More big changes coming. Farming out more customer service support to Mexico and potentially India. Most likely will result in more downsizing by end of year. Could be dozens impacted. Sales are behind goal for year. Outflows continue to pace inflows by a wide margin. New managed IRA product slow to generate much needed revenue. Focus will continue on expense reductions. Board meeting last week. New CFO presented. Board optimistic she can turn things around. Sale of 320 Park didn't produce as much economic benefit as hoped.
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Some things don't change, the worst leaders in customer service now still can't hold a candle to the impeccable customer service teams from years ago. Here's proof - a recent yelp review:
Apr 2, 2025
Found these reviews in a panic after having a similar disastrous interaction with MoA, trying to rollover 401k funds to an IRA elsewhere. If you are experiencing this issue too, know that it CAN be resolved!!! Do not take no for an answer!
What happened:
I tried to initiate an electronic transfer rollover; MoA said they no longer do this (??!!) and sent paperwork to have a check for my 401k amount mailed to me to deposit into my IRA. I was sent rollover paperwork and told to complete it WITH an MoA rep on the line to ensure it was done correctly. I did so, submitted it, and 2 weeks later received a check for $1,100 LESS than the amount of my 401k. When I called them, MoA said this was because I'd requested a withdrawal, not a rollover!!!??! I told the rep I'd filled out the ROLLOVER paperwork AS INSTRUCTED with a rep on the line. She initially apologized, said the previous rep had me fill out the paperwork incorrectly, and put me on hold to get it corrected. Then she came back on the line and said it was not correctable -- I could either deposit the check as-is, missing $1100, or not deposit and lose all the money. I was stunned. I asked for a manager and got the infamous Randall, who spent another 30 minutes telling me the same thing -- nothing could be done, apart from sending an e.mail to the complaints department.
IMPORTANT UPDATE: 20 minutes after hanging up, I received a call from Randall apologizing and saying they COULD issue a new check for the correct amount. He told me how to correct and resubmit the paperwork. I asked him why he did not offer this option in our prior call; he said MoA recently got a new president and several VPs and he realized the rules around reversing these errors may have changed, and indeed they had (????!!!). I received the corrected check yesterday, a week after this interaction.
Who knows what is true and actually going on behind the scenes at MoA -- just know that if you experience this error trying to rollover funds, they CAN and SHOULD correct it!
Never doing business with them again; so glad to have my money out of there.
Actually, you don't have a right to post confidential information from board meetings. And you are lying on top of it.
It is so funny. How in the world would that poster know what happened in the board meeting?
No Board member would post here.
Same two executives on this board, trying to gaslight everyone. You don’t want the truth to be spoken but the people won’t stop. We have a right to share the little we know and what we hear.
@OP
Big Loser Posting