We thank you for your past business and wish you the best
in your future financial endeavors. If you have any questions or concerns, please contact me at ###-###-####. Sincerely, Jennifer O*** Compliance Officer
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