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Business Profile

Investment Management

Stonebridge Wealth Strategies, LLP

This business is NOT BBB Accredited.

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  • Zachary I.

    Date: 04/30/2022

    ********************* and *********************** have left me feeling taken advantage of after 10 years being their customer. During this time I was contacted by **** on average once a year with my automated birthday message, if there was communication it was always initiated by me and the response was "lets set up a financial review this summer" only to not happen. During my time working with Stonebridge I paid a yearly administration fee and a total of 2.2% of my contributions to **** and said company to manage my account. During my last years with **** I was talked into rolling over my state teachers retirement account into my account with him. Soon after I talked with another financial advisor and realized that my current situation with **** and Stonebridge was no longer working for me and I decided to move on from their company. At this point I was charged a 5% withdrawal charge for leaving. This did not initially concern me as I understood that this was the case and was explained to me when I opened my account. My total contributions averaged just over $2,000 per year and my expected withdrawal fee per my contract was to be about $400, which is reasonable. However what was not explained was my STRS rollover counted as a contribution and therefore the were at liberty to take 5% of it as well. Customer service continually apologized and admitted that this was unfortunate but ultimately decided not to provide my rollover with a fee waiver. The lack of communication and warning when rolling over such a large amount was ultimately what lead to my situation and this falls on my advisors shoulders. **** was very eager to get this money rolled over but did little in explaining the possible consequences and it has now cost me 5% of my retirement account. 5% that will no longer accrue interest over the next ~30 years until I would have been able to access it. Stonebridge and their parent company instead will have these funds and it will take me many years to make up this loss.

Stonebridge Wealth Strategies, LLP is NOT a BBB Accredited Business.

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