Reiser/Olson Mutual of Omaha/Norfolk, NE review: Financial advisor (id#744) invested funds from my ira and roth accounts without my authorization

August 8,2022 On my initial meeting with Adam Olson representing Mutual of Omaha financial supposedly a fiduciary over switching to him from my previous financial advisor we discussed rates, fees, and what I wanted to do with my portfolio and when I wanted to invest after he would switch my portfolio over to Mutual of Omaha.

His replies were if I moved to him, he would reimburse the $625 ($125 per 5 accounts) transfer fee’s from my previous advisor and if I ever needed to leave him, those fees would also be reimbursed by him. I TOLD him that I had sold almost all of my portfolio from my previous advisor and was basically in cash/money market and approximately 5-6 stocks right now and that he would be holding my cash portfolio until AFTER October, the midterms or possibly until January before I would even consider investing! I also consulted with him I don’t want ANY fees on my cash portfolio until I begin investing and his reply was “I won’t charge any fee’s until I’m ready to make investments”! I also mentioned and brought copies to show that my previous advisor had doubled and tripled a bunch of mutual funds, ishares, etc. I said I did not want ANY of this same practices from him. His reply was never and couldn’t understand why they did this!

We discussed if he knew my previous advisor and he said he knew “of him but not personally” I found out recently he is friends with him on Facebook! I told him I was NOT interested in ANY annuity proposals at this time! I also told Adam I wanted a paper copy of every transaction and meeting we have. I also explained to him I had reached my financial goals and did not want any high or moderate investments and he said he was fine with that!

We had a quick meeting a few days after our initial meeting to sign transfer funds and he wanted to explain how he would invest my portfolio when I was ready. I had a slight concern as I was walking out the door as he said he will get things switched and get things invested… my reply was “when I’m ready “

HERE WE GO…..

He got my portfolio switched over on [protected].
He had evidently immediately started investing the same day he received it!
I didn’t noticed until after a month! Not only did he begin investigating, he had “ DOUBLED” approximately 16 MODERATE RISK Ishares like I told him exactly NOT to do! By this time it’s October and guess where the stock market is going…DOWN
I set an immediate meeting and confronted him on this! His reply this is how Corporate Mutual of Omaha does it!

He then advised to just let it ride and things will change, I was not happy and took a leap of faith for about 3-4 weeks and after arguing over approximately $7,000 of loss and all the fees that had occurred due to his diligence of investing I said SELL! I also asked him if he sold and re-bought parts of my portfolio and he got mad and said no! It looks awful strange if you look at the history records for 2 of my account totals of $0 transfers?

I have reminded him at least 5 times over 2 months I had not received the $625 he promised me, I was reimbursed $125x3 to leave. Also reimbursed most of my management fees, It still doesn’t make it right for him to have invested without my approval! I told him I was going to move all my portfolio into FDIC insured CD’s and he said he could do that for me, I asked if they were FDIC insured and his reply was “I can sell you (“like” spoken real softly) CD’s anytime you want…just let me know!

He did actually apologize for investing my portfolio at the wrong time as I was walking out the door for the last time. I thought I was making a right decision for switching to a strong well known Nebraska company but this “”advisor”” in my opinion is just a Financial Hustler that is misrepresenting a possibility strong historic business!