ComplaintsforSamuel W. Watters, Certified Financial Planner

• Initial Complaint

  01/19/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My wife's Term Life Ins policy ran out last March and was increasing 200+ percent ~ we informed **********************/Sr we did not want it that day, March 2023. They never told us we needed to sign a form to terminate the policy so the auto debit continued 4 months till I caught it when checking bank statement. I called them immediately to inform Woodbury/***************/Sr what was going on and called the bank and had them stop the debits.I have continuously called, emailed and texted the Waters and they have made NO EFFORT to correct this matter. They owe us for ***** ***** 23' monthly debits and we want our money. This was their mistake and they should take responsibility!!!!!

  Business response

  02/03/2024

  I attempted to respond to this complaint online but your system was not allowing it.  I mailed our response in and I will try again to submit it online.

  Business response

  02/05/2024

  To: Whom it May **************** Complaint 21160048-0A7AF
  Subject: Ohio National Life Policy 7040300
  
  January 24, 2023, Ohio National sent out a letter to inform our client and ** that the 10-year Level Term period was approaching, and the premium would be increasing automatically.  I asked my son to put together competitive quotes as requested by the client in a telephone conversation after she had received the same letter from Ohio National ****, (ONL).  The policy was owned by our *************** and our understanding was the policy was still needed for Bank Loans.   Alternatives to the Ohio National Policy were provided to the client at the beginning of February.  We attempted to call the Client in February to meet and discuss the Alternatives, this was unsuccessful.  March 8, 2023, I emailed the Client to follow up on the Alternatives.  Eventually the Client responded Not Interested but never instructed us to cancel the existing ONL policy.  The Clients, set an appointment in May and then later rescheduled the Appointment to **** 14th, this appointment was also cancelled by the Client.  Our notes indicated they were selling real estate business soon.  In none of the calls to set and cancel appointments did the on-going premium the Client was making for the Policy come up.  On August 8th the Client called to cancel the policy. ********** went to Clients home to obtain her signature on ONL form ****.  The Client would not sign with current date, August 8. 2023 but inserted 03/31/2023. 
  
  The signed form requesting to terminate the policy was uploaded to ONL on 08/08/2023.  August 10th, *** requested additional information to surrender the policy since it was Corporately Owned.  I forwarded this email to the Client requesting the information and form **** signed with the current date.  I also advised Client to contact her bank to discontinue payments for the policy.  I did not instruct her to have any premium payments reversed.  The Client refused to sign with a current date. On 08/13/2023 the Client provided the Articles of Incorporation requested by ONL which were uploaded to ONL on same date.  The Client incorrectly states in correspondence that she told us face to face to cancel policy due to price. She also requested that we pay her 2749.96.  Knowing we cant reimburse or do anything of the sort we didnt respond.   We never met in person in 2023 (other than on August 8th) and the only the response we received was not interested.  This was the response to email chain asking whether she was wanting to go forward with new policy and if we should begin process of being underwritten.  We took not interested as response to alternative policies.  We still forwarded this to Ohio National.  We always believed that the Policy in question was needed for real estate loans.  We were never instructed to cancel **** policy.  We would never have a policy cancelled without clear instructions. **** wouldve paid claim shouldve death occurred.   When we finally were told to do so on Aug 8th, we expedited process to do so.  On August 15th we received notice from Ohio National that bank drafts for **** and July had been returned to the Client and that policy was terminated(lapsed).  Since she reported payments as fraud or unauthorized it cancelled policy back to **** 2023.  This also ended policy for non-payment.
  
  The Client couldve at any time called Ohio National directly and cancelled policy or discontinued premium.  She has since in writing from Ohio National be instructed to contact them should she have questions or complaints. She understood from very start that 10yr term policy would become annual renewable term and that premiums would automatically go up.  She was reminded of this in January 2023 from both Ohio National and from our office.  To help we presented alternatives which she in March informed us she wasnt interested in.  We attempted to meet in person multiple times but were unable to so.  When we finally were explicitly told to cancel policy, we did so ASAP.  Contact between us as call records and notes will show was very limited.  Since August at her request, we have promptly provided her with statements so that she could move her business away from us.  This was in September and since have done so again.  No contact or correspondence between then and now.
  
  Please note that Samuel Watters was the only servicing agent on policy and that Samuel Watters ** was only assisting in paperwork prep and alternative life insurance options.   Please dismiss complaint against him outright and after reviewing you will see that we always acted in clients best interest and as quickly as possible.  We ask that all is dismissed, and no further action taken.  We are happy to provide all supporting correspondence, emails and notes necessary to put this to rest. 
  
  Samuel W. Watters **, ***************************** W. Watters, CFP
  ****************************
  ******, ***** 77630
  ************
  Fax: ********
  Cell: ********
  
  Securities and Investment Advisory Services offered through Osaic Wealth, Inc.  Member FINRA, SIPC and ********** Investment Advisor. This communication, including attachments, is for the exclusive use of addressee and may contain proprietary, confidential and/or privileged information.  If you are not the intended recipient, any use, copying, disclosure, dissemination, or distribution is strictly prohibited. If you are not the intended recipient, please notify the sender immediately by return e-mail, delete this communication and destroy all copies.

