Two years ago the company I work for contracted AXA Equitable to manage the 401-k they just started. My company did not contibute to the employees plan. Sterling Brightman is the plan manager for AXA. This report is not an indictment of AXA but only of my experience with my 401-k manager Sterling Birghtman.in a a Nut shell when trying to get me to sign up for the 401-k Mr. Brightman said his job " Was to watch over my account and if it was not performing as it should then he would get in touch with me and suggest changes" BULLCRAP.
I never heard a thing from Mr. Brightman and when I received my statement at the end of the year. The 12-15% growth he said I should get has now turned out to be a 50% loss over the last two years. After repeated calls to him I finally got him to contact me once I complained to our corporate office. His response was "Well everyone lost money." Perhaps my loss would not have been as much if the Mutual Funds he had recommended in the beginning had been changed. Only if he had been watching over my account as he said he would perhaps my 50% loss would be less. Keep in mind this was over a year ago in Jan 08 before the real stock market tragedy hit.
Other employees were told the same thing. When I was finally able to reach Sterling he had no idea who I was, what my age was, or my investment stategy was. Eventhough I had filled out a lot of paperwork with my name age goals and risks I was willing to take. He handed out Investment Advice in a "Cookie Cutter Fashion" one size fits all. That is not what I was promised in the sales pitch. I showed my Investment portfolio to a local broker and was shown why I was put into some of the Mutual funds Mr. Brightman suggested. Several managers for a particular fund that all have to be paid. They make the money while you loose it. Avoid Sterling at all COSTS. He will COST you plenty.
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