Allianz Life Annuities
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Started with a IRA account that I presume will be doing well! Then proceeded to add another acct, a investment acct... with non-qualified funds. Allianz people added these $$$ to my IRA already started. That, I understood, was a "wrong" thing to do. I caught this when I checked on my accts through computer. The rep at Allianz immediately moved to a different investment acct, 3 days later... but too late, I lost trust that this company is knowledgeable regarding "Other People's Money"... mine.
Now, 4 weeks later, and way too many hands touching my funds and way too many calls to "whoever answers the phone". For 3 weeks, all they're keep saying, "these were IRA funds" and now a whole bunch of paperwork is required. Allianz made these $$$ an IRA. Finally, someone named Greta in Customer Relations... was finally "allowing my" $$$ to be mailed to me, the owner of my savings. But, that did not happen! Today, just got off the phone with another rep and he told me funds are allocated to be mailed out on Mon, 6/20/16. A week later than promised by Greta. This time I stated that I want overnight delivery, now am worried that this #1 rated co. will charge for the service, as noted in another critical review... even though... they have caused this whole adventure from hell. All I can say is be very careful before considering Allianz, and I must also add... anyone promoting this "outfit"!
All these years I had a company sponsored 401 K. Over 30yrs we had T Rowe and Vanguard, all very fair people. Then I decide to retire. So I get a good financial adviser and he suggest I go with Allianz with a HUGE CHUNK of my retirement 401K. "It'll get 6% (vested over 10 yrs), a life insurance policy for 25% of the amount (of course I have to be dead to get it), you'll never lose the initial amount and on anniversary dates it'll go up to the new amount and you can make some money (up to 18%)," he said. I never pushed him for the past averages because all the companies I've dealt with played fair. If you’re not familiar with Allianz 365i, you have to play a game.
The game is they take your money and do whatever they want with it for 10 years and you have to play a game of,
what will make the most money for me? They offer S&P monthly sum (I know this one good). It had a 1.5% cap each month (only on the profit side, you can lose any amount of it on the negative side). So if there is one bad day that falls on your day (let's say S&P down 6% from your last mark, it'll take 4 months of up 1.5% to get even), that's 5 months of 0's. This isn't easy. At the end of my first anniversary date I receive from Allianz a report stating that the amount of money in my account was the exact amount it was a year earlier except I had earn 1% of the 6% bonus they promised me and I didn't make any money on the HUGE CHUNK I gave them because I lost in the "game of S&P" over the last year (it lost 11% and I only made 9% in "the game" so I got 0.00%).
If the market had gone down this year or even was so.. so, I would have understood but 2014 this was a pretty good year and I expected something in the way of 8% on the HUGE CHUNK. My friends at work in Vanguard made 16% on their retirement acct last year. I made 0.00%!!! So I had a lively meeting with my financial adviser for the anniversary report and we have begun to get as much money as penalty-free as possible out of the AWFUL Allianz acct. Allianz sent me a note in the annual report that my new cap is 1.4%!!! I ALREADY MADE NOTHING LAST YEAR, ARE THEY AFRAID I MIGHT MAKE A PERCENT OR TWO.
Last year, before I signed the contract with them, I read some stuff on the computer about Allianz, I half believed it and felt my financial adviser would never put me in this position. They were right, every one of them. What they said and complained about was all true. My gut feeling was not to go with them but the allure of not losing anything in a bad market (which could happen) won out but I never thought that I would not get anything on my retirement money possibly for 10 years. And it is possible!!!
Allianz is deceptive, they don't outright lie but you do feel deceived. For the record, check out LAW SUITS against Allianz in 2001 Minnesota and 2009 in Cal. You’ll see that nothing has changed with them but the wording on the flyers. All this is true. I didn't have to lie to make my story sound better. BEWARE and READ ABOUT THEM BEFORE YOU SIGN. Biggest mistake I ever made, don't let it happen to you. Good Luck.
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