ComplaintsforDiamond State Financial Group

• Initial Complaint

  06/16/2023

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  I retained Diamond State Financial Group in 2020, with ******************************* and *************************** as my advisors. In 2021, I discovered that they prepared a summary of my financial accounts which overstated my 401k by approximately $200,000. When I raised this with ******************** and ******, they did not acknowledge any error on their part. As a result of the lack of accountability shown by ******************** and ******, I decided to transfer my money in October 2021. ******************** and ******, particularly *******************************, were extremely uncooperative in an attempt to maintain possession over my accounts. I received a very nasty and unprofessional email from **************** when he learned about my decision to move my money. Both he and ******************** worked to stall the transfer of my funds by providing me and the new financial institutions misleading and inaccurate information. For instance, they told me I needed to work directly with ***, which held our brokerage accounts. However, *** refused to speak to me, as they said they did not work with the client directly, but instead with the financial advisor. It took weeks of me following up to finally get the information that my new financial institution needed. Meanwhile, I also tried to transfer certain funds to ********. Without my knowledge or consent, ******************** and ****** put a hold on my accounts, which prevented ******** from completing the transfer requests. After diligently following up, I believed that my funds were finally transferred. However, when I received my 2022 tax information, I was confused and dismayed to see that SEI charged approximately $1,500 in management fees for Q1 2022. Apparently Diamond State failed to provide the proper documentation needed to move my funds until the end of January 2023. I have raised the issue with Diamond State, but it they have not taken my concerns seriously. I am seeing reimbursement for the $1,500 in fees that I was charged as a result of Diamond States conduct.

  Customer response

  08/11/2023

  Please let me know if there is anything else that you can do for this complaint.  We're very disappointed that they did not respond.  Will there be something posted on the website.  

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