Business ProfileforAcute Wealth Advisors

We were clients of Acute Wealth advisors for 16 months from Sept. 2021 until January 2023. We became clients because Acute wealth advisors claim to be fiduciary's who specialize in retirement planning for people 50 and over and grow and protect principle with an emphasis on lowering investment fees and tax efficiency. We anticipated a downturn coming in the stock market and that's why we became clients. Acute wealth advisors claim to manage risk and protect principle. During one of our initial meetings with ********************* he said he should be able to grow our portfolio about $100,000 to $150,000 a year. Almost immediately the mismanagement of our accounts began. Around Sept. 2021 while Acute wealth advisors began moving our accounts over, **************** or Acute wealth advisors failed to manage the transfer of assets in a way to not affect contributions to our *************** accounts. 2021 contributions had already been made for 2021 and copies of all accounts had been made to **************** at the first meeting. The non retirement account was sold for the transfer which resulted in our income now being too high to allow for the 2021 contributions and the contributions had to be withdrawn and additional tax paid on a tax free account. During 2022 our accounts lost well over $200,000 and we were kept in bonds during a period of historic inflation. The investments inside our non retirement account was turned over nearly 5 times with some securities being sold and re bought just days later at a loss. In 16 months we paid this company nearly $21,000 to lose over $200,000 in just 12 months and mismanaged the transfer which affected our *************** contributions and caused us additional tax plus a lost year of investment on the **** ****** We went with Acute wealth advisors to keep from riding the market down and back up and all we did was ride the market down. We are in much worse shape due to their mismanagement of our accounts. As someone in our 60's we may never recover completely from their mismanagement.