I opened my account with Lenhoff Financial Group which has been folded in with Wealth Compass so I understand many of the individuals that were with Lenhoff are now with Compass. I'm therefore writing this review based on my experience with Lenhoff Financial Group. Perhaps one of the most regrettable financial decisions I've ever made was to put my trust into the folks at Lenhoff and open up an Allianz annuity account with them. I invested about $155K to open the account on November 18, 2019 and 5 years later, the account had a Cash Surrender Value of about $155K and a Protected Income Value of about $206K, which is not a current liquid value but a projection of amount available for annual payouts at maturity date which is 10 years after opening the account. In the pro forma they provided me up front, it was showing a Protected Value at end of year 5 of about $242K. In my most recent statement received in December, of the 9 investment options under the Allianz account, 6 of them are capped at 1.75% per annum. I understand that the terms of the annuity allowed for no downside but they never mentioned you don't have much upside either. The DJIA has increased over that same point to point 5 year period 55% and the S&P has clicked up 94%, while my account has remained entirely flat. Lenhoff never once called or had any review or follow up on my account and when I called into the Compass office recently to talk about it, the guy I spoke to had the audacity to suggest going ahead and closing out the account, take the Cash Surrender value and invest into something else, which says a lot about this dog of an account I'm in. Don't make the mistake I did to invest with these guys. I would have been much better off buying into CD's at 3 or 4 %. read more
