BAD FINANCIAL PLANNING, DETROYED PORTFOLIO, UNSUITABLE INVESTMENTS, UNPROFESSIONAL CONDUCT
1. Destroyed portfolio with over 1/3 value lost
2. Ignore client
3. Main owner, Lew, lost temper when question as to why did he things the way he did them. That is Lew.(I don't know what a PHD in Finance from City College gets ya but not an ego that big) He does not like being questions about his decisions.
If you go with this outfit, do NOT, sign over full decision making rights to this financial firm.
4. Unsuitable investments and risk for a retirement person age
5. Promises of retirement planning, puts it off, then asks for big money. There is no way to properly invest without doing cash flow analysis or coordinating with other investments
6. Alleging that he takes a cookie cut approach and does not tailor things to the risk levels and ages of his clients or wealth level
7. Neglects small clients
8. They changed their company's name from LJ Altfest. Lew and Karen are husband and wife. They have various underlyings their too. Their son worked their for a while.
I hope he headed for greener pastures.
On the whole, I would say stay away. Do not sign his arbitration agreement it binds you to expensive arbitration. Make sure he writes out what he is going to do for how much money, who bears the cost of trading etc.
I would even venture to say you are better off with Fidelity so long as they came in at less than 1%. This guy was no better than a petty broker and had a temperament of one to boot. This is one person's opinion based on a factual client interaction
I am sure Vanguard, Blackrock, Bernstein, UBS would be fine too. read more