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Beacon Pointe is a scam claiming to offer private wealth management services.
Our beaconpointe.com review exposes why the platform will lose your investment when you deposit.
Did you know no investor had made any withdrawals in the past few weeks?
Find out more in our detailed Beacon Pointe Review.
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About Beacon Pointe
Beacon Pointe has to be the biggest scam so far, and their partner northstarinvest.com also had started with similar promises.
The platform claims to partner with leading investment platforms in the United States.
Checking their profile indicates the platform doesn’t have a single license or permit to offer financial advisory services.
Countless investors have lost their investment in the platform after Beacon Pointe failed to release funds.
We fear the same will happen for those targeted and considering investing with the platform. And that’s why we have to expose the red flags found on the platform.
Before you invest in any platform, we recommend doing due diligence. First, you need to find out if your chosen investment platform releases funds as promised.
In this case, beaconpointe.com is a long-term investment con.
Think about it, the people behind this platform remain anonymous.
Background and history as portrayed by beaconpointe.com
On the ‘our firm’ page, the platform claims to have started its journey in 2002.
The story goes that Beacon Pointe started as a Registered Investment Advisor (RIA) in 2002. However, there’s no record of any such company ever having a pass to offer financial advisory services.
We read that the platform started the wealth management service in 2008 after the financial crash that saw millions lose their investments.
In 2008, the platform started a women’s advisory wealth management service in Arizona.
All these are fictional stories, as no woman in Arizona got a piece of the pie. The investment journey is all a facade.
Their intention is clear, build a convincing story that eludes the fact that the website is barely a few months old.
We did look at the domain records to prove Beacon Pointe is a scam. And we were not disappointed by the results.
Records show that the registrant remains private, which confirms the platform is anonymous.
With the minimum investment being $1 million, the platform has been doing rounds by blocking withdrawals of earlier investors.
We now know how the scam works and will gladly share the information.
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Here are some of the services offered by Beacon Pointe
There are several services beacoinpointe.com claims to offer.
Automated Investment Programs and Custodial Research
These include automated investment programs and custodial research. And that’s where the scam begins, as Beacon Pointe doesn’t have reliable automated investment programs or tools.
One would expect such a business to offer valid investment opportunities with legit ROI. But, unfortunately, that’s not the case here, as the platform is silent on what exactly these automated investments are.
That’s why we must inform users of the right to information from investors. You should ask how the ROI gets achieved by investment platforms.
Genuine investment platforms will reveal their investments either in real estate or other markets. Members know how their money gets invested in a scheme and vested for a certain amount.
Beacon Pointe is different as it keeps members guessing about these investment opportunities.
Financial Planning services
Under this sector, this is where Beacon Pointe takes all your funds away and claims to have vested in secure bonds.
The platform claims to offer various services under the financial planning umbrella. These include charitable giving, education planning, Estate and tax strategy, and life transitions.
Other services include general wealth transfers and wealth and retirement planning, to mention but a few.
Manager and Mutual fund search
Beacon Pointe claims to offer mutual fund services only if you have $1 million to spare. However, those who have invested with the platform in the last couple of months have had some issues.
However, those ROI margins, the platform doesn’t release funds, and failure to collectively refund members.
The moment you deposit the amount, consider it a gone case.
How the Beacon Pointe scam works
Once you deposit the required amount for any service offered, the platform pulls funds from other such members.
If ten users have deposited, the pool equals 10 million dollars. The vesting period is set at a minimum of three years.
Within these three years, the platform claims to offer 15 percent ROI each year. That means you can expect nearly half a million within three years.
When the time comes to withdraw funds or earn the ROI, that’s when Beacon Pointe starts changing the terms.
The platform will claim the vesting term was extended due to one reason or the other. And instead of getting the full ROI, the platform offers to release $200,000.
Members who ask for full reimbursement, including the initial investment, are shocked. In addition, the platform claims you can’t withdraw since the funds are in a closed pool.
Remember the terms are you should withdraw the initial investment and the earned ROI.
That won’t happen, and the platform claims you can only withdraw after six months.
These are just the hurdles a few investors face while attempting to withdraw funds from the platform.
Regulation and Compliance
There’s no proof that Beacon Pointe fully complies with the Financial Act, which puts your investment at risk.
The platform is not regulated.
And this puts a dent in any effort from their end to try and paint a risk-free investment platform.
The Core assets Beacon Pointe Claims to Invest in
Here are the core investment avenues beaconpointe.com claims to invest in
- Hedge funds
- Non-US equity from developing and emerging countries
- Private Equity
- Public and private real estate
- Real Assets
- S and global fixed income
- S Equity
Note that the platform won’t mention some of the US fixed income they invest in. The investor needs to know the type of bond their money gets to invest in and cater for risks.
Some of the charges from beaconpointe.com
Depending on the service provided, beaconpointe.com charges various amounts. For example, fees of assets are charged yearly, with some going as high as 1.15 percent.
Most of these assets are under supervision, which means they are also riskier than other investment options.
Consulting fees can be $25,000 a minimum, with the firm charging $350 to $500 an hour. And these charges are on an ongoing basis.
Fees for automated investment programs come at a rate of 0.5 percent. There are other hidden fees, including custodian and fund fees.
What to do when scammed by Beacon Pointe
The best way to recover your funds is by hiring the services of a recovery agent. With these services, you can get sure of recovering part or even the whole amount.
It will require a rigorous court battle, but you will recover every penny in the end.
Why you should avoid investing with Beacon Pointe
There are several reasons why investing with Beacon Pointe is a risky move.
With the platform promising heaven and delivering hell, it’s best to steer clear of a platform that doesn’t even have a valid license.
Verdict on Beacon Pointe
Please stay away from Beacon Pointe.
Do leave a comment or email us with any queries or suggestions