  Customer response

  02/06/2024

   
  Complaint: 21160048
  
  I am  "REJECTING"  this response because:

  Over the phone the first part of last year till the end of March of 23' when the policy ended and *********************** informed me of this **** increase on the policy I told him immediately (in our last face to face meeting at their office) that I did not want or interested in continuing the policy "VERY CLEARLY"  due to this **** increase.  Them ASSUMING NOW that we needed this policy for any reason is TOTALLY ON THEM.  He never mentioned to me about signing a form to have this policy cancelled!!!!!  He also called me some time that March to ask me whether or not I wanted to continue this policy, he was double checking and  I  CLEARLY  TOLD  HIM  "AGAIN"  NO/NOT INTERESTED!!!!!

  As I stated before when checking my bank acct  (July 21, 2023)  and discovering this **** amount being taken out  &  investigating that charge (which was very close to our home insurance amount) and realizing it was for the Term Life policy I spoke with both the Watters to inform them of this matter.    

  On this day, July 21, 2023 after I spoke with them both on the phone  ~  *********************** came very soon after I called to my home to get me to sign the "SURRENDER REQUEST FORM"  (that should of been given to me in March) and he told me to back date it for March 2023 but I would not date it for that date due to the fact it would of been a lie!!!!  THAT IS THE ONLY REASON !!!! 

  Any meetings from that time on until now that were scheduled or had to be rescheduled had NOTHING TO DO WITH THE **** LIFE POLICY !!!  Since they had all our investments for the past 15+ yrs along with this policy I knew they had taken care of this.  I had no reason to think otherwise.  

  Since "I was not told or asked to sign a form"  to cancel this policy and I had told them I DID NOT WANT AND NOT INTERESTED IN a new policy due to the fact it was tripling in price  "WHY  WOULD  I  HAVE  ANY  REASON TO  THINK  THIS  POLICY  WAS  NOT  CANCELLED"  ??????

  The Water's are making out like this is our fault, due to lack of communication (us not responding to them) and not clear with my not wanting to continue this policy.

  THAT IS AN OUT AN OUT LIE ~ THEY HAVE MY E-MAIL ADDRESS AND OUR PHONE NUMBERS (yet THEY ASSUMED) we needed this policy is the excuses!!!!!

  We have been with these people for 15+ yrs and thought they were honest and decent professionals ~  I have yet been able to get a response on this matter as to when or even whether they are going to reimburse us our monies and to this day  "NOTHING"  no emails or phone calls from them in reference to this, I have called and emailed numerous times WITH NO RESPONSE or RESOLUTION.

  Up until last week on Jan. 30th, 2023 when we were sent an email referencing our two accts with them which I am very aware of, I asked them AGAIN if they had any intentions of paying us our monies owed and NO RESPONSE!!!!

  I AM SO DISPOINTED IN HOW THESE PEOPLE HAVE HANDLED OUR REQUESTS/INVESTMENTS AND BY NOT RESPONDING TO US TO BE SO UNPROFESSIONAL!!!

  ***************************
  

   

   

   

   

   

   

  
  
  Sincerely,
  
  ****** & ***************************

  Business response

  02/19/2024

  In response to ***************************** rejection.  Attached is correspondence rebutting much of her response.    As previously stated there was never a face to face meeting until ********* collected signatures on Aug 8th.  The first few pages attached will show that we in fact told her to sign forms with current date.  Our correspondence with Ohio ******** will show we documented her refusal to do so and then she herself in correspondence on 8/10/23 will show her saying as much and that she would only sign 3/31/23 as this is when she believes it shouldve been cancelled.  The following pages will show that she contacted her bank to dispute all transactions from April on.  This was not what we instructed to do.  Her actions caused policy to be cancelled for non payment.  Included in correspondence is letter from Ohio ******** ********************************** stating as much and instructing her to contact them should she have any issues.  Also note the forms filed with bank near end of correspondence that she claims to have contacted Ohio ******** on 3/24/23 to cancel policy.  Note as well in her own notes, last page, that was shared with ***** department of insurance that she was okay with 3/24/23 draft to **** and that her documented contact with us is 8/8/23 by text.  Also note this is the date we immediately took action to cancel policy for them.  Our calendar and phone records are well documented throughout.  Forms were never needed only non payment to cancel policy and she wouldve been told as much had we ever talked in person or over the phone and were instructed to cancel policy.  Forms are needed only to recover past funds and to document these decisions for company and advisor files.   Had she contacted Ohio ******** as she indicated the policy wouldve been cancelled then.  She has been told that we personally cannot give her funds as this is against the law.

  Customer response

  02/20/2024

   
  Complaint: 21160048
  
  I am rejecting this response because:

   

  When we did meet for our last meeting face to face in there office with the Watters I did tell them I WAS NOT INTERESTED in renewing the policy as due to the price increase.

  I was very clear about this and that is when they should of had me sign the cancellation forms that were needed ~ that was their responsibility not mine.

  I got them & **** Insurance papers asked for immediately yet they did not just have me sign a cancellation form back in March of last year to levitate this situation which they have caused.

  That was not professional of them to not complete THEIR JOB and assume I knew what to do.

  Shame on them and shame on me for TRUSTING the people who had been taking care of our financial dealings for the last YEARS !!!!!!!

  
  
  Sincerely,
  
  ****** & ***************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