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Palm Beach Group is a publishing company that offers information about the financial markets. They claim to employ premier financial analysts, who can give you information about market trends and advice for your investments. Some of their services also involve giving customers a chance to buy in to companies before their IPO.
But there are some concerning reviews of the company on the internet. Are they actually a good option to invest with? What is most important for you to know before you get started?
Important: Before we move on with this review...
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Palm Beach Group Services
The company's services are largely subscription based and related to the financial sector. They claim to send you information about different aspects of the market so that you can make better investment choices for your future.
There are several services available. Let's take a look at some of them.
The Infinity membership is the most valuable one offered by the company, and it comes with the most benefits. Infinity members are given a lifetime of trading services. They also get research strategies from experienced investors emailed to them.
Infinity services are headed by the company CEO Teeka Tiwari, who is a financial analyst that examines cryptocurrency.
The company claims that its investment advice is extremely effective, although there are some questionable parts of that claim. Infinity members receive every one of the company's services rather than choosing just one to benefit from.
The Palm Beach Letter service gives you access to a newsletter. The newsletter is packed with information about the financial markets, including analysis on the different values of investments. People who subscribe to the newsletter will be given advice on wealth building strategies.
However, there's no real guarantee that you'll get anything from this newsletter that you can't find with other free resources. And there are concerning allegations that the company sells the data of its subscribers to third parties, which might put you off the concept.
The Confidential service is a newsletter that focuses solely on cryptocurrency. The company owner recommends cryptocurrencies with a low market cap, which allows you to invest early so that you can reap the benefits if those currencies explode.
The company CEO uses asymmetric investing strategies. He claims that this is the best strategy to turn your small investments into massive gains. However, there is a huge level of risk that comes with this, and there is no guarantee that you'll see the same kind of returns that he has.
The Crypto Income service is a type of investment advisory service. With this service, you will have your portfolio tailored toward different types of cryptocurrency. The unique aspect of this service is that you're paid dividends for your investments, rather than relying on cryptocurrency alone to increase in value.
Is Palm Beach Group a Scam?
Palm Beach Group appears to be a legitimate business. The Better Business Bureau indicates that they have been in business for eleven years, and they have an address listed as their headquarters. But they are not very open about who runs the company. And more concerningly, they have an F rating with the BBB, with 160 complaints written in the last three years.
A company with that many complaints would be cause for concern. But the F rating is an even bigger red flag. Essentially, an F rating from the BBB indicates that you are unlikely to have any issues with the company resolved. Palm Beach Group is also not accredited with the BBB.
The following reasons were given by the BBB for the F rating:
That indicates major issues with the company's management and services.
Let's take a look at some of the most recent complaints.
Obviously we won't be able to cover all 160 complaints, but we can look at the recent ones. We can also examine how the company responded to the complaints to determine whether they have a good system in place for addressing potential issues.
Of the complaints, 90 are related to issues with a product or service. Another 40 are related to advertising issues, and 24 are related to problems with billing and collections.
No Refund Despite Approval
One of the complaints was fairly short. It came from someone who said that they cancelled a $2,500 subscription within three days of purchasing it. They had not used any of the services yet. That was well within the company's return policy.
It took more than two months for the customer to be told that their refund had been approved. After that, it was another four months before they filed the complaint with the BBB. The person stated that they wanted not only to be refunded, but also to be compensated for the 65 hours they spent trying to contact the company to have the issue resolved.
The company responded to say that the cancellation request had actually been made outside of the appropriate time frame. They further added that despite winning the dispute with the customer, they were willing to issue a courtesy refund. The check was sent through the mail and was meant to arrive within four weeks.
At first, the customer accepted the resolution, but they did note that the support they had received up to that point had been subpar. Then about five weeks later, they requested that the dispute be reopened. The refund was never sent, and the customer called three times, only to be given unsatisfactory answers.
The company responded and said that the refund check would be sent that Friday. The customer should have received the check within a week. But three weeks later, the customer indicated that they had not.
Finally, the check was received and processed. It took ten months from the time of cancellation to the time of processing the check. The customer said they did not accept the resolution because there had been no attempt to make the situation right or to help them with the many hours they spent fighting to get their refund.
The company has not responded to this. While the customer did receive their refund of $2,500, it didn't happen until four months after filing a BBB complaint. There was no attempt to otherwise compensate them for the time that the company had their money.
