Complaints

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:12/21/2024

  Type:Service or Repair Issues
  Status:

  UnresolvedMore 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.

  Better Business Bureau:
  
  
  
  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, reasons for rejection are included below.

  
  

  
  

  1.  I was told my ex spouse was copied on the transfer out because he was l***ed as reference.  for one million years I would not accept my ex spouse as reference.  I requested Matson Money to provide evidence that I have ever used my ex spouse as reference.

  2.  Matson Money never took action and acknowledge their part of the m***ake and they aren't taking care of the mental stress for disclosing my privacy to a third party who has conflicting interest with me. 
  
  
  
  
  Regards,
  
  
  
  ********* **
  
  

  Business Response

  Date: 12/23/2024

  Dear *** *******,
  
  Thank you for contacting us
  about this matter. Although Matson Money certainly appreciates that *** ** is unhappy,
  and regrets that her relationship with her former spouse is poor, her
  complaints against Matson Money are unfounded. Matson Money acted properly and
  in accordance with standard procedures when she asked that her account be
  transferred out of Matson Money. The error she describes in her complaint
  (sharing personal and account information with her former spouse) was caused by
  her failure to advise Matson Money about her current relationship with her
  ex-spouse.
  
  Perhaps more importantly, even
  if an inadvertent processing error had occurred when she requested the account
  transfer, she has not been harmed in any way.
  
  First, *** ** has not lost
  any money. Her accounts remain secure and intact, and are not accessible to her
  ex-husband.
  
  Second, the only information contained
  in the document that the former spouse received was her name and account
  number, and no other account data (such as holdings and values). It goes
  without saying that *** **** ex-husband—with whom she has a child—would have
  known her name and address, and indeed, a great deal of other personal
  information about her.
  
  Third, Matson Money is a
  federally reg***ered investment advisor which markets its advisory services
  almost exclusively through referring advisors, and not directly to the general
  public. However, it will sometimes agree to directly service clients that are “friends
  and families” of firm employees. That was the case here. *** **** ex-husband is
  a Matson Money employee, and her Matson Money accounts were opened when the
  divorced couple’s son worked at Matson Money as a temporary intern. Although
  there are likely some individuals at Matson Money who know about *** ****
  divorce, the firm did not have “institutional” knowledge of the situation.  
  
  As a fiduciary, Matson Money
  acts in the best interests of its clients, prioritizing the clients’ needs
  above its own, and must act with loyalty and care when providing investment
  advice. Matson Money did not violate any of those duties here. Mr. A********
  responded promptly to *** **** withdrawal request and provided the paperwork necessary
  to fulfill the request to move her account to another advisor. The normal
  protocol would be to copy the referring advisor who works directly with the
  client on such communications. However, in the relatively unusual situation
  where the client is with Matson Money as a family member of a Matson Money
  employee, it may also copy that employee to help accomplish what is needed,
  since Matson Money does not typically interact directly with such clients.  In this case, the situation about which *** ** complains could have been easily avoided if she had informed Matson Money of
  the relationship and given instructions not to communicate with her ex-husband about
  her accounts. Be that as it may, Matson Money has added a note to her account not
  to include him in future communications.
  
  Finally, when *** ****
  concerns were brought to Matson Money’s attention, the email in question was
  deleted before it was opened. There was, therefore, no actual disclosure of Ms.
  He’s information.
  
  Be that as it may, *** **** account
  numbers can be changed (that being the only information that would have been
  revealed if her ex-husband had opened and read the email in question). Be
  advised, however, that changing the account numbers could delay the requested
  transfer.
  
  *** ** has another account
  with Matson Money that was not the subject of her transfer request. Under the
  circumstances, and given her unhappiness, Matson Money considers it best that
  both accounts be closed and transferred to another advisor. If *** ** will
  contact Mr. Joel A******** at her first convenience, it will expedite the
  closing of her accounts and the transfer of her assets.

  Regards,

  Daniel J L***

  President & Chief Compliance Officer

   

  Business Response

  Date: 01/08/2025

  Dear *** *******,
  
  It is certainly unfortunate that *** ** is not satisfied
  with Matson Money’s efforts to acknowledge and address her complaint, and to ensure
  that her ex-husband is not notified about activity relating to her Matson Money
  accounts in the future. Be that as it may, *** ** has issued instructions to
  move her accounts away from Matson Money to a different financial advisor. The
  transfer process should be complete in the coming days and will ensure that
  information about her accounts will not be available to her former spouse under
  any circumstances that Matson Money can control.
  
