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Our Recent Experience With Axa

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grw

 

Let us know what you find out. Not to drag this thread on but at the time we added the Virginia 457b plan, no-one believed it would apply to teachers. I called and to my surprise they said anyone who is under the state retirement plan would qualify. So, that meant teachers!!. It was so simple to get on board. The district had to fill out a 5 minute form and we were in. Our 457B plan and Aspire were my go to companies during my last years before retirement. I was very pleased with the service, choices, minimal fees and the performance of both . I give the edge to the 457 b plan however.I subsequently upon retirement transferred everything over to a Vanguard IRA for the reason of consolidation but the 457b plan had fees just as low if not lower than Vanguard.

 

TONY

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Tony, I called the Illinois Deferred Comp plan this morning and was told that only state workers and state university employees can contribute to this 457 plan. I also called the Illinois TRS to verify this and they said the same thing, so unfortunately for us this is a no go. Our only hope is for the school district to add another provider, otherwise we will have to go on our own. Needless to say, AXA will not get any more of our money and it really burns that the money that is already with them is stuck.

 

I haven't heard back yet from AXA's compliance department so I will be calling them today as well. I thought of another lie that the guy told us the other day. He said "there is no way that we could do any other sort of investing on our own that would be any cheaper in fees than what we are currently doing with him through AXA." He really is some piece of work.

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Did you ask why teachers are not state employees? Did you tell them that teachers are allowed to be participants in state 457b plans in some states? Why is illinois excluding teachers????>?

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He said "there is no way that we could do any other sort of investing on our own that would be any cheaper in fees than what we are currently doing with him through AXA."

 

 

You need to do everything in your power to get this guy out of business. I wish I could help.

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Tony, I did ask all of those questions and got blanket "no's" to each one. As a lifelong resident of Illinois, all I can say is that everything is either backwards and difficult or corrupt, and usually both.

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Have you inquired at the district's HR office about adding a provider to the 403b list? Is there a procedure. Is there a Third Party Administrator? If so the TPA as well as the district will be involved. And your union could be part of the solution.

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Krow, my wife's district is small, no HR department. I have opened a dialogue with the superintendent, he seems receptive and is looking into other options. There is no TPA, the teachers have 2 bad options that they deal directly with.

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I heard back from an AXA supervisor this afternoon. She assured me that AXA is taking this "very seriously" and that they have reached out to whoever is the manager of this guy. She says to expect a call by midweek. I told her that AXA would need to report this action to the school district and that I would be doing the same. When I asked if I should report to FINRA, she said that that would not normally happen but that it was our right to do so. I'm hoping that they will get the point that we aren't just going to go away.

 

Also, my wife filed the paperwork to stop her contributions immediately. AXA will not get one more dime for us, and I will fight to get the money they do have rolled over ASAP.

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grx

 

You deserve a gold award. I am very impressed with your knowledge , fact finding abilities, and your willingness to pursue justice. I am most impressed that you stood up for your wife and are helping her through this. I would seriously ask these folks to waive any surrender fees and allow you to transfer your money in its entirety on the premise that you were sold a false bill of goods and lied to. Its worth a try. They may fear you enough to do that.

 

I am sorry if i am a nuisance. Sometimes I think I post too much and run my mouth too much on this forum. But i have been taken advantage in the past in so many ways by these annuity hawking folks and I just don't want to see others hurt.

 

Additional thought: I would like to think your phone exchange was sincere but AXA has a reputation. I just hope they are not just giving you lip -service. They must all know what is going on here because they promote selling these annuities. I may be cynical but I believe all they really care about is the bottom line. Don't trust them. Follow through on your threats.

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Tony, thanks so much for the very kind words. I think we are kindred spirits and you are definitely not a nuisance. I came here looking for support and have found it. Much like you, I can't stand to be lied to and I won't tolerate being bullied. To me, by lying so unscrupulously to our faces, we were being bullied.

 

Your idea about waiving the surrender fee is a stroke of genius and I will definitely play to that end. However, I'm also skeptical that AXA will make much of an issue over this. Lip service is one thing, action is another ballgame. If it looks like they will blow it off, I'll try a different approach. I have found in the past that a well worded email to the right person can get immediate action. The hard part is actually getting the right email address.

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I got a phone call yesterday afternoon from the manager of the advisor.  I was not impressed and I think that AXA will try to sweep this under the rug.  He wanted "our side" of the conversation and asked if we were ok with our account as it stands.  He even said that if we were concerned about the fees we could transfer the entire balance into the guaranteed interest fund which is "free of fees".  It pays 3% which is not horrible and 10% of the balance is already in that fund. But, I told him that we've stopped all contributions and that we were working with the school to get a low cost provider so that we can roll the entire balance.  I sure hope that happens.

 

The manager didn't really comment on all of the lies that were told, just that it would be dealt with "in house".  I told him that someone from AXA needed to report this behavior to the school district, but I seriously doubt that this guy will.  I asked him if they self report to FINRA and he said that records are kept on all complaints and that FINRA does a yearly audit on them.  I told him that we would be filing a separate complaint with FINRA and he didn't like that but said they "can't stop us from doing it".  When I asked why they employee someone who has so many prior complaints and even a dismissal he just said that he "didn't know the details of why he had been let go before".  I gave him several opinions.  My impression was that he was weary of having to deal with the situation at all. 

 

If that is all that AXA has in mind to do, I'll try a few more things as I mentioned previously.  Probably a waste of time, but you never know. 

 

 

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 My impression was that he was weary of having to deal with the situation at all. 

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Keep Up the good work!!

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Sorry about all these quote boxes I can't figure out how to get rid of them. I was playing around with all the controls and got stuck.

 

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