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San Diego, Orange and Imperial Counties

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Description

This company offers wealth management services.

BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that lowered the rating for Phi Beta Kapital Investments Inc include:

  • Advertising issue(s) found by BBB

Factors that raised the rating for Phi Beta Kapital Investments Inc include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 1 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Phi Beta Kapital Investments Inc
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

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BBB file opened: Business started: 07/15/2007 in CA Business started locally: 07/15/2007 Business incorporated: 03/29/2013 in CA
Type of Entity

Corporation

Business Management
Mr. Richard Beidl, Owner
Contact Information
Principal: Mr. Richard Beidl, Owner
Number of Employees

5

Business Category

Investment Advisory Service

Alternate Business Names
Impact College Planning Phi Beta Kapital
Industry Tips
Debt Relief Strategies

Additional Locations

  • THIS LOCATION IS NOT BBB ACCREDITED

    10875 Rancho Bernardo Rd #106

    San Diego, CA 92127

  • THIS LOCATION IS NOT BBB ACCREDITED

    1477 E Shaw Ave #130

    Fresno, CA 93710

  • THIS LOCATION IS NOT BBB ACCREDITED

    7700 Irvine Center Dr #800

    Irvine, CA 92618 (888) 236-1739 (714) 784-0900

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Professional AffiliationsX
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Types of Complaints Handled by BBB

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  • Advertising or Sales
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  • Guarantee or Warranty

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Industry Tips

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Additional Phone Numbers

  • (888) 236-1739(Phone)
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Additional Web Addresses

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Complaint Detail(s)

4/4/2014 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I enjoyed Consultation and Evaluation with Phi Beta Kapital Corp. this morning/afternoon. While I believe in your expertise as a financial strategist unfortunately my wife does not feel the same enthusiasm. She doesnt understand how a company Accredited by the Better Business Bureau stating in a formal invitation exclusive and limited to a small number of people, with no obligation to Please call today to schedule your complimentary consultation and receive your $100 Gift Card! to enjoy either the acclaimed Ruths Chris Steak House or McCormick & Schmicks with a $100 gift card can mislead a person like that. I accepted your invitation and called the number on the invitation and scheduled a consultation time at 10:30am today Tuesday December 10. I came to your office at 10:30am for the consultation which we completed and you concluded your evaluation and recommended next steps which we are not qualified and we could continue with a 4 step education process and you would waive your fees. As we were walking towards the elevator I asked you about the gift cards and you said you didnt have any and that you could not give cards to everyone because people would be scheduling appointments just to get the gift cards and I said that would not go over well and that I was really interested in your services.I think at this point we are not going to move forward with your services and have elected that you send us the $100 Ruth Chris Steak House gift card as advertized on your invitation for the time I invested today on completing my complimentary consultation and evaluation. P.S. BBB, I have a scanned in image of the invitation available at your request. I have also received an email that he is contacting his attorney Oswald & Yap, in Irvine about this.

Desired Settlement: I would like the $100 Ruth Chris Steak House gift card as advertized on the invitation for the time I invested today on completing my complimentary consultation and evaluation. P.S. BBB, I have a scanned in image of the invitation available at your request. I have also received an email that he is contacting his attorney Oswald & Yap, in Irvine about this.

Business Response:

We rarely run these promotions because 50-70% of those that respond simply want the gift card and nothing else, and most of those people have little or no assets.  They know there is nothing we can do, but they believe it is OK to cheat a gift card or free meal out of the offering firm.  We therefore have processes in place to reduce that economic exposure.
1.  We purchase a list of people that have self-reported, to a minimum of two different data gathering sources, that their investable assets are greater than $250K.
2.  The call center is instructed to tell everyone that calls in that someone from our firm will call them to go over the details and let them know what to bring in, and the address, and to confirm the meeting.
3.  The call center is not supposed to allow anyone to schedule a meeting earlier than 4 business days from the call to give us time to reach the person.
4.  When the caller information is delivered to us, we call the person immediately to go over the details of the program, confirm the time, confirm that their spouse will attend, explain that this is a 2-meeting process, and then confirm that they meet our qualification criteria.
5.  In the first meeting we collect information about income, assets, cash flow needs, time to retirement, etc.  We ask a lot of questions to understand their situation and needs.  This is an exploratory meeting only.
6.  In the second meeting we present our finding and analysis and offer a plan.  This is impossible to do in one meeting, and impossible to do with no information.

This person's claim is frivolous.  Everyone understands that the whole purpose of this meeting is for us to attempt to help them, and in exchange for giving us the opportunity to help them, we are happy to give them a gift card.  While there is no obligation, that does NOT mean they do not need to be qualified.  This individual did not act in good faith as follows:
1.  They appeared on a narrowly defined mailing list of people who reported to two different sources that their investable assets exceeded $250K, yet they had only a small fraction of that.  The offer was intended for those that actually met that criteria, and anyone on that list that did not meet the criteria misrepresented their information, at least twice, to two different data companies.  So this is a select list of people, and they misrepresented their economic situation to get on the list.
2.  Despite the call center telling this individual that our company would call to go over the details and telling him he needed to bring his spouse, and telling him they preferred to set a later appointment date, he avoided our process.  First, he called on a Saturday and scheduled the meeting for early Tuesday morning.  Second, when our office called Monday morning and left a message, no one answered.  Our office called back twice that day and got no response, so we cancelled the appointment.  He indicated that his wife is home all day with the kids, and that is why she could not come with him, yet she never answered the phone or phoned back.
3.  The individual showed up with no documents, and without a spouse.  How can he realistically expect an analysis of anything without any information or details?  I met with him only because he came in between two other meetings and I was available.  Since we had not been able to reach him in advance, I started the meeting with the question “What brings you in today?”  He then spent the next 15 minutes recounting his last decade of bad experience and explaining and justifying why he had no assets.  He was essentially just telling me that he has nothing, so don't try and sell him anything, just give him the gift card.  I told him immediately that he did not qualify for that program, and why.  I also reiterated that he did not bring his wife and that he brought absolutely nothing with him for us to review and evaluate.

