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Business Profile

Retirement Planning Services

Newport

Headquarters

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Retirement Planning Services.

Complaints

This profile includes complaints for Newport's headquarters and its corporate-owned locations. To view all corporate locations, see

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    Customer Complaints Summary

    • 63 total complaints in the last 3 years.
    • 9 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    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.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:02/18/2025

      Type:Product Issues
      Status:
      Unanswered
      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.
      Newport Retirement services ************ has $2488.75 in a 401k from a former employer. on April 1st I mailed a Distribution request form for the whole amount. I am over 60 and the amount is fully vested. On April 9th 2024 Newport stated through email that they did not receive it. On July 8th 2024 I emailed a Distribution request form. I called a few days later to inquire about the distribution and was told the funds were being redistributed by plan admin and the funds were blocked at this time until the reallocation was complete. I decided to wait until after the first of the year. On Jan. 30th 2025 I resent the form. A few day later called to check on the inquiry. Only to be told that the date on the form was too old and a new form with a new date would need to be submitted. I received the form on 2/14/25 by mail. Today I called to confirm that the submitted paperwork was all in order. Now again I am being told the funds are in limbo and unable to be withdrawn. I have no way to contact ****************************, my former employer as they are no longer in business.

    • Initial Complaint

      Date:01/24/2025

      Type:Service or Repair Issues
      Status:
      Resolved
      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.
      Newport Group managed my 401 K. I started the transfer of funds from Newport Group to ******* ****** on 12/27/24. I was informed it would take 3 days to write the check, and then another 7 to 10 business days to mail it to ******* ******. At the lastest, ***** should have recieved check by Jan 15th, 2025. I called ****** last week and today (1/24/25), and there is no record of it, either in account or in process. I tried to discuss with Newport Group (which online account stated was at $0 balance) but after a series of verifying information I could not remember what "pet" name I gave them 4 years ago, and therefor they would not offer me any information. The account had $33,000 +.

    • Initial Complaint

      Date:11/04/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      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.
      September 20, 2024 - I attempted to cash out my 401k using their online portal. When I got to the confirmation screen it was showing my old address as the delivery address so I updated my address. Then when I attempted to resubmit the distribution it was showing that I was ineligible due to the address change. I called to see if I could request the distribution via phone and I was told no. I asked when I would be eligible to submit it through their website. They told me to try again in a week. Oct 7, 2024 - I called because I was still unable to submit my request online. I wanted to know when I would be able to submit the request and I wanted to freeze the account because my account was decreasing in value while I waited to submit my distribution. They refused to freeze the assets to stop the assets from dropping and they couldnt give me an exact date as to when it would be available online. Oct 8, 2024 - I went online and was able to submit the distribution. My account had dropped $421 since the first attempt. October 30, 2024 - I called to inquire on my check because I still had not received anything. They reassured me that the check was mailed October 22 and would be arriving any day.November 4, 2024 - I called again and they said the check was put in the mail on October 21, 2024 so I should have received it. They could re-issue but it would be a $30 processing fee. I pointed out that it was not my fault the check wasnt received. They provided 2 different dates so how could I really believe they even put the check in the mail. They refused to waive a processing fee and wouldnt send another check without me paying and they couldnt provide a confirmation that the check was actually delivered to the post office. In addition they told me it would be another 7 to 10 business days to reissue the check. Their service and policies are unacceptable. They dont provide accurate timelines and blame customers for their errors.

    • Initial Complaint

      Date:08/28/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      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 have a 401k with ******** called to request a loan. i advised that it was for an eviction. i was advised to use the loan option because it was quicker and easier. i got the loan called my job to get it approved to make the process go faster. everything was approved on 8/27 and i was told once i saw the amount deducted from my 401K to call for the tracking number. i woke up on 8/28 saw my money missing called 5 times and no one wants to give me a tracking number ***** N was rude i asked for a manager and she refused. so i have no clue where my money is and no one will help me. i paid $30 to get my funds faster and still do not have them.

    • Initial Complaint

      Date:08/07/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      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 left my employer and have made numerous calls to get my money. However, they apparently have numbers on my social security number transposed. Ive done everything theyve ask and have been told numerous times over the past 9+ months that they will take care of it, but its still not resolved. Im a single mother and times are hard. I need MY money. I call and call but cant seem to get anywhere.

