AXA Equitable Complaints & Reviews
Last Updated On: December 11, 2015
AXA Equitable RatingsAverage Rating: 1.30 out of 5
Based On: 6 Reviews
Number Of Comments: 19
AXA Equitable ReportsReported Losses: $127,755.68
Average Reported Losses: $21,292.61
Most Recent AXA Equitable Complaints
Unearned sales charges
In my experience, Doug Wood (and likely his immediate superiors) acts in his best short-term interests and not in those of his clients (at least not mine). In September 2006 I opened a John Hancock 529 plan for my son. At that time there were three share classes; A, B and C. A had an upfront sales charge and B and C did not. I chose Class B shares so as to avoid the sales charge.
Just over 9 years later, in October 2015, I made an additional $70,000 contribution to the same account. On my October 2015 statement I saw a $2,455.68 sales charge. How could I get a sales charge when I specifically selected an investment without one? I found out that two years earlier my account had been converted to Class A shares and Class A shares had a sales charge.
I called Doug, the adviser on the account, and explained I didn’t understand I’d be charged an upfront sales charge on additional contributions (why would I when I wasn’t charged one on my initial contribution) and that I wanted to either rescind my contribution or change it to a share class that didn’t have an upfront sales charge. Previously I had contacted John Hancock and they said they would be able to do such a change if Doug and AXA instructed them to. Doug informed me it would be impossible because I made a legally binding trade and there was nothing I could do to get out of it. I let him know that even if that was the case, it was a mistake on my part and I’d appreciate it if they’d correct the mistake.
He told me it wasn’t possible and they were going to keep the sales charge despite the fact they didn’t perform any services (I never spoke to Doug or anyone else at AXA prior to making the October 2015 contribution). I told Doug I’d like to speak with his supervisor and he said he’d get back to me the name of whom I should speak with but he never did. Instead he sent me an email saying that he’s “spoken to a variety of people on this issue” and “our hands are tied”. In other words, he won’t put me in contact with any superiors, they’re going to keep my money even though they didn’t do anything in exchange for it, and they don’t care about me as a client.
It seems strange that I have over $140K in a 529 plan that will stay there for at least 8 more years and am paying over 1% in service fees yet they feel it better to keep $2,455 and lose my account. Doesn’t he think that if I have $140K to put in a 10 year old child’s account that I likely have much more and could be a valuable client? Either Doug’s not sharp enough to pick up on that or he and his bosses really want the $2,455.
In either case, if you’re looking for a financial adviser to look out for your best interests and someone who treats you with a long-term view I’d stay away from Doug and his AXA office.
AXA Advisors, LLC – 2050 Main Street Suite 520 Irvine, CA 92614 United States |
Most Recent AXA Equitable Reviews
AXA Equitable Review #1: They postpone allowing you to withdraw your money
Complaint Filed By: Susan
On: November 27, 2015
Rating: 1 out of 5
Reported Losses of $110,000.00
I am 65 years old and have planned to use my AXA retirement account funds to pay off credit card...
AXA Equitable Review #2: AXA Equitable Says Forget the WILL we have our Own Rules
Complaint Filed By: Ron
On: June 19, 2013
Rating: 1 out of 5
Reported Losses of $15,300.00
My mother has an IRA with AXA Equitable. Her beneficiary passed away before she did and she never updated it....
AXA Equitable Review #3: How the Accumulator Funds lines AXA’s pockets
Complaint Filed By: Anonymous
On: April 5, 2013
Rating: 1 out of 5
I have been a client of AXA since 2003, first I had the run of the mill IRA, then around...
AXA Equitable Review #4: AXA Equitable is Unprofessional
Complaint Filed By: CHRIS P
On: February 14, 2013
Rating: 2.5 out of 5
We used AXA Equitable for many years as a 403b plan for the company. Service was generally ok but the...
AXA Equitable Review #5: Life insurance rip-off
Complaint Filed By: JAYSON B
On: August 23, 2012
I currently own a life insurance policy purchased from mutual of new york from their representative marcellus woods. My wife...
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