J.D. Mellberg FinancialReviews of jdmellberg.com

Want a guy who uses the phrase “Nobody wants to work anymore” but goes on vacation half of the year? This is your guy!

The product reviewed and discussed was not the contract delivered. We were told we had a full year before being allowed to make any withdrawal. During that time we could add to the account any amount and it would receive a 10% bonus added. We had planned on doing this as funds became available. We had also planned not to make any withdrawals even after a year to allow the account to continue to grow. Idea being let it grow to get to the highest amount paid monthly to help sustain my wife. What we got was an IRA without being allowed to add and receive the 10% bonus. Also the greedy government ordered me to start making with drawls immediately. Now I( doubt this account will not be adequate to sustain my wife. Thank you for that Jeff Aberg

I invested approx. $800 K with one of your people and have had nothing but trouble in one way or another!! The main reason I looked into your system was that I was looking for a place to put approx. $135 K which I had in an IRA - - The Annunity was set up with Security Benefits - - They kept and used the money for approx. 6 months then returned it to 5/3 Bank w/o any interest and they sent them a check with not a single word as to what it was for - - It took me several weeks to get this worked out - - All of this time the money was earning NO interest at all!! Your agent said he was sorry and didn't know that the money couldn't be put into an IRA Annuity - - So I was back to square one and w/o any interest for over 6 months!!! I was promised that I would receive only 3% on the other annunitys that I had been talked into and when I got the year end statements i found that not all of them got the 3% interest and if that wasn't bad enough they took a 1% fee out of my earned interest which ended up at only 2% and on some to them lower than that - - I understood that the interest was going to be low due to the riders but I was not advised that they were going to take a 1% fee out of my 3% (or lower) return - - To add to that the advisor was to set up an income stream to replace some of what we had been getting prior to investing in the annuitys - - THAT NEVER HAPPENED!! And as a result I had to pull a large amount of money out of savings during the past year to make up for the short fall!!! I was also told after the fact that I couldn't pull any money out of the accounts for at least a year and we had been counting on money from the IRA that Security Benefits did keep in addition to the other money I was talking about - - That made matters even worse last year!!! Also I had been talked into transfering control of a REET over to your man - - He never got that taken care of and it still isn't resolved almost 1 1/2 years later!! Now that over a year has past and I'm over 70 years old we were to get monthly draws from my IRA - - The first draw was to have been on the 15 th. of March - - Again that didn't happen and I had to make a couple of trips and send several "E" mails to the advisor before I ever got any money so it was several days late!!! Also to go along with that he was to set up a monthyl draw going to my wife's bank account - - It is a joint annuity and she signed the paperwork - - Again as in the case of the IRA money the drop never happened - - It took several "E" mails and a couple of trips to the advisor to make it happen and then the money was several weeks late!! All of this caused us to have to pull more money out of savings to cover some bills that we were counting on being cover by the drops that NEVER happened until well after the March 15 date!!! This is just what we DID NOT want to go through again this year - - But we did!!! It appears that your man doesn't know what the hell he is doing - - Every time something is to happen it never does or else we have to jump through all sorts of hoops to make it happen and it is never in a timely manior!! I'm not so sure this whole thing was a good idea from the start - - Nothing seems to be as advertised from the screw up of the IRA annuity on!! That never worked out and I was w/o any interest for several months and it was mid year last year before I could get any money out of it!! Also as stated above I'm NOT Happy that I was promised at least 3% interest and ended up with only 2% or less - - I'm not happy with that at all - - I understood that I was only getting 3% because of the riders and although I didn't like it I went for it for the security - - The market went up well over 3% last year so they got the benefits of that large increse PLUS they took 1% out of my cut - - THAT IS NOT RIGHT!!! They were to make their money from the increse in the value of the account!!! Also like I stated above in some cases I didn't even get 2% and all of this that we did get was only due to the 8% "Bonus" they "Gave" us which means next year the way they figure it I'm sure we will end up with a negitive % at the end of the year!! This is NOT what I signed up for!! Want any futher information give me a call!!