    • Initial Complaint

      Date:07/31/2024

      Type:Service or Repair Issues
      Status:
      Unanswered
      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 requested a withdrawal from my 401k ...........customer service is horrible and they refuse to cooperate with my employers HR department researching this company i noticed many other with same complaints **********************************************************

    • Initial Complaint

      Date:05/22/2024

      Type:Product Issues
      Status:
      Resolved
      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 left my previous employer and requested a refund on April 15th 2024 on April 17th 2024 I was told the check was mailed it is now May 22nd and I have not received it I did call the office because they're charging a $30 stop payment fee on a check I did not receive I advised that that was unfair I asked for the number to headquarters they said they don't have one and tried to give me an email address I did not take it because I'm sure it was something that was bogus for instance the email to that same supervisor I spoke to spoke to the supervisor and I asked her I said if this happens again will it be another fee charged and will you charge fees until the check is all gone she said that's possible so this is just a scam and they will take your money I actually made a phone call to headquarters actually it is the it's matrix and matrix is the company that Mails out the On April 15th 2024 I requested I withdrawal from my 401k since I left my previous job it is now May 22nd and I still have not received it I contacted the office and was advised they will charge a $30 stop payment fee I advise the fee is not fair because I've never received the check they can see it is not cashed I asked the supervisor if I don't receive the check this time if they're going to charge another fee and if it continues to happen or they will continue to charge fees until the check is gone and she said that could happen **** gave me the number to a relationship manager ager named *****************.I have not heard from him yet I actually had just left a voicemail today. I also spoke with a representative named **** from matrix who gave me the phone number and he let me know that the check has not been reissued yet or he has not received that request I would just like my refund and I would like for them to waive the $30 fee the check has not been cashed because I have not received it and I do believe that they are going to continue to charge $30 fees until the whole check is gone

    • Initial Complaint

      Date:04/04/2024

      Type:Service or Repair Issues
      Status:
      Answered
      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.
      Started over a month ago, withdrawing money from a 401(k) because my daughter has to have emergency surgery on her mouth. Newport group made it absolutely impossible by throwing brick walls in front of me. Every time I turned around, trying to access my money.. I advised them I did the expedited because of the health issue for my child. They would never let me speak to a supervisor when you called to speak to a supervisor youre placed on hold for hours at a time and then when I told them about my deadline over and over and how they cannot mail me a check because Georgia has a problem with its mail sorting service right now and people arent getting their mail. They still mailed a check for over $2300 to me that has no tracking number to track the actual payment to me . I spent a total of 35 hours on the phone and logged in on their website as well as filling out paperwork faxing responding to emails and more and Im requesting compensation for that time that they took from me by keeping me on hold for hours on end, as well as the lies given, this caused me extreme stress and extreme anxiety trying to access money that belongs to me for an emergency medical procedure for my child which I now wont have the money for in time for her procedure !

      Business Response

      Date: 05/01/2024

      Thank you for forwarding. We have reached out directly to the complainant and the matter has been resolved.

      Customer Answer

      Date: 05/01/2024

       
      Complaint: 21533589

      I am rejecting this response because: it states that they have reached out to me and that they have resolved the issue. They have not reached out, they issued my one payment but I lost 10 hours of my life on the phone and on hold and messaging and emailing and I want compensation for that time! 

      Sincerely,

      ************************

    • Initial Complaint

      Date:03/27/2024

      Type:Sales and Advertising Issues
      Status:
      Answered
      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.
      A former employer used Newport for retirement accounts and I had about $1,500 in my account when I left the company in October of 2020. It's now March of 2024 and I've been fighting to get a withdrawal while Newport keeps charging me every month. Now my account is down to just $42. Yup, you read that right, $42. They keep making excuses of why they can't process the withdrawal, now it's because my balance is too low. This company is nothing but a scheme to steal your retirement. Good luck getting anyone to help you or even respond. Get ready to lose your money.

      Business Response

      Date: 05/01/2024

      Thank you for forwarding. We have reached out directly to the complainant to resolve the matter.

    • Initial Complaint

      Date:03/09/2024

      Type:Service or Repair Issues
      Status:
      Resolved
      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.
      My profile in Newportshows a termination date 2/23/24. However, their system also shows me an active employee. Newport did not ask me for a final payroll statement or other supporting documents. They claim my former company has to fix it. Newport gave me a non working phone number to a contact ******************. They told me they started a ticket. They said it could take 3 business days to resolve. Then they said 5 business days. I have the right to withdraw funds, regardless of my former companys attempt to stall or claim admin error.

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