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Diamond State Financial Group

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for Diamond State Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see

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Diamond State Financial Group has 2 locations, listed below.

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    Customer Complaints Summary

    • 1 complaint in the last 3 years.
    • 0 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. 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.

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    Complaint type

    • Initial Complaint

      Date:06/16/2023

      Type:Product Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I retained Diamond State Financial Group in 2020, with ******************************* and *************************** as my advisors. In 2021, I discovered that they prepared a summary of my financial accounts which overstated my 401k by approximately $200,000. When I raised this with ******************** and ******, they did not acknowledge any error on their part. As a result of the lack of accountability shown by ******************** and ******, I decided to transfer my money in October 2021. ******************** and ******, particularly *******************************, were extremely uncooperative in an attempt to maintain possession over my accounts. I received a very nasty and unprofessional email from **************** when he learned about my decision to move my money. Both he and ******************** worked to stall the transfer of my funds by providing me and the new financial institutions misleading and inaccurate information. For instance, they told me I needed to work directly with ***, which held our brokerage accounts. However, *** refused to speak to me, as they said they did not work with the client directly, but instead with the financial advisor. It took weeks of me following up to finally get the information that my new financial institution needed. Meanwhile, I also tried to transfer certain funds to ********. Without my knowledge or consent, ******************** and ****** put a hold on my accounts, which prevented ******** from completing the transfer requests. After diligently following up, I believed that my funds were finally transferred. However, when I received my 2022 tax information, I was confused and dismayed to see that SEI charged approximately $1,500 in management fees for Q1 2022. Apparently Diamond State failed to provide the proper documentation needed to move my funds until the end of January 2023. I have raised the issue with Diamond State, but it they have not taken my concerns seriously. I am seeing reimbursement for the $1,500 in fees that I was charged as a result of Diamond States conduct.

      Customer Answer

      Date: 08/11/2023

      Please let me know if there is anything else that you can do for this complaint.  We're very disappointed that they did not respond.  Will there be something posted on the website.  

    Diamond State Financial Group is NOT a BBB Accredited Business.

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