Email Spamming Despite Unsubscribing
One person stated that the company and its affiliates was spamming their email, even though they had tried to unsubscribe multiple times. They also said that Palm Beach Group was repeatedly selling their personal data.
The customer first bought an annual subscription from the company. But since making that purchase, their email kept being spammed, and their data kept being sold. They said that they were continuing to get emails from affiliate companies that they had unsubscribed from as well.
The customer went on to say that they believed that the company CEO generated income by selling personal data to third parties, rather than by providing a quality product to his investors. They requested that they be refunded for their membership and that they not be emailed by the company again.
The company never responded publicly to this. But five days after staging the complaint, the customer said that they'd finally received a confirmation that they'd been unsubscribed. There was no information about whether the customer ever received the refund that they requested.
Another complaint came from a different customer who had paid $2,500 for the Palm Beach Confidential subscription. They lodged the complaint seven months after making the purchase. In the complaint, they said that they had been told that they could get a full refund if they were unsatisfied. Instead, the company ignored all of the customer's attempts to get in contact and cancel the subscription.
The customer said that at one point, they had been kept on hold on the phone for over an hour. Then the representative they spoke to simply hung up on them. They said that the company offered to exchange the subscription for a different product, rather than being willing to refund the initial purchase price.
The company responded to say that the customer had signed up for a two year agreement. Because of the company policy, they were refusing to offer a total refund. Instead, they were giving the customer a $2,500 credit to use on other purchases. They then added that the customer was now past the time frame for a credit, so they would continue to receive the publication.
The customer said that they didn't accept the response. They had made their initial request online well within the cancellation time period. The company's online system then told them that they needed to wait until they received a reply. When the customer didn't receive a reply, they began contacting the company through email and phone, but were ignored.
The customer stated that they were dissatisfied because they had followed all of the rules in the policy. It was the company that hadn't completed the transaction in the accepted time frame. The customer believed that the company had purposefully "run out the clock" on the policy time so that they would not be liable for returning the money.
The company never responded to these allegations, and it appears that the customer has not received a refund for their purchase.
Hidden Fees and Denied Cancellation
This customer said that they were subject to hidden fees after they paid the $2,500 subscription cost. They were led to believe that they would be entitled to services and products that actually cost more. Upon making the purchase, they were told that it cost $3,000 to buy into the company, even though the items were just $6 each.
The customer felt that they had been misled about the subscription. So they wrote the company to cancel the offering and have their money refunded. It should be noted that they asked for the refund just 12 days after making the official purchase, when it took 10 days to be informed of the higher price for the services.
They finished by saying that the sales pitch misled them about the cost of the services. Their interest was in the $3,000 service rather than the $2,500 subscription. As such, they wanted their money to be refunded.
The company responded to say that the customer purchased the subscription through one of its sales agents. Customers are given a chance to buy shares of the company prior to its public offering, but only if they meet a certain threshold. They said that there aren't always minimum requirements for buy-ins, but in this customer's case with this particular company, there were.
The company continued by saying that even though the buy-in of the first offering wasn't good for the customer, there were other opportunities available. For example, they would have the chance to buy into a company that didn't have a required minimum purchase or that had a much lower minimum required purchase.
They further explained that if a person cancelled their subscription, they would simply be given a monetary credit toward one of the other services. A full cash refund was not possible. They said that since there were 90 days that allowed for the cancellation, the customer would have the chance to choose a different subscription before the time was up.
They did not at any point offer to refund the customer for their purchase. The customer never responded to this, so it's unclear whether they decided to choose one of the company's other subscriptions instead.
Pros & Cons of Palm Beach Group
Palm Beach Group claims to have proprietary products. You are supposedly getting services from a master investor who has impressive insights about the financial sector. But not only can you get this kind of financial analysis cheaper elsewhere, there are also alarming issues with the company's reputation.
For example, they have 160 complaints and an F with the BBB because they have not addressed issues to their customers' satisfaction. Hundreds of people have reported negative experiences with the group. Past customers say that their data was sold to third parties without their consent, and that they experienced serious email spamming and terrible customer service.
All in all, we can't recommend this company. If you want to work with a company that gives investment analysis, you want to be sure that they actually have the expertise they claim. And you want to make sure that their past customers are satisfied with the services that they provide. In the case of Palm Beach Group, the company's advertising simply doesn't match up to the final product.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Palm Beach Group below!