  Aside from the foregoing, Matson Money has nothing to add to
  its original submission in response to *** **** initial complaint. But we would
  remind her that she was only permitted to have accounts at Matson Money because
  her ex-husband is an employee. That is because Matson Money does not ordinarily
  work directly with retail clients. Most are referred to Matson Money by
  unaffiliated outside advisors who have the principal relationship with the investor
  and wish to recommend one of Matson Money’s model portfolios as part of their
  overall investment picture.
  
  There is one other thing to note. In addition to this
  special accommodation allowing “friends and family” to invest with Matson Money
  without an unaffiliated referring advisor, I would remind *** ** that Matson
  Money did not receive any direct advisory fee from her accounts. In other
  words, in addition to suffering no actual harm (as explained in our prior
  submission), *** ** had the advantage of investing in Matson Money portfolios at
  a substantial discount, when compared to clients referred to Matson Money by unaffiliated
  advisors.
  
  We would have preferred *** ** to have had a more
  satisfactory experience with Matson Money. With her accounts moving to another
  advisor, there will be no further relationship between Matson Money and *** **.
  Accordingly, Matson Money is closing its files on this matter.
  
  Matson Money holds itself to the highest professional
  standards, and treated *** ** in a manner cons***ent with those standards. Please
  feel free to post this submission, together with Matson Money’s previous
  submission, on the BBB website.

  Daniel J L***

  President & CCO

  Customer Answer

  Date: 01/13/2025

  Better Business Bureau:
  
  
  
  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, reasons for rejection are included below.

  (PLEASE TYPE YOUR REASONS HERE)

  1. My original complain was Matson Money has violate their  fiducial duty.  They disclose my personal information, account information to a third party without my permission.

  2.I requested Matson Money to provide evidence that I authorize them to use my ex spouse as reference.  I have not heard back from them.

  3.Matson Money never took action and acknowledge their part of the m***ake and they aren't taking care of the mental stress for disclosing my privacy to a third party who has conflicting interest with me. 
  
  
  
  
  Regards,
  
  
  
  ********* **
  
  

  Business Response

  Date: 01/17/2025

  Dear *** ********,
  
  Matson Money believes that its previous responses to what
  are substantively the same complaint from *** ** require no further
  explanation. Matson Money is disappointed that *** **** experience with Matson
  Money was not satisfactory to her, despite having accepted the benefit of discounted
  “friends & family” fees. *** **** angry reaction to the possible inadvertent
  disclosure of her name and an account number to her ex-husband—a Matson Money
  employee—seems unreasonable under the circumstances, especially now that the
  situation has been fully explained to her. To be clear, the only personal or
  account information that her ex-husband might have seen was her name (which he
  surely knows) and the number of an account that has been closed and moved from
  Matson Money (making knowledge of the old account number completely useless).
  
  Be that as it may, Matson Money has fully addressed *** ****
  complaint, and will have nothing further to add to its previous explanations,
  no matter how many times she repeats her complaint. Matson Money also
  appreciates the work that the Better Business Bureau does in our community, and
  appreciates that the BBB has provided *** ** with a forum to voice her
  concerns. We at Matson Money hope that on reflection, *** ** will be able to
  put these events in the proper perspective. We wish her only the best.

  Regards,

  Daniel J L***

  President & CCO

  Customer Answer

  Date: 01/18/2025

  Better Business Bureau:
  
  
  
  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, reasons for rejection are included below.

  
  

  
  

  Dear Mr. L***,

  
  I am writing to formally address a serious breach of
  fiduciary duty and privacy that has occurred due to the unauthorized disclosure
  of my financial information to my former spouse, ******** *******. I have
  obtained direct evidence in the form of emails sent by your company to my
  former spouse, which contained sensitive financial details about my accounts.
  This breach has caused significant distress and has potentially exposed me to
  financial and legal complications.

  
  As you are aware, financial institutions and fiduciaries
  have a legal and ethical obligation to maintain the confidentiality of their
  clients’ financial information. The disclosure of my personal financial
  details—whether accidental or intentional—represents a violation of my privacy
  rights and may constitute noncompliance with applicable laws and regulations.

