Beacon Financial Group, LLC

Find out more about Beacon Financial Group, LLC:

BBB Accreditation BBB Rating Business Contact and Profile Products and Services Business Management Additional Locations and Phone Numbers Licensing Customer Complaint History

BBB Program Participation Government Actions Advertising Review Industry Tips BBB Copyright and Reporting Policy

BBB Accreditation

Beacon Financial Group, LLC has been a BBB Accredited business since August 2007. This means it supports BBB's services to the public and meets our BBB Accreditation standards.

BBB Rating for Beacon Financial Group, LLC

Based on BBB files, Beacon Financial Group, LLC has a BBB Rating of A+ on a scale from A+ to F.

Click here for an explanation of BBB Ratings

Products and Services of Beacon Financial Group, LLC

According to information supplied by the company, it offers estate planning, retirement planning, fixed financial products and legacy planning services.

Business Management

Additional company management personnel include:

Mr. Jon Maxon - Member
Mr. Cameron Wayne Benson

Additional Locations and Phone Numbers

Licensing for Beacon Financial Group, LLC

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Tennessee Department of Commerce & Insurance
500 James Robertson Parkway, 4th Floor
Nashville, TN 37243
(615) 741-2218
http://www.state.tn.us/commerce/

BBB records show a license number of 825858 for this company, issued by Tennessee Department of Commerce & Insurance. Their web address is http://www.state.tn.us/commerce/.

Customer Complaint History for Beacon Financial Group, LLC

BBB processed a total of 0 complaints about Beacon Financial Group, LLC in the last 36 months, our standard reporting period.

BBB Program Participation

Government Actions

BBB has no information regarding government actions at this time.

Advertising Review

BBB has no information regarding advertising review at this time.

Industry Tips

Financial Planners - Choosing One You Can Trust

In a challenging economic environment, finding a responsible financial planner and money manager is extremely important. Between the volatility of today's bear market and revelations of Bernie Madoff-like Ponzi schemes duping investors, consumers are more confused than ever about knowing whom they can trust with their money. Better Business Bureau offers the following advice on finding financial advisors that can be trusted to look out for the best interest of their clients.

According to research by the Congressional Budget Office release in October 2008, it was estimated that U.S. retirement accounts had suffered a loss of two trillion dollars in the previous months-or about 20 percent of their value. While consumers are looking for help in rebuilding their nest eggs, their trust in financial experts and planners has been badly damaged by questionable judgments and unethical practices on Wall Street.

"The fact that Bernie Madoff was well-known and respected despite operating an elaborate Ponzi scheme for years - that cost his clients upwards of $50 billion - shows that finding someone to trust with your money isn't as simple as choosing the firm that yields the highest returns," said Kathleen Calligan, BBB President/CEO. "Consumers need to apply the same care and concern in selecting a financial planner that they would use in selecting a doctor, lawyer or other professionals."

A financial planner helps clients manage their money and meet financial goals such as retirement or buying a house. A financial planner is not a stockbroker or an insurance salesman, but instead assesses many financial factors. There are no education or training requirements in order for someone to call themselves a "financial planner" which is why consumers need to do their research in order to find a capable and ethical advisor.

BBB offers the following advice on finding a financial advisor:

Get educated.
There are many books and resources available online, in stores or libraries which can help consumers understand finance and investing. Not only will a little education early on go a long way in deciphering what financial planners are saying - and potentially help in spotting red flags - but will also help the consumer decide if they really need a financial planner in the first place. Financial planning and investing can be intimidating, but as more consumers are doing their homework, many have decided that they can manage their finances on their own.

Look for credentials that matter.
There are many credentials that financial planners tack onto their names-with varying degrees of legitimacy. One important acronym to look out for is CFP which stands for "Certified Financial Planner." A CFP has passed a rigorous exam and is required to pursue continuing education credits.

Other groups such as the National Association of Personal Financial Advisors and the Financial Planning Association also offer certification and credentials to help consumers identify financial planners who have made a commitment to ethics and learning. Consumers should also check the planner out with BBB at www.bbb.org to see if they have a history of generating complaints and the nature of those complaints.

Also, if a planner gives out investment advice, he or she must be registered with the Securities and Exchange Commission (SEC) and any state regulators. Be sure to confirm all credentials and licenses with the agencies or organizations directly.

Don't be sold by a slick pitch.
A CFP is required to put the client's financial needs first and above his or her own. One sign of a trustworthy financial planner is that he or she isn't trying to sell their client a dubious new product, investment tool or risky stock. Some financial planners are tied to a brokerage firm and are actually trying to make money for their company and themselves through commissions.

Another red flag is when the planner claims they can guarantee big returns on investments. There is always a risk involved in investing and no honest planner can guarantee results.

Conduct a tough interview.
After identifying several potential financial advisors, consumers should set up an appointment to meet each one in person. This is an opportunity to not only ask important questions about the planner's experience and expertise, but also to determine whether or not the consumer and planner can easily develop a good rapport.

A consumer shouldn't be afraid to ask tough questions including how long the planner has been in the business, their qualifications and licenses, their experience with similar clients and if they have been the subject of any disciplinary actions. Consumers can also ask for references of clients who are in their similar financial position.

Consider the fee structure.
There are many fee structures employed by financial planners. Some charge by the hour or a flat rate. Others earn money through commissions on projects sold - which can create a conflict of interest - or a combination of fees and commissions.

If consumers feel they already have a good handle on their finances, another option is to find a financial planner who is willing to offer expert advice-and a second look-perhaps on an annual basis, at an hourly fee rate.

For more trustworthy advice from BBB on managing finances, go to www.bbb.org.

Living Trusts

In a living trust, assets including savings accounts, real estate and securities are put into a trust while the owner is still alive. Legal title to the assets is transferred to a trustee, and the owner can name himself or herself the trustee. The trust contains instructions for handling assets during the owner's lifetime and distributing them after death. There are two types of trusts, revocable and irrevocable. A revocable trust can be changed or abolished at any time during the owner's lifetime. An irrevocable trust cannot be recalled or revoked after its creation. Living trusts are a way to avoid probate, the procedure which determines the distribution of a deceased person's property, whether or not there is a will. A living trust avoids probate because at the time of death, the deceased no longer owns the assets, the trust does. Only property in the deceased's name must go through probate. Probate may be a costly, time-consuming process, although that is not necessarily true. However, salespeople, who sometimes call themselves "financial planners", may describe living trusts as a magical cure for all estate planning, making probate appear to be an expensive and agonizing process. Often, the do-it-yourself kits are nothing more than form-letter documents which do not automatically transfer assets into the trust, and may have no standing in court. In some cases, sales pitches and seminars require consumers to sign contracts on the spot and write checks for hundreds, sometimes thousands of dollars to establish a living trust. Laws, costs and time affecting both probate and trusts vary from state to state and consumers should contact an attorney in whom they have confidence to discuss their personal situation BEFORE assuming obligation by signing a contract. In some cases, a living trust may not be a good option and in other cases, it may be a viable option. Consumers interested in living trusts should be careful of spurious offers and extravagant promises, and take time to verify the reliability of the firm making the offer.

BBB Copyright and Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Reliability Reports are provided solely to assist you in exercising your own best judgment. Information in this BBB Reliability Report is believed reliable, but not guaranteed as to accuracy.

BBB Reliability Reports generally cover a three-year reporting period. BBB Reliability Reports are subject to change at any time.

If you choose to do business with Beacon Financial Group, LLC, please let them know that you contacted BBB for a BBB Reliability Report.

ID: 37014514
Report as of November 7, 2009 06:25
Copyright^© 2009 Better Business Bureau