Mark C.
They Cost Me a Third of My Social Security
I was with Mayflower Advisors for only one year. And while I had several reasons for leaving, I'll let this indisputable and easily proven fact justify my One Star rating: They sold a number of holdings that came over from my previous financial advisor; some that were purchased years before and had risen dramatically in value. Social Security viewed those profits as income, and, as a result, cut my monthly benefit by roughly 33%. And neither of the Mayflower advisors I dealt with ever made me aware of that possibility. Had they, I of course would have insisted that those equities not be sold. So at 81 and with serious health issues, for the first time since I began receiving Social Security, instead of an annual cost of living increase, the only other source of income I have other than what my life savings is earning under the stewardship of my new financial advisors has been reduced by thousands of dollars.