1st Global

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Address: 845 Oakton St, Elk Grove Village, IL 60007, USA

Phone: (847) 357-9995

Website

State: Illinois

City: Elk Grove Village

Zip Code: 60007

Opening Hours

Monday: 9:00 AM – 5:00 PM
Tuesday: 9:00 AM – 5:00 PM
Wednesday: 9:00 AM – 5:00 PM
Thursday: 9:00 AM – 5:00 PM
Friday: 9:00 AM – 5:00 PM
Saturday: Closed
Sunday: Closed

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Reviews

FOUR MISTAKES AND ZERO APOLOGIES
 
I had to set up a new retirement account to put a $2,800 refund from my pension, so the secretary at PB Wealth Management set up a new American Funds account.  A month after this, my wife and I received a notice in the mail from American Funds saying that an address change to all of our accounts had been made.  The letter said to contact them if we did not authorize this change. It turned out to be my wife’s old work address from eight years ago.   When I spoke with American Funds, they said that the address had changed for all of our accounts when PB Wealth created the new retirement account.  When I spoke with PB Wealth, the assistant said my wife’s address had populated up because of a new system.  People make mistakes, so we moved on.

A few weeks later, the pension fund mailed me a notice stating that the check had been issued to American Funds.   After a month had passed, PB Wealth informed me that the money was never put into the account.
 
Unfortunately, the check bounced back to the pension administrator because of an incorrect American Funds address that was put on the form by PB Wealth.  A representative at the pension administrator’s office also informed me that there should have been a signature from PB Wealth on the form as well. She was surprised that the check had been issued without a signature.  Since the check went out the first time, she is hoping that there will be no issues again with the new check being sent to the correct American Funds address.    If the Pension Funds Accounts Payable catches the missing signature when they go to reissue the check, the representative said that new forms will need to be mailed out and completed again, but we won’t know for a another week or so.   I ended up spending 40 minutes or so on a Friday dealing with this issue when I had other pressing work that needed to get done.
 
A few days later, we receive a letter from another brokerage account managed by PB that read, “We are enclosing mail that has been previously returned to us”. The incorrect address turned out to once again be to my wife’s former employer where she hasn’t worked in a number of years.
 
At this point, I sent an email (some of it copied in this review) to the secretary and financial advisor that listed the problems we had been having.  The financial advisor told me that he didn’t like the tone of my email and that it was accusatory.  No, Ron, it was factual.  He insisted that I should have been the one to apologize to the assistant.  When he told me that I needed to find a new financial advisor, I told him, “That’s not a problem.”  We don’t want keep our money with his office with so many mistakes being made.  Also troubling was when we invested some money a few years ago for our accounts and our children’s accounts.  Typically, any monies invested with American Funds went into Class C shares, but this time PB Wealth invested in Class A shares, which took money off the top of our investment.  When I asked about this, he said, “That’s how we get paid.”  The Class C shares have outperformed the Class A shares.   In fairness, I will say that overall we have been put in investments that have made money, so no complaints there.  
 
In the future, we will be using a financial adviser that charges an upfront fee from the Garrett Planning Network, which means they aren’t tied to any company.

 9 years ago (14-01-2018)

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