ComplaintsforWest Advisory Group, Inc.
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Complaint Details
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Initial Complaint
09/07/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I retired from my decades long career working in Pittsburgh. As a lifelong Pittsburgh resident I wanted to support local enterprises so I chose as my financial advisor West Advisory Group. The choice of West Advisory Group has turned out to be the most regrettable financially disastrous decision of my entire life. When I became a client of West Advisory group I was informed that I never had to worry about my retirement assets because they were a fiduciary. Honestly I was not fully apprised of what that meant, it was supposed to make me trust them. I did trust them, until losses in my retirement portfolio were so massive that I do not know where to turn. I am a very conservative investor when out came to risk tolerance. I actually thought the stock market turbulence was too unpredictable . I asked about moire stable types of investments and was pitched a company called GWG which sold a product called L Bonds - supposedly safe and providing a predictable rate of return. I thought I was purchasing "bonds" based on the product description. I assumed West Advisory performed a thorough vetting & financial analysis of the organization. Apparently West Advisory did not check that that 2018 GWG changed their business model. I invested in GWG L bonds in September 2019. My research indicates that GWG financial statements filed with the SEC (and available to the public) shows that GWG had a net loss from operations of $119 million at the end of 2018 and a negative operating cash flow of $95 million. Also, according to the SEC’s complaint against GWG, actually consisted of extending loans “collateralized by cash flows from illiquid alternative assets.” I cannot imagine a more risky business; my fiduciary whom I trusted, never explained this to me or advised me of the risk I was taking on. The GWG financials for year end 2019 bear this risk out--$79 million net loss from operations. and a $142 million negative operating cash flow. Other retirees should be forewarned.Business response
10/12/2023
West Advisory Group disputes the complaint but is prohibited from sharing specific information and addressing details related to this client under applicable industry rules and regulations designed to protect the privacy of client information. West Advisory Group takes great care to satisfy the duties owed to its clients and to identify investments that are appropriate for them based upon their objectives, risk tolerance, and financial situation among other things. West Advisory Group also takes steps to ensure that necessary disclosures and information regarding the nature of investments and their associated risks are provided to clients before investing, and that the clients acknowledge their understanding and acceptance of those features and potential risks when they ultimately decide to purchase an investment. While some investments may not ultimately perform to a client’s satisfaction, investment performance is not an indication of any failure or wrongdoing by an advisor. A degree of risk is inherent in all investments and an investment’s future performance cannot be guaranteed. West Advisory Group stands by the quality of service and advice provided to all its clients, which is evidenced by the absence of any prior formal customer complaints against West Advisory Group during its twenty-two years in business.
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Contact Information
8150 Perry Hwy Ste 208
Pittsburgh, PA 15237-5232
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Get a QuoteCustomer Complaints Summary
1 total complaints in the last 3 years.
1 complaints closed in the last 12 months.