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Report: #1450656

Complaint Review: Farmers Insurance Group American Funds - Norfolk Virginia

  • Submitted: Sat, July 07, 2018
  • Updated: Sat, July 07, 2018
  • Reported By: Jim in Wichita, Kansas — Wichita Kansas United States
  • Farmers Insurance Group American Funds
    5300 Robin Hood Road
    Norfolk, Virginia
    United States

Farmers Insurance Group American Funds Capital Bank, Farmers Financial Solutions Farmers Insuraance Group American Funds Bought Roth-IRA 14 years ago-returns are smaller than their fees Norfolk Virginia

*Consumer Comment: You seem confused

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I purchased a ROTH IRA from Farmers Insurance Group in July 2006.  I deposited $250 and advised the agent I would wait to see if they performed.  I never made another deposit.  Performance was horrible.

For the first 10 years the American Balanced Fund lost money.  The company always took their fees but gave me losses.

Their prospectus said they averaged 7.79% over 10 years. Hardly reality.  I got mostly negative returns, and a 14 year total of 1/4th of a percent.

In my latest statement it shows I have $191.97 in gains over 14 years, BUT their subtracted fees were $130 over the same time.  My yearly average was $4.  Theirs was $9.25. 

It is a rip for them to get fees to lose money.  I never hear a word from a person.  Not for 14 years.

Their street address is on Robin Hood Road.  Poetic name.

I would advise all to steer away from this outfit.

 

This report was posted on Ripoff Report on 07/07/2018 11:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/farmers-insurance-group-american-funds/norfolk-virginia-23513-2430/farmers-insurance-group-american-funds-capital-bankfarmers-financial-solutions-farmers-1450656. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

You seem confused

AUTHOR: Robert - (United States)

First of all you don't "buy" IRA's, just like a checking or savings account you deposit money into it. When you do you can select various funds you want to put the money into.  Each fund has it's own risk, return, and is all disclosed in the perspectus.

Their perspectus lists their fees, were the fees more than they stated?

You also generally have the opportunity to change the allocation of the funds. You opened the IRA at a time when the entire market took a huge hit.  So with a balanced fund you probably took a significant hit, when other types of funds may have been a better choice.  The fact is whether it is $250 or $250,000 you need to monitor and manage your investment.   If after a year or two you were not getting the return you wanted, you should have started to look at other funds. If you didn't like any of the funds you are allowed to roll your Roth to another Roth with another institution once every 12 months.

The fact that you didn't hear a thing from them in 14 years only shows your inattentiveness to your investment.

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