ComplaintsforClarity Wealth Development

• Initial Complaint

  12/03/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  From the Clarity Wealth Development (CWD) website: Whether anticipated or not, a major life transition can be disruptive. We help you adjust to your new reality by gathering information, determining your needs and talking through the various financial scenarios before implementing any financial planning or investment management strategies.In my case my husband had a major stroke that suddenly placed all the responsibility for our financial well-being on my shoulders. In good faith I paid you $3600 to be my financial advisors, but the report I received from them in March is really just a nicely presented list of information I provided to them. After receiving it, I did not hear from them again until September. From your website: Youve worked hard to build your assets and our team will work just as hard to help you protect and grow what youve saved.Im disappointment that CWD didnt get in touch as interest rates were rising significantly. Additionally, they evidentially missed that my *** wasn't invested at all. Since moving it to a ***** Fargo Advisors account it's gained ************ CWD reached out to me in September, they still did not mention out interest rates. In response to my complaint, they argue that, when we were working on your plan earlier in the year, interest rates were so low, there was little benefit to moving your money to a higher yield savings account --not enough to outweigh the hassle of opening a new account.Revisiting my plan seems basic -- and given the rise in interest rates, September feels a bit late to the game; I opened a money market account on June 13 at ****% and withdrew it to move it to an account with an even better rate on September 9, having earned $783.51. On July 19 I invested $200,000 in a CD that matured on August 21, having earned $868.12. Since the presentation in March, *** moved money around a bit cash they knew I had in a very low interest account and, to date, have earned $6,128.26 in addition to that mentioned above, for a total of $8,544.54. I wonder why it took CWD until September to feel that interest rates merited the hassle (it has been easy!) of moving some money and earning a very significant dividend ($8,544.54)?I think under the circumstances Clarity Wealth should reimburse me the $3600 fees charged.

  Customer response

  12/04/2023

  I received a call this morning. She said she is putting a check in the mail for $3600 and that she apologizes that I am not happy with their service.

  Business response

  12/11/2023

  We regret the apparent misunderstanding that led to this complaint.The information on our website accurately describes the services available to our clients. Our firm offers several service options ranging from full-service wealth management to one-time planning engagements. The client selected a one-time planning engagement, which we had not yet completed due to missing information from the client. This type of engagement does not include ongoing financial monitoring, as is stated in the client service agreement. The client sent the above complaint and request for a refund several weeks after we had followed up to request a check-in from her, at which point we immediately issued the refund and ended our engagement with the client. 

  We have attached the service agreement signed by the client, which clearly states that the option she chose does not include ongoing support, requires active participation, and that the ability to provide useful advice depends on the the information provided by the client.

  Business response

  12/11/2023

  We regret the apparent misunderstanding that led to this complaint.The information on our website accurately describes the services available to our clients. Our firm offers several service options ranging from full-service wealth management to one-time planning engagements. The client selected a one-time planning engagement, which we had not yet completed due to missing information from the client. This type of engagement does not include ongoing financial monitoring, as is stated in the client service agreement. The client sent the above complaint and request for a refund several weeks after we had followed up to request a check-in from her, at which point we immediately issued the refund and ended our engagement with the client per her request.

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