• Report: #1139387

Complaint Review: Securities Institute of America

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  • Submitted: Wed, April 16, 2014
  • Updated: Fri, April 25, 2014

  • Reported By: drpgleeson — Los Angeles California
Securities Institute of America
Internet USA

Securities Institute of America Misleading advertising, inferior product, unable to contact directly

*Author of original report: Bad software, bad attitude

*Author of original report: A little paranoid are we?

*REBUTTAL Owner of company: Writer of post NEVER used product

*REBUTTAL Owner of company: Writer of post NEVER even used product

*REBUTTAL Owner of company: False and Misleading Claims by non user

*REBUTTAL Owner of company: Claims are Completely False and Misleading

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This was a puzzling experience. The company is, at first glance, legitimate, a division of Wiley, a publisher. They also advertise classes "nationwide." But, after the experience I will shortly share with you, I tried to contact them, I couldn't. The closest I got was some sort of PR firm that handled their e-mail (supposedly) and said only that they would pass on my communication. Of course, in the following days: nothing.

 

I paid slightly under $60 for a "exam preparation software" for the FINRA securities licensing exam. What I received was simply access to a little over 1600 multiple choice questions related to securities. First of all, there is absolutely no guarantee or even reason to think that these particular questions would ever be on the actual exam. Some could be, but many would not be--the exam questions are changed with each iteration of the exam. Worse, while there is a reason given for each exam answer, in fact, of the approximately 100 I looked at, at least 2 had wrong answers! But even if they were correct, a collection of multiple choice questions with answers given does not prepare you for the exam. The exam is based on underlying knowledge of the subject, which a collection of multiple choice answers will never supply.

 

I immediately bought Kaplan's exam preparation course, which is excellent. It has sharply focused essays on hundreds of subjects related to the exam (the preparation book is over 600 pages long, and will take a couple of months to work through) Along with this, it has frequent "mini-exams," and then thep possibility of creating more comprehensive exams (with different questions each time) so you can understand how close you are to being prepared to take the exam. There are many other materials included as well--go to Kaplan and look it over. Now, it also costs three times as much. But I'd rather spend a little under $200 and actually prepare for the exam as opposed to spending $60 and accomplishing nothing.

 

The Securities Institute software, incidentally, is quite clunky--other persons have complained about this on the Ripoff Report also, so I won't go into it further. One thing I must comment on is this company's attitude. Really, take a look at their response to the March 2013 complaint. The Securities Institute writer claims that simply to demand money back through one's bank would constitute "theft of service," and also threatens to somehow go to the writer's stockbroker employer and complain about his conduct there. All the while accusing the complainant of being "rude." I would call accusing someone of theft and threatening their employment extremely "rude," wouldn't you?

 

No, somehow, this is a bad company. Hopefully you won't get roped in as we did. Spend more money and get actual hlep with your securities exam preparation. Securities Institute of America's "exam prep," (nothing more than a collection of multiple choice questions) is essentially useless.


This report was posted on Ripoff Report on 04/16/2014 01:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Securities-Institute-of-America/internet/Securities-Institute-of-America-Misleading-advertising-inferior-product-unable-to-conta-1139387. 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:
2Author 0Consumer 4Employee/Owner
Updates & Rebuttals

#1 Author of original report

Bad software, bad attitude

AUTHOR: drpgleeson - ()

I'm not going to get into a name-calling contest or bother countering their various claims. It's just not very good software. Their four lengthy rebuttals pretty well demonstrate that their attitude isn't that great either.

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#2 Author of original report

A little paranoid are we?

AUTHOR: drpgleeson - ()

I wrote what I felt was a reasonable report about this company. After having read earlier ferocious rebuttals, I'm not surprised at the degree of overkill and creative invention in their response to my report. Actually, I did use the program, and no, I'm not in the employ of Kaplan who somehow must have put me up to this. Whover has been assigned the job of rebutting this company's rip-off reports is obviously well-suited for combat, but not for persuasive argument. What I can't understand is this: why go to all this trouble to defend an inferior product? Customers are going to continue to be disappointed. Just fix it. Look at the competition and do something credible. Meanwhile, I've applied for a refund through my bank and if there're problems with that the next step will be a filing with the U.S. Consumer Financial Protection Bureau. 

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#3 REBUTTAL Owner of company

Writer of post NEVER used product

AUTHOR: The Securities Institute - ()

We sincerely regret that you were not happy with our exam prep software which we strongly believe is the best product on the market. Our software allows students to take practice tests anytime, anywhere using any PC, Mac, Phone or Tablet. Students may create their own randomized quizzes -  select the topics, number of questions, how and when answers are revealed. Randomized finals let students know when they are ready to take the test.

We have the most advance student tracking and reporting in the market place for managers and training directors.

Having read your claims we looked at your progress in the course. Your user report details the fact that you logged in only once for exactly 19 minutes on 4/14 at 4:33 pm EST

We are absolutely sure it took you much longer to write out these alleged claims and promotional material for another company.

We are equally puzzled by your report claiming that you tried to contact us and got some marketing or PR firm as our toll free number is clearly displayed on all pages of our website. We have numerous people available from 9-6 EST to assist you with questions or for tech support. Additionally, we have live chat support coverage available over our website during normal business hours and during extended hours. Your claim that you could not reach us seems very unlikely.  Perhaps you  dialed the wrong phone number and did not see the large blue live support box on our website.

By way of follow up to your allegations attached is your user report from our learning management system. This report shows you did not answer even a single question in our exam prep software. This report details the one and only time you used the software for a grand total of 19 minutes with 0 questions answered. This is concrete evidence that you did not even use our software

Anyone who purports to have actual tests questions from exams would be in violation of FIRNA and NASAA rules and at no point have we ever made any such claim.

