An employee and financial coach (the employees brother) at "Strategies For Wealth", in White Plains, NY, advised my wife and I that we should set up a whole life plan (for me and my 2 year old son) and term life (for my wife and I) and to use the whole life as a savings vehicle instead of contributing to an IRA/401K. My wife and I were finding the payments were tough to make and we even told these guys we weren't sure if we could do it.
But they pushed and pushed and we finally just agreed thinking they had our best interest in mind. After doing some research and realizing this wasn't in my families best interest (the sales rep, and his brother, who set it up make a LOT of commission off of whole life plans so of course they would steer me away from an IRA/401k where they would get squat). So I emailed to ask them if they could change it (as they are suppose to since they set it up) as I wanted to lose the whole life plans but keep the term (reduced to what we can afford). They called me up and told me they no longer want to deal with me as they were "severing the relationship" since I was choosing not to take their advice and to call the insurance company (Guardian) myself to make the changes (which isn't easy).
So basically what happened was, without my whole life policies I was of no use to them. So as a result I am dropping all of my insurance with Guardian and going elsewhere. Sorry Guardian, I would have stayed with you had the guys at Strategies for Wealth not been so unprofessional and just made the changes I requested. So because of them, you are losing multiple customers.
To anyone reading this I would stay away from "Strategies For Wealth" the only strategy for wealth I can see here is to make them (the company/staff) more wealthy on the clients inexperience/lack of knowledge.
When I called Guardian Life Insurance to make the changes, they said "you know, your agent should really be doing this" so I explained to them "my agent broke up with me and doesn't want to do it" and they were in shock at how unprofessional that was.
Monetary Loss: $5500.