Consumer reviews and reports on scam companies, bad products and services
Simwey Financial Group Simwey Scam, Deceptive, Peoria, Mesa, Arizona
11th of Dec, 2011 by User283426
Simwey Financial Group
You can fool some of the people some of the time, but you can’t fool all of the people all of the time. Your troubled business practices are catching up to you. The people whose backs you broke to build your little business finally found a voice. I too am a disgruntled former employee, and use “ employee” very loosely. Pawn would be a much more appropriate title. You mention “The financial services industry is not an easy industry to get started in…” which is one of the few points we may agree on. Let’s discuss “support” for a moment; you start off by attempting to justify your so called support by discussing licensing fees. Point 1 - The fee for insurance for a line of authority is $120 (http://www.id.state.az.us/producers/forms/form_l-169.pdf). The test is $62 (www.prometric.com) and of course you will need study material. Study material can be purchased online at www.testteacheronline.com for $99. In total the cost is $281 for someone to do it without your “support”. There are many companies who will pay for licensing and I am confident you are aware of them, but we won’t split hairs. So, from the start, your “support” is costing money which you are pocketing. I personally can do without that type of support! Point 2 – You mention “We have investment professionals that have started their careers… and have over 300 clients…” I would guess you may have an investment professional (singular) not professionals (plural). Given your horrible track record at developing anyone, it would be an amazing accomplishment if in fact you retained any more than one person for any length of time. Point 3 – In the previous company post, it mentions 50+ in experience. With all that experience, I would think you would have more than one small office in Peoria. I’m not asking for you to justify, only making a point that with that much time and experience, it’s only reasonable to expect more growth and more people who held on to such a great development program. Point 4 – You gave many great reasons that people don’t continue with you, and I want to elaborate. They left to start their own company because there was no support and they realized they could do it themselves. They left for another company because they actually wanted support which you promised but did not provide. Instead of giving respective candidates a reason to stay, you attempt to justify why people leave and are clearly justified in your own mind that it is OK. Your rational as to why people fail or leave your company is not appreciated. I am positive new recruits would rather read why they would succeed. It’s obvious you can’t speak to that point. Your company does not breed success. You prey on recent college grads that will provide you a list of friends and family. Once that list runs out, they are only left dazed and confused as to why they are being fired and why all the so called support has ended. The only thing being felt now is the pressure to make a new sale regardless of how and where. Of your unsubstantiated $7million dollars in new sales, I would venture it was provided by new agents, their friends and family but not in part of any efforts done on behalf of the company for your agents. You have “plans” to reach $15million. You have been in business 27+ years with “plans of growth” whether it’s management development or business. Where is your track record? There is nothing but a path of destruction of thousands, yes thousands of past disgruntled reps who have their beloved family with your company that receive no compensation for their efforts and worse yet, the client receives no service because you have already been paid a commission and you’re on to the next victim. We won’t even mention your previous FINRA mediation(s) losses or the Bankruptcy(s). There are more ex-reps with your company than there are clients. This is a company that has been in business for decades using impressive words like growth, development, leader, management, etc. and has absolutely nothing to show for it. Mr. Simmers will shortly retire and sell the clients to the highest bidder. Run as fast as you can in the opposite direction. If you don’t believe me, ask Simwey to substantiate their claims. Make them justify what exactly they will do for you. Ask about their marketing efforts and their track record from those efforts. Ask about previous agent’s success and ask to speak to those agents. Ask them to provide a “staff tracker”. This is a report that is kept that shows their staff and what stage they are in. After you have reviewed it, ask yourself if that is a report of a successful development program. Ask Mr. Simmers how many personal clients he has. Not accounts he inherited from terminated people, but personal clients that trust him with their hard earned money. Ask for their number and make phone calls. Very Important note - Understand there is no $36K to $60K. It is solely commissions. Make them show you exactly how the pay works and make sure you understand it. The “salary” is a hook to get you there. Simwey… may only God have mercy on your soul as no one else will. You have scammed people for years and will soon reap what you sow. I encourage everyone who has had my type of experience with this company to please post!! Even though it is too late for you, don’t allow others to find the same fate.
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2726 days ago by Out Of A Job
This company has recently changed their name to Simmers Financial Group

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