Wealth management company Legacy Wealth Management has come under fire for claiming its Wealth Builder service is more than 30 times more accurate than what it says it is.
A report from The Times of London on Tuesday revealed that Legacy Wealth has claimed to have helped millions of people save more than $2 trillion.
Its website states it has helped people save $3 trillion and said its software is the best wealth management system around.
“With more than a decade of research and data, Legacy has provided thousands of professionals with the tools they need to manage their retirement wealth,” the company said in a statement.
“Legacy is confident in its expertise in the fields of asset management, retirement planning and asset management software, and its extensive experience in the investment banking industry.”
The company also said its WealthBuilder service was the most accurate and accurate in the industry, and it helped more than 1.2 million people save an average of $15,000 a year.
“We’ve built our platform to deliver an efficient, reliable, accurate, transparent, and transparent platform for people to make informed investments,” Legacy CEO John McBride said in the statement.
The Times also pointed out that Legacy’s own clients had claimed to save up to $3.3 trillion.
The firm was founded in 2003 by former executives of Merrill Lynch and now boasts over 30,000 members, and has been helping clients save more money than the US Federal Reserve and Bank of America.
“Our team of experienced and committed individuals and our team of highly skilled professionals is committed to helping our clients achieve their goals,” McBride added.
“That’s why we’ve made this decision to shut down our business.”
Legacy said the “significant growth” in