Axa Equitable Life Insurance Companypoor customer services from daniel megnin

M Jul 10, 2019
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a verified customer
Verified customer
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To whom it may concern,

As a long time AXA customer, with a small retirement account, I have serious concerns regarding the customer service ethos of your organization after my interactions with your representative, Daniel Megnin.

Recently, I reached out to your organization seeking guidance and assistance to better understand your policies on how to best approach retirement and paying off my student loan debt. I explained to your representative, Megnin that although I am well read, I was unfamiliar with advanced financial planning strategies and sought guidance from AXA on a best practice approach to leveraging my resources.

Initially, Megnin was helpful when I explained that I planned on contributing more resources into my AXA account and considered rolling another retirement account, for organizational purposes, into said account. I also inquired if it would be preferable to pay off my student loan debt; or maybe utilize other resources I possess. As my conversation with Megnin continued, his comments digressed to a offensive and audibly condescending track, which lasted 10-15 minutes. During his diatribe, I maintained my composure and listened to his points despite his lecturing and patronizing tone. When I confronted Megnin about his comments and tone he rationalized his approach as being "truthful and honest", when in fact it was gauche and tactless.

As I stated before, I contacted AXA to consult with a professional financial advisor and Megnin's reproving approach failed to meet any professional standard. Post conversation, his tone was further exemplified in his follow-up email to me that included with capital letters "YOU MUST LEARN THESE SKILLS for yourself" shown below.

Megnin, Daniel
Mon, Jul 8, 1:07 PM (2 days ago)

"Maria,

I Just followed up with you via voice and left you a voice message.

Sadly, there are substantial surrender charges on this account (9%) that you will incur if either you transfer or take a withdrawal from this annuity contract. You may want to get a hold of the individual who you placed the money with and see if there is any recourse for you. We could not in good conscience recommend taking either of these steps.

Bottom line - you need to start to take responsibility for your actions and decisions. Saying at the age of almost 50 that you were not taught these skills is not serving you well in life. Whether you were, or whether you were not, is immaterial at this point. YOU MUST LEARN THESE SKILLS for yourself. This will be the best guide you could ever imagine for your own children.

I am more than happy to continue to be a resource for you. Feel free to contact me at any time.

Best,
dfm"

I'm a professional with a number of advanced degrees but finance isn't one of them. And similar to myself, there are many individuals who need advice from financial specialist who understand the industry and possess the appropriate professional etiquette and tactfulness when advising customers unfamiliar with finance. Sadly, if this is how your company approaches providing advice to your clients, who are experts in their respective fields, I would much rather work with an organization that is committed to professional courtesy, customer service and empathy.

As a result of my unpleasant distasteful experience with your representative, I will no longer work with your company and will redirect my funds. I also intend to let others know of my negative experience in hopes they will not do business with AXA.

Thank you for your time in the matter.

Maria Rodriguez

Responses

  • Ke
    ken widdall Aug 18, 2020

    I had approx. $140k in Roth IRA's when I saw the alarming comments. I engaged Vanguard to initiate a transfer of funds. After 11 years, well beyond the "surrender fee" time period, they, AXA, took $450 from the first of three accounts, and they've held up the other two. The latest excuse was "wrong form" though the transfer form came from Vanguard. I'm waiting with fingers crossed. It's been more than three weeks, waiting for MY MONEY. Ken in CA

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