• Report:  #1516302

Complaint Review: Archangel Financial - Apple Valley California

Reported By:
Anonymous - Apple valley , Ca, United States

Archangel Financial
16191 Kamana Rd #202 Apple Valley, 92307 California, United States
760 946-2220
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We decided to give this financial adviser Chris Martin a try. Our guess is he baited us for business with a low rate he said he would be charging us each month to invest our hard earned retirement account money so we could have financial stability as we age . He claimed our principal balance would not go down , but we could live off the interest made in our account he managed if he invested our live savings with him . He claimed so many positives and never delivered on one of them . There were several mistakes made along the way as well that made us question if he was actually not as inept as he presented himself to be. 

He didn't contact us personally at any time in any way with updates on our account and it's success or lack thereof. Mr Martin  sent out a general newsletter to his clients and was difficult to contact for any questions . Seemed he was always vacationing with his wife /family in some exotic country on ours and every other clients dime. 

We looked at the figures and realized we were being overcharged each month by twice what he quoted us, and in the course of 1.5 years, our account principal had dwindled by at least 200k. We contacted several other financial advisors asking them for their input wondering if this was the  norm for the market at the time. Not one of them said anything he did with our finances made any sense to them and all said the loss we suffered should not have happened.

We were told by 3 different people , either one of two things happened or a combo of both. Mr Martin either did not know what he was doing ( as our losses were agreed upon as "substantial " and" unheard of, or did not pay enough attention to our portfolio ( unsure about his other clients , truly ) or a combo of both.

He had taken $ out from our account to hide "in cash " at onset of the pandemic and never returned that money back into active investing , causing us to lose several thousands as well.  From our POV he operated as a scared and unskilled investor who didn't make the time to oversee his clients best interests and caused us in turn to pay the ultimate price we could never afford  .

What really happened  to our lost principle we will never find out as he had every excuse in the book when asked him what happened. Everything negative was someone else's fault that he could not help . We both can only agree on several mistakes he made with our money ,  and in the end ,this planner Mr Martin - absolutely destroyed our hopes for a secure financial future while over charging us each month for his "services " that only lost us our hard earned money that we will never see again.

He lined  his pockets and filled his life with pleasure cruises and exotic vacations while investing his clients money in shady operations and did absolutely nothing for us positive. So in retrospect , we over paid this guy to dwindle our hard earned money and all he gave us what excuses.  Please , please go somewhere else !!! This was a devastating financial blow to us in making the mistake in hiring him to oversee our account.

We cannot re trace or make up for this ever again. In writing this , we understand there are things that happen in a volatile market , but this was not the case at all or we would never write this .We hope he enjoyed spending our money foolishly or selfishly as he was of zero help to us. It was the worst business decision we've ever made !!

Go somewhere else for your own sakes. Interview his clients past and present and read every review. Your hard earned $ was not meant to be spent nor dwindled by an ignorant or careless unavailable  financial planner ! You've been warned .

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