GLP Financial Group – Mismanagement, Lawsuits and Complaints
GLP Financial Group is a financial planning firm in Farmington, Michigan. Their address is 33305 Grand River Ave, Farmington Hills, MI 48336, US. The firm claims to help its clients prepare for a successful and financially feasible future.
Furthermore, the firm claims to be passionate about using its experience and expertise to help its clients meet their financial targets. They offer individual financial services and business planning services along with wealth management services.
The CEO of this firm is Alex Kocoves while the President is Matt DeSantos. Heather Lyon is the Chief Operations Officer of this company.
At first glance they look to be just like every other financial group however after digging deep we see the reality. A reality full of lawsuits, disgruntled employees, and a false reputation.
There aren’t any lawsuits against “GLP Financial Group”, however the same cannot be said for Gerald L. Pollack & Associates Inc., the owners of the trademark “GLP Financial Group”.
Here is proof of their trademark ownership:
Unlike GLP Financial Group, Gerald L. Pollack & Associates, Inc. has been in a lot of legal trouble. Below are some of those lawsuits:
Gerald L. Pollack & Associates Inc. vs. Reliastar Life Insurance Company
This lawsuit was filed in the District Court, E.D. Michigan on May 23, 2017. It was terminated on February 1, 2018. The nature of the suit was 190 other contract actions and the jurisdiction type was ‘Diversity of citizenship’.
You can learn more about this lawsuit here.
Gerald L. Pollack & Associates Inc. vs. United States of America
This lawsuit was also filed in the Michigan Eastern District Court on June 4, 2015. It was terminated on May 13, 2016. The nature of the suit was 890 Other Statues – Other Statutory Actions.
You can learn more about it here.
Gerald L. Pollack & Associates Inc. vs. Loren Pollack
Gerald L. Pollack & Associates Inc. was also involved in a lawsuit with Loren Pollack. It was filed in the Oakland Circuit Court. Learn more here.
Apart from these lawsuits, the GLP Financial Group has received a lot of criticism for its poor business practices. Now that you know about the reality of their ownership, let’s take a look at some of the numerous GLP Financial Group reviews present online:
GLP Financial Group Reviews You Must Read:
GLP Financial Group Never Explains Anything Properly, Suffers from Poor Communication
Ryan shares that his wife availed the services of this wealth management company for her retirement. SHe is a teacher and one of their salesmen told her that she can become a millionaire with their assistance.
Before Ryan could advise her against it, she had already signed. Ryan tried to call the representative of the company but she claimed that she was out of the country. She promised Ryan that she would call him back when she returns but she never did.
Later, Ryan sent her a text message. Again, she didn’t reply. A month later, he messaged her asking why she never called him back and she replied by claiming that she did. However, there was no proof of her claims.
When Ryan asked her how she earns her revenue she said that the company pays her. But she never mentioned that GLP Financial Group gets a kickback from other companies which have Ryan’s money.
He highlights that the people at GLP Financial Group never explain anything. They are fast talkers.
In his experience, this is not a good company.
“They Scam You By Using Sleazy Sales Tactics”
The above reviewer shares that the people at GLP Financial Group are absolute jerks. They sell inappropriate, horrible products such as whole life insurance and annuities. Moreover, they don’t educate you properly on the value of the products they sell.
He highlights that Sean and Steve are particularly awful people who work at this company. Those two people scammed the reviewer. According to the reviewer, they are good salesmen but poor professionals.
He suggests ignoring this company if it tries to sell you something. Furthermore, the reviewer says that it would be much better for you to find someone else.
GLP Financial Group Employee Reviews: Abuse, Poor Environment & More
The customers aren’t the only people dissatisfied with this organization. Even the employees have shared their gripes on how this company operates. In the following section, I have shared some of the numerous complaints their employees have posted online:
Nepotism, Favoritism and Rampant Backstabbing
Here, the reviewer highlights that the company claims to be a supportive, family organization. However, that’s not the truth. In reality, it’s a cut-throat place with a lot of backstabbers.
The reviewer highlights that the management is dishonest. Furthermore, fellow agents will follow you and will try their best to steal your business. The company claims to offer support to agents but that’s another lie.
Also, they won’t reply to your emails or phone calls when you need help.
There is rampant favoritism and nepotism within the organization.
The reviewer requests the reader to avoid wasting their time with this company. He highlights that the GLP in the company’s name stands for “Great Lying Management”.
Also, the reviewer points out that there is no career development here.
Unsafe Environment, Offensive and Disrespectful Leadership
The above reviewer says that the management of GLP Financial Group lacks legal training and professionalism. Furthermore, the language of the leadership is extremely offensive and disrespectful.
He highlights that they don’t recognize your hard work and efforts.
Also, no one in the company feels secure in their position because the leadership doesn’t exclude anyone from termination for no reason. There is no loyalty or respect for employees.
The reviewer highlights that it’s the most unprofessional company they have ever worked for.
In the ‘Cons’ section, they point out that they were able to get a 2 weeks vacation after 5 years of work, which is horrible.
“GLP Financial Group is a Scam”
Here, the reviewer highlights that all the work you do is commission-only. So, it creates an incentive for them to saturate the market with too many consultants.
Also, there is nothing to lose for the company because they don’t have to pay the staff unless they make a sale. Hence, they are able to squeeze every last drop out of a flooded market.
Furthermore, if the staff doesn’t like it, the management doesn’t do anything about it. They simply say, “you just weren’t working hard enough”. Certainly, the work environment here is extremely toxic.
Also, the management doesn’t care if you have enough money to survive. The reviewer points out that the 5-star reviews on this company are posted by the manager. Hence, they are fake.
The reviewer ends his review by pointing out again that the company is a scam, nothing else.
The Leadership of GLP Financial Group is Misogynistic
The above reviewer highlights that GLP Financial Group is in constant turmoil. Also, the management generally overlooks women and promotes them quite rarely.
They highlight that the management is running the company horribly. It has a hostile environment, particularly for women.
Additional GLP Financial Group Reviews by its Employees:
After seeing the numerous lawsuits the GLP Financial Group has been involved in, it’s obvious that the company is not as reliable as it claims to be. Furthermore, it has received a ton of complaints from its clients and employees.
For its clients, the company is a scam while for the employees, it is a toxic organization with crooked management.
All of this suggests, you should avoid dealing with this company.
GLP Financial Group claims to care about its clients and their successes. However, their reviews suggest that the company doesn’t care about its clients’ interests. Furthermore, it has received too many complaints for providing a toxic and abusive work environment to its staff.
- Involved in many legal battles
- Notorious as a scam among clients
- Provide a toxic work environment