Complaints

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• Initial Complaint

  Date:05/08/2024

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  ***** **** was instructed in an email to transfer a disbursement of funds into an Inherited **** Instead, she transferred it into a traditional **** This costed me an additional $9,000 in taxes.

  Business Response

  Date: 05/31/2024

  This letter is in response to the April 4th, 2024 electronic communication to ***** ****, Osaic Wealth, ************** Professional and Founding Partner of Universal Wealth Management, LLC.

  This complaint is simply not true on the behalf of *********************. As you can see from the attached referenced letter sent in response to ********************* on behalf of myself, ***** ****, and Osaic Wealth, **** ("Osaic") Compliance Analyst, ******************. While ********************* did send an email on January 26th, ***************************************** his late wife's, *********************************, Traditional *** into an inherited ***, I had subsequent conversations with **** regarding his request and it was mutually decided that the proceeds therefrom would be transferred into a newly created Traditional *** because ************************* traditional *** was invested in an annuity with an enhanced death benefit, whereby **** would receive $150,234.82 by transferring the proceeds thereof into a traditional *** as opposed to receiving $137,464.75 if he transferred the proceeds into an inherited ***.

  To achieve this, ********************* signed the *** Account Application and Agreement on February 16, 2023 to create the new "Traditional ***" account and thereafter signed the *** Account Transfer Form to transfer the proceeds from ************************* Traditional *** into the account, which likewise listed the account type as a "Traditional ***."

  In light of the aforementioned and even assuming that **** would have avoided the approximate $9,000 tax liability that he allegedly owed as a result of the above transactions had I opened the *** as an inherited *** as opposed to a traditional ***, he would have received $12,770.07 less from the proceeds of ************************* Traditional *** within her annuity and would not have received the enhanced death benefit value of $150,234.92. I was acting in the best interest at the time of recommendation as he still has profited more than $4,000 plus after said tax liability as a sole result of my recommendation.

  Based on its review, Osaic compliance has found no evidence that I failed to follow the instructions and/or acted against the best interest of client, *********************. It is the position of *****, as well as myself, that **** received all appropriate disclosure of the terms of the transaction as indicated by his signatures on all necessary documents.

  This complaint should not be posted on the Better Business Bureau (BBB) nor publically as such has been responded to by our compliance office and "Osaic" (broker dealer) and determined that no further actions will be taken and this complaint was unfounded and inaccurate as evidenced by the attached documentation.