We also find your promotional material for Kaplan interesting. As we have several former Kaplan instructors on staff we understand their product well. It does not appear that you purchased our book which is published in partnership with John Wiley and Sons the largest publisher of financial information in the world yet you seem to be making reference to the Kaplan book it in your post. Why would you do that ?   We wish you success in your career 

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#4 REBUTTAL Owner of company

Writer of post NEVER even used product

AUTHOR: The Securities Institute - ()

 

We sincerely regret that you were not happy with our exam prep software which we strongly believe is the best product on the market. Our software allows students to take practice tests anytime, anywhere using any PC, Mac, Phone or Tablet. Students may create their own randomized quizzes -  select the topics, number of questions, how and when answers are revealed. Randomized finals let students know when they are ready to take the test.

We have the most advance student tracking and reporting in the market place for managers and training directors.

Having read your claims we looked at your progress in the course. Your user report details the fact that you logged in only once for exactly 19 minutes on 4/14 at 4:33 pm EST and never answered a single question 

We are absolutely sure took you much longer to write out these alleged claims and promotional material for another company.

We are equally puzzled by your report claiming that you tried to contact us and got some marketing or PR firm as our toll free number is clearing displayed on all pages of our website and for the record is 877 218 1776. We have numerous people available from 9-6 EST to assist you with questions or for tech support. Additionally, we have live chat support coverage available over our website during normal business hours and during extended hours. Your claim that you could not reach us seems very unlikely or perhaps you miss dialed the phone number and did not see the large blue live support box on our website.

By way of follow up to your totally baseless allegations attached is your user report from our learning management system. This report shows you did not answer even a single question in our exam prep software. This report details the one and only time you used the software for a grand total of 19 minutes with 0 questions answered. This is concrete evidence that your claims are entirely without merit.

Anyone who purports to have actual tests questions from exams would be in violation of FIRNA and NASAA rules and at no point have we ever made any such claim.

We also find your promotional material for Kaplan interesting. As we have several former Kaplan instructors on staff we understand their product well. It does not appear that you purchased our book which is published in partnership with John Wiley and Sons the largest publisher of financial information in the world yet you seem to be making reference to the Kaplan product it in your post. Why would you do that ?   We wish you success in your career 

 

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#5 REBUTTAL Owner of company

False and Misleading Claims by non user

AUTHOR: The Securities Institute - ()

We sincerely regret that you were not happy with our exam prep software which we strongly believe is the best product on the market. Our software allows students to take practice tests anytime, anywhere using any PC, Mac, Phone or Tablet. Students may create their own randomized quizzes -  select the topics, number of questions, how and when answers are revealed. Randomized finals let students know when they are ready to take the test.

We have the most advance student tracking and reporting in the market place for managers and training directors.

Having read your claims we looked at your progress in the course. Your user report details the fact that you logged in only once for exactly 19 minutes on 4/14 at 4:33 pm EST and never answered a single question 

We absolutely sure took you much longer to write out these alleged claims and promotional material for another company.

 

We are equally puzzled by your report claiming that you tried to contact us and got some marketing or PR firm as our toll free number is clearing displayed on all pages of our website and for the record is 877 218 1776. We have numerous people available from 9-6 EST to assist you with questions or for tech support. Additionally, we have live chat support coverage available over our website during normal business hours and during extended hours. Your claim that you could not reach us seems very unlikely. Perhaps you misdialed the phone number and did not see the large blue live support box on our website.

By way of follow up to your totally baseless allegations attached is your user report from our learning management system. This report shows you did not answer even a single question in our exam prep software. This report details the one and only time you logged in to the software for a grand total of 19 minutes with 0 questions answered. This is concrete evidence that your claims are entirely without merit.

Anyone who purports to have actual tests questions from exams would be in violation of FIRNA and NASAA rules and at no point have we ever made any such claim.

We also find your promotional material for Kaplan interesting. As we have several former Kaplan instructors on staff we understand their product well. It does not appear that you purchased our book which is published in partnership with John Wiley and Sons the largest publisher of financial information in the world yet you seem to be making reference to the Kaplan product it in your post. Why would you do that ?   We wish you success in your career

 

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#6 REBUTTAL Owner of company

Claims are Completely False and Misleading

AUTHOR: The Securities Institute - ()

We sincerely regret that you were not happy with our exam prep software which we strongly believe is the best product on the market. Our software allows students to take practice tests anytime, anywhere using any PC, Mac, Phone or Tablet. Students may create their own randomized quizzes -  select the topics, number of questions, how and when answers are revealed. Randomized finals let students know when they are ready to take the test.

We have the most advance student tracking and reporting in the market place for managers and training directors.

Having read your claims we looked at your progress in the course. Your user report details the fact that you logged in only once for exactly 19 minutes on 4/14 at 4:33 pm EST

We absolutely sure it took you much longer to write out these alleged claims and promotional material for another company.

 

We are equally puzzled by your report claiming that you tried to contact us and got some marketing or PR firm as our toll free number is clearing displayed on all pages of our website and for the record is 877 218 1776. We have numerous people available from 9-6 EST to assist you with questions or for tech support. Additionally, we have live chat support coverage available over our website during normal business hours and during extended hours. Your claim that you could not reach us seems very unlikely or perhaps you miss dialed the phone number and did not see the large blue live support box on our website.

Anyone who purports to have actual tests questions from exams would be in violation of FIRNA and NASAA rules and at no point have we ever made any such claim.

We also find your promotional material for Kaplan interesting. As we have several former Kaplan instructors on staff we understand their product well. It does not appear that you purchased our book which the published in partnership with John Wiley and Sons the largest publisher of financial information in the world yet you seem to be making reference to it in your post to Kaplan's book. Why would you do that ?   We wish you success in your career 

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