- Report: #440726
Complaint Review: AXA Equitable - Agent Sterling Brightman - Richmond Virginia
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AXA Equitable - Agent Sterling Brightman
101 E. Main Arnold, California Richmond, Virginia, U.S.A.
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AXA Equitable - Agent Sterling Brightman, 401K Management (Deceptive) Richmond Virginia
Two years ago the company I work for contracted AXA Equitable to manage the 401-k they just started. My company did not contibute to the employees plan. Sterling Brightman is the plan manager for AXA. This report is not an indictment of AXA but only of my experience with my 401-k manager Sterling Birghtman. In a a Nut shell when trying to get me to sign up for the 401-k Mr. Brightman said his job " Was to watch over my account and if it was not performing as it should then he would get in touch with me and suggest changes" BULLCRAP.
I never heard a thing from Mr. Brightman and when I received my statement at the end of the year. The 12-15% growth he said I should get has now turned out to be a 50% loss over the last two years. After repeated calls to him I finally got him to contact me once I complained to our corporate office. His response was "Well everyone lost money." Perhaps my loss would not have been as much if the Mutual Funds he had recommended in the beginning had been changed. Only if he had been watching over my account as he said he would perhaps my 50% loss would be less . Keep in mind this was over a year ago in Jan 08 before the real stock market tragedy hit.
Other employees were told the same thing. When I was finally able to reach Sterling he had no idea who I was, what my age was, or my investment stategy was. Eventhough I had filled out a lot of paperwork with my name age goals and risks I was willing to take,. He handed out Investment Advice in a "Cookie Cutter Fashion" one size fits all. That is not what I was promised in the sales pitch. I showed my Investment portfolio to a local broker and was shown why I was put into some of the Mutual funds Mr. Brightman suggested. Several managers for a particular fund that all have to be paid. They make the money while you loose it. Avoid Sterling at all COSTS. He will COST you plenty.
Syd
arnold, California
U.S.A.
I never heard a thing from Mr. Brightman and when I received my statement at the end of the year. The 12-15% growth he said I should get has now turned out to be a 50% loss over the last two years. After repeated calls to him I finally got him to contact me once I complained to our corporate office. His response was "Well everyone lost money." Perhaps my loss would not have been as much if the Mutual Funds he had recommended in the beginning had been changed. Only if he had been watching over my account as he said he would perhaps my 50% loss would be less . Keep in mind this was over a year ago in Jan 08 before the real stock market tragedy hit.
Other employees were told the same thing. When I was finally able to reach Sterling he had no idea who I was, what my age was, or my investment stategy was. Eventhough I had filled out a lot of paperwork with my name age goals and risks I was willing to take,. He handed out Investment Advice in a "Cookie Cutter Fashion" one size fits all. That is not what I was promised in the sales pitch. I showed my Investment portfolio to a local broker and was shown why I was put into some of the Mutual funds Mr. Brightman suggested. Several managers for a particular fund that all have to be paid. They make the money while you loose it. Avoid Sterling at all COSTS. He will COST you plenty.
Syd
arnold, California
U.S.A.
1 Updates & Rebuttals
Anthony_T
United States of America401k Losses
#2General Comment
Wed, June 23, 2010
I am truly sorry to hear that you've lost money in your 401k from 2007-2009. And also that your plan manager was not responsive to your needs. But with that being said, when he mentioned that "Every one lost money" he's telling the truth and here's why. If you began to put monies into your 401k in 2007, the market was at an all time high i.e. dow jones was at 14,000 points. In mid 2009.. around April, the market was STILL down.. somewhere between 6000 - 7000, fyi. Have you ever heard buy low and sell high, this of course is only an example. 401k ARE NOT MANAGED ACCOUNTS!!! They are "self managed" meaning YOU ARE THE DECISION MAKER. You CANNOT assume that if you put money into your 401k that you will Instantly have gains, if you do think that way, you are truly foolish. When it comes to setting up 401k plans, employers have many different options on which mutual funds/fixed funds go into the plan. Normally the plan administrator..i.e. the AXA Agent, cannot make changes to these funds (meaning adding or subtracting from the funds list). It is up to YOUR employer to make these changes. I have to say that I am not defending Mr. Sterling's actions, but when it comes to YOUR retirement.. you MUST be more educated... You are the master of your own destiny not Mr. Sterling.. Mutual fund companies are businesses.. which means they're also in the business of making money for themselves..i.e management fund charges. It would also be foolish to think that mutual funds are only there to make you money and not make a them themselves.. what would be the point? I hope that in the future, you take a serious look into your investments, whether its in a 401k or any other retirement vehicles.
