I need some advice.. this is a sad and difficult situation. I was in the insurance and financial service industry for over 20 years. I moved &left an agency I ran after 20 yrs to take care of an ailing parent. Previously I was a reg rep for my co and actually handled our own simple for our office.. Esp since “i” shares were available because we actually did retirement planning at the time. This preface is why I feel so dumb! After my dads death I went back to work for a different agent, he advised at hire he provided a simple with a 3% match ,i also took the job on contingency he provide some type of group health. I was overwhelmed already in an environment that was seriously non compliant & sub par regarding just client accounts. If I ever brought up a compliance issue only wanting to help or resolve it was met with disdain as if I was trying to “ run the show” and reminded who’s name was on the door and that he was a CFP! After leaving for another position ( that was worse,lol ???♀️) I realized he had been deducting 3% for my Simple contribution every two weeks but I never did a risk tolerance tool, any paperwork,nor got correspondence ever. I texted him to inquire “ where my Simple was” his response was “i don’t know and why would I know where your investments are”? My response was simply “?”, I waited until the next day hoping he was in a mental crisis @ the time and send him another text explaining he had been deducting the 3% contribution .. again the shocking response was “ that’s news to me and I guess I owe you some $” I was mortified but still trying to not burn a bridge and replied “ oh well you saved me the 10% penalty because I need the $” then just waited another few days because I was praying he’d do the right thing and at least offer to repay me my contributions plus the 3% match , i decided to just suck up the market loss ( which was huge?), he said he’d have to contact his cpa although I told him I had my last stub showing the 3% he deducted. Sadly a week later he sends me a text that says “ damn it “ I owe you $XXX which was EXACTLY MY Contribution! I have not responded at all since then ! I also found out his only former competent staff set up the plan 5 yrs ago! He has hired multiples of ppl since then and I have no doubt he has neither done their paperwork to start their Accts nor has he been even sending in the contributions for former employees within prescribed times if at all! On one hand I want to help him still get out of this mess on the other I just want my $ plus match promised and not cause anymore animosity. Telling him again the ramifications of his actions will only make me look like the “know it all” again and be met with an unpleasant outcome. I don’t even want to disclose what happened with the health ins in this thread now. I knew I was in trouble when he told me “ Men have vulnerable egos & his wife was a better man than he was”??♀️??♀️?help! what is he potentially facing and how can I help him without hurting myself further ? Thanks, Serious Idiot ?