  
  Given the gravity of this matter, I formally demand that
  your company take the following corrective actions:

  
  Provide
  a written explanation: On December 20, 2024, Joe A********, Director
  of Operations at Matson Money, sent an email directly to my former spouse,
  ******** *******, containing my personal account information, account
  number, and my request to liquidate my funds from my sole personal
  account. Joe A******** did not have my authorization to discuss or share
  my personal account information with my former spouse. His actions have
  breached his fiduciary duty as my financial advisor.

  
  Issue
  a formal written apology acknowledging the error and its consequences.

  
  Confirm
  in writing that all necessary steps have been taken to prevent such
  disclosures in the future.

  
  Compensate
  me $3,000 for any damages caused by this breach, including but not
  limited to financial loss, legal expenses, and emotional d***ress.

  
  Provide
  confirmation of corrective measures implemented to ensure compliance
  with all privacy and fiduciary obligations going forward.

  
  I request a formal response addressing these concerns no
  later than January 31, 2025. If I do not receive an adequate response within
  this timeframe, I will have no choice but to explore further legal and
  regulatory avenues to protect my rights, including filing complaints with
  appropriate regulatory bodies and considering legal action. However, I am
  willing to withdraw my claims with the BBB, SEC, and ******* Corporation
  Commission if this matter is satisfactorily resolved.

  
  I trust that you will treat this matter with the urgency and
  seriousness it deserves. Please direct all correspondence regarding this issue
  to me in writing at the contact information provided above.
  Sincerely,
  
  
  
  
  Regards,
  
  
  
  ********* **
  
  

  Business Response

  Date: 01/27/2025

  Dear *** *******,
  
  Matson Money
  received the recent message directly from *** ** and will respond to her
  directly. You may close your file on this matter, as we have nothing to add to
  our detailed responses to your first two communications.

  Regards,

  Daniel J L***

  President & CCO

  Customer Answer

  Date: 01/30/2025

  Better Business Bureau:
  
  
  
  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, reasons for rejection are included below.

   

  The Response from Dan L*** on January 27.2025 is simply the same response he sent over a month ago on Dec 23, 2024.

   

  His response did not address any issues I have requested in my demand letter.  Even if  my mother referred me to your business, Matson Money has no rights to share or discuss my financial information with my mother.  In this case Matson Money disclosed my financial information to my former spouse.  This action definitely is a breach of fiduciary duty and privacy.

   

  Please let Mr L*** address the issues I have in the demand letter.

   

  Dear Mr. L***,
  
  
  I am writing to formally address a serious breach of fiduciary duty and privacy that has occurred due to the unauthorized disclosure of my financial information to my former spouse, ******** *******. I have obtained direct evidence in the form of emails sent by your company to my former spouse, which contained sensitive financial details about my accounts. This breach has caused significant distress and has potentially exposed me to financial and legal complications.
  As you are aware, financial institutions and fiduciaries have a legal and ethical obligation to maintain the confidentiality of their clients’ financial information. The disclosure of my personal financial details—whether accidental or intentional—represents a violation of my privacy rights and may constitute noncompliance with applicable laws and regulations.
  Given the gravity of this matter, I formally demand that your company take the following corrective actions:

  
  1. Provide a written explanation: On December 20, 2024, Joe A********, Director of Operations at Matson Money, sent an email directly to my former spouse, ******** *******, containing my personal account information, account number, and my request to liquidate my funds from my sole personal account. Joe A******** did not have my authorization to discuss or share my personal account information with my former spouse. His actions have breached his fiduciary duty as my financial advisor.
  2. Issue a formal written apology acknowledging the error and its consequences.
  3. Confirm in writing that all necessary steps have been taken to prevent such disclosures in the future.
  4. Compensate me $3,000 for any damages caused by this breach, including but not limited to financial loss, legal expenses, and emotional d***ress.
  5. Provide confirmation of corrective measures implemented to ensure compliance with all privacy and fiduciary obligations going forward.

  
  I request a formal response addressing these concerns no later than January 31, 2025. If I do not receive an adequate response within this timeframe, I will have no choice but to explore further legal and regulatory avenues to protect my rights, including filing complaints with appropriate regulatory bodies and considering legal action. However, I am willing to withdraw my claims with the BBB, SEC, and ******* Corporation Commission if this matter is satisfactorily resolved.

  
  I trust that you will treat this matter with the urgency and seriousness it deserves. Please direct all correspondence regarding this issue to me in writing at the contact information provided above.
  Sincerely,
  
  
  ********* **