• Report: #916687

Complaint Review: Employee Benefit Advisors Inc.

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  • Submitted: Tue, July 24, 2012
  • Updated: Fri, August 03, 2012

  • Reported By: Retirement Pro — Charlotte North Carolina United States of America
Employee Benefit Advisors Inc.
5500 austell-Powder Springs Rd. Ste. 110 Austell, Georgia United States of America

Employee Benefit Advisors Inc. EBA Federal Retirement Seminar: Lied about competition, lied about and refused tuition refund Austell, Georgia

*Author of original report: You must be a friend of EBA or Weeks posing as someone else.

*General Comment: A few things...

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BEWARE RETIREMENT ADVISORS! -  I Enrolled in BHC-Dressander webinar concerning becoming a Federal Employee Advisor to assist Federal Employees in making better choices for retirement.

In webinar hosted by BHC-Dressander, an insurance field marketing organization, EBA (Employee Benefit Advisors Inc. www.ebainc.com) President Ron Weeks stated emphatically that there was NO competition with his EBA program. Weeks also told me twice via phone there was NO competition from other companies and EBA territories were secure if meeting production guidelines.

I discovered these claims by Weeks were out right lies while in class in Atlanta. He 'slipped' and stated there were 7 other companies in the exact same business. After class I told him I was no longer interested and asked for a refund of the $1742. I had paid for the seminar. He said that was fine and that he would have his office send me a check. 

About 10 days later I received a check for $742. not $1742. He would not return my calls, emailed me a nasty email and said he would not refund the other $1000. and has not done so after several requests.

I did not complete the class, did not take his little test and did not retain any materials nor did I receive his company issued 'designation', a 4 letter designation which is unofficial and which means nothing.  

Later after 'due diligence', I discovered many companies offering the same seminar, most for much less money. A partial list is below...check it out. Weeks recruited me, a 65 year old 12 year insurance veteran under false pretense and says he will make no further refund. 

A rip-off for sure - He grossed over $50,000. from seminar fees and continues to recruit unsuspecting Retirement Professionals ... so beware. EBA GROSS PROFIT DOING 10 SEMINARS WILL EXCEED $538,000. DO YOU THINK THIS IS A MOTIVATION FOR THEM? 

The Federal Retirement course is chocked full of COMPETITION AND you'll end up spending over $5000. by the time you are ready to see any prospect. Also, do you really want to WAIT for the Fed. Gov. to transfer funds even if you do sell an Annuity of Life product? It's hard enough with private companies.

Last thing ... BHC-Dressander also refuses to get involved with this...saying it's EBA's program - this is a cop out even though it's SPONSORED by BHC-Dressander...go figure. I trusted the program initially because it was/is offered by BHC-Dressander and I had been with them for a few years. I wish I had done my usual 'Due-Dlligence' on this one...EBA keeping my $1000. is a RIP-OFF. 

BELOW ARE LINKS TO MANY FEDERAL EMPLOYEE RETIREMENT PROGRAMS:

http://www.myfederalretirement.com/public/department74.cfm\
http://www.firstcommand.com/financial-solutions-federal-employees/federal-retirement-programs.htm
http://www.profeds.com/public/department61.cfm
http://www.retirerichhawaii.com/Federal-Civil-Service-Retirement-System.5.htm
http://www.fedseminars.com/
http://www.wiseradvisor.com/designations-detail~id~86~des~certified-federal-employee-benefits-specialist-cfebs.asp
https://www.militarybenefit.org/ApplyNow/index.cfm?src=federal&gclid=CNH59Jn88LACFYxU7AodyzV-8g
http://fedretire.net/
http://www.snowseminars.com/Personnelist_Flyer.pdf
http://www.doi.gov/febtc/files/Full_FERS_Pre-Retirement_Handout.pdf
http://www.myfederalretirement.com/public/733.cfm
    

This report was posted on Ripoff Report on 07/24/2012 12:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/Employee-Benefit-Advisors-Inc/Austell-Georgia-30106/Employee-Benefit-Advisors-Inc-EBA-Federal-Retirement-Seminar-Lied-about-competition-li-916687. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

You must be a friend of EBA or Weeks posing as someone else.

AUTHOR: Retirement Pro - (United States of America)

I posted the correct web address www.ebainc.net or didn't you look. In Weeks BHC webinar there was no mention of any web site. Later I did look it up and the information on the site does not say anything about a refund policy or if it does it's hidden in masses of other information. BHC/Dressanders webinar and EBA's required sign up time limit did not allow for a 14 day cancellation policy anyway. It was framed as a quick registration, "hurry get your seat for this June class because next class is in August...get started now!" was the mantra on the webinar.

The EBA web site is for direct sign up through EBA and has nothing to do with BHC/Dressander. The training pricing, dates and other information are very different than the BHC/Dressander sponsored program.

Who ever you are you're trying to make chicken salad out of chicken poop. The insurance industry is full of those, like EBA, who feed off of those of us who actually see/help clients and need a lead source. I think it's clear that at about $5000. per person after completing everything, this is a giant profit center for EBA/BHC Dressander. $5000. gross per attendee times 24 in a class is a gross 'take' of $120,000. per class. Ten classes would gross $1,200,000. over a period of time.

I don't know exact overhead but whatever it is there is still a huge profit.

I just looked and I do not find ANY refund policy on www.ebainc.net  Please tell me where it is.

My advice to other Advisors is simply that if there is a fat fee associated with any 'lead' program, forget it. An FMO already gets an override from your business placed with them.
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#2 General Comment

A few things...

AUTHOR: Striderq - (U.S.A.)

First- their website is www.ebainc.net

Second- Their website clearly states that their refund policy is that if you cancel more than 14 days before the seminar you will get a refund. If you cancel less than 14 days (or attend but not complete) you won't get a refund. So you should be happy he refunded anything.

Third- You insinuated that the websites you listed were for companies doing the same business as EBA Inc. This is not true. Some of the websites are for the actual benefit programs themselves. I'm willing to concede the point that EBA Inc doesn't have a monopoly on the service they provide (I can't think of any company that the ONLY company that provides their goods/services/etc) but the field is not as occupied as you tried to make it seem.

Gee, wonder if I'll get called out by Josie. If so, this is for you: The OP did ask for advice/comments by posting on a public forum. I'm allowed to post my comments/opinions/views on this public forum just as anyone else is. Such as Karl, Charles and yes, even you. The only difference is at least they occasionally add something to the discussion.

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