Complaints

• Initial Complaint

  08/17/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I rolled my 401k into an annuity *** with agents Ms ******************* ***************** *****,Jr at One Purpose Financial, LLC in May,2023. The 1st thing ************ asked me was my ******** ID # which I didn't give her. The annuity plan they chose for me with a bonus I had too much money for because I didn't have enough liquid net worth so the annuity company had to refund me thousands. ************ was in a hurry to get my refund ck. We were on 3-waycall to the ******** wanted the ck overnite & the agent told her that wasn't their policy. We moved my bonus money into a **** account, again she asked me if I had it wired or overnite. But in the **** account *********** set up she attached a Rider for 5 yrs, I wasn't told about & she electronically signed my name to it. When I asked her why she put a Rider she didn't reply. Then I asked her what is a rider. She explained what a Rider is but not why she checked it & for 5yrs.I asked her to cancel the rider. I came back in 3 *********** had not cancelled the Rider. I was lucky the company had not completed the application process. She called the company to cancel the Rider why I was there & said I changed my mind!! On the application it says there's a charge of ****% of my account balance annually I pay taxes on the bonus money from the Rider but she ****************** electronically signed off on it. Their commission has to be higher the more extensive the application is. I knew they got commission but it wasn't brought up in the ************* was stupid not to ask the details. I saw on the applications it was 10% split between the 2 of them. The Rider I'm guessing would be more money for them. How do I know they might be getting commission for the monies in my account for the duration. This should've been discussed.I think I should get their commission for this last **** account cuz they weren't truthful & they saw dollar signs but I won't do that. In my profession the patient or client has a right to know up front the *****************

  Business response

  09/10/2023

  ****************
  Better Business Bureau
  BBB Case #********/***********************
  
  To Whom It May ****************** response to the above-mentioned compliant involving,One Purpose Financial Services, LLC,
  ********************************** Ste. ************************************************ and client ***********************, please find my response listed below.
  
  The complaint filed by ************** is a result of a technological glitch.  The electronic application maintains the election of the rider leaving the deselection of the rider to the agent, which the company has become aware and now the agent has the ability to select the rider.
  
  I explained what had occurred to the insurance and the representative sent me the email link with the form needed to make the correction.  I had ************** sign and date the form indicating she was not interested in the rider.  I immediately, (8/04/23) emailed it back to the company so the error could be corrected.
  
  POINTS OF CLARIFICATION
  
  To clarify other misinformation, the ****% is the annual administration fees administered by the annuity company when the rider is chosen.    
  
  The 10% bonus is paid by the insurance company to the policy holder (**************) account at the time the deposit money is received.  The policy value is currently $78,840.00 premium plus 10% bonus $7884.00 = $86,724.00.
  
  Commissions paid to the agents are paid by the insurance company from their earning not the clients premium.  No monies or fees of any type are deducted from the policy owner as indicated above.
  
  We have met with ************** to clarify the confusion.  We will be having follow-up meetings with her on a regular basis.
  
  Please feel free to contact me if any further explanation is needed.
  
  Thank you,
  
  **************************************
  One Purpose Financial Services, LLC
  ************
  

  Customer response

  09/11/2023

  [A default letter is provided here which indicates your acceptance of the business's offer.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  It just would have been more professional if the rider would have been explained to me in detail at first and not assumed I knew. Also, I did ask about it when I first saw the application and it still wasn't explained until two weeks later before l left to go out of town.
  I have reviewed the offer made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved. If the company does not perform as promised I can get back to you at: **********************************************.
  
  Regards,
  
  ***********************
  
  
  
  

*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. ↩