I told him that if he was truly serious about fixing his financial problems, that I would take him on and help him.  I would even waive my normal financial planning fee.  I then told him that I would even give him the gift card, to which he was NOT entitled, as an incentive to take action now before it is too late, if he came back for the second meeting and brought his wife.  The second meeting was a required part of the program anyway, so he would only be doing what the offer required.

 He then indicated, in no uncertain terms, that his wife would never agree to come in if he came home without the gift card.  At this point I told him that if it's just about the gift card, then I'm not going to extend that offer.  We want to help people that want and need help.  He then left and emailed me, demanded the gift card, and then threatened to file a complaint with the BBB and to slander us if we did not give him the card.  I advised him that I would contact my attorney if he did, and I have done so.

 The customer was not interested in any help, had no assets, refused to bring his spouse, brought no documentation from which we could even evaluate his situation, avoided replying to our confirmation call even though the call center told him this was necessary, misrepresented his assets to get on the mailing list, and then refused to come in for the second meeting (which is a requirement of the program, and which I offered, even though he did not qualify).  Simply showing up and demanding a gift card does not obligate us to give one away.  He knew he had no assets and avoided the steps we take to eliminate those that are not qualified for this offer.  He made it a point to tell me that his career has been in sales and he gets these offers all the time.  He clearly knows how these offers work, as he made every effort to attempt to obtain a gift card for which he knew he was not eligible, through an offer that was not intended for him since they clearly misrepresented their assets to get on that list.  We have given the gift card to a number of people that did not move forward with our recommendations, and several clearly sought only the gift card.  The difference is, they were qualified and actually gave us the chance to help them, even if they rejected that help.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

There was no process in place and you invitation states specifically Please call today to schedule your complimentary consultation and receive your $100 Gift Card!” “to enjoy either the acclaimed Ruth’s Chris Steak House or  McCormick & Schmick’s with a $100 gift card”.

The Call Center did call and instructed me what to bring, the address and to confirm the meeting

You did call to confirm the meeting and did not state that this was a 2-meeting process nor did your invitation.

Your invitation specially states that this is a complimentary consultation (not plural) and it is never stated on the invitation nor was it ever discussed by your call center that more than one meeting was required.

I did not misrepresent my income to get on your call list, as stated the last 2 years I have not been making the money I have needed and have used most of my retirement money.  Over the last 15 years I have averaged around 200K in wages and commissions with my highest year of 454,000.  Your call list is from 2 years ago.

I told the call center that my wife is not able to attend due to the fact that we have an infant baby and she is not comfortable to leave him at home.  They said that fine and scheduled the appointment.  I did call back and confirm the appointment and that they were excited to offer help.

I had a briefcase with me however after several hours of discussion he never asked to see my information.


Again, I accepted your invitation and called the number on the invitation and scheduled a consultation time at 10:30am today Tuesday December 10.  I came to your office at 10:30am for the consultation which we completed and you concluded your evaluation which where “that you did not qualify for the program”.  As we were walking towards the elevator I asked you about the gift cards and you said “you didn’t have any and that you could not give cards to everyone because people would be scheduling appointments just to get the gift cards” and I said that would not go over well and that I was really interested in your services.

 I came to the office with the intention of ******* helping me with my retirement issues and that the invitation was nicely prepared and that he was willing to help “a small number of people, with no obligation, and once I have concluded my evaluation, it will be my pleasure to send you on to enjoy either the acclaimed Ruth Chris Steak House or McCormick & Schmicks with a $100 git card”  I completed my end of the deal I went to the free consultation and by *******s own words he concluded his evaluation and I was not qualified for his retirement program however I could come in for some an additional meeting to see if I was qualified for other programs.  I asked for my free gift card and he said he didn’t have any that he would send me one in the mail and he obviously had my information.  I never received the card and when I sent him an email he stated that I had to qualify to receive the card.  You have a copy of my original invitation and I challenge ******* to show me where it states that I had to qualify and he even stated to me in the lobby that he changed the invitation to reflect that issue and that I must have gotten one of the ones that weren’t changed.  Not my problem.  However ******* could have avoided all this process if he would have kept his word and gave me the gift card and he would have had a new client which was the whole purpose of the invitation.  The truth is ******* did not want me as a client and did not want to give me a card.



Regards,

** *********



Business Response: Our position remains the same.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Please be advised that I am committed to mediation and/or arbitration through the BBB. I am responding to this letter with a copy of my Orginal Invitation that I accepted and completed.

Again, I accepted Phi Beta capitals invitation (that is attached) and called the number on the invitation and scheduled a consultation time at 10:30am Tuesday December 10.  I came to their office at 10:30am (I spent about and 1 1/2 hours for the consultation which we completed and you concluded your evaluation which was his own words “that you did not qualify for the program”.  As we were walking towards the elevator I asked you about the gift cards and you said “you didn’t have any and that you could not give cards to everyone because people would be scheduling appointments just to get the gift cards” and I said that would not go over well and that I was really interested in your services.

Regards,

** *********



Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID .*******, , and find that arbitration is necessary. 

Regards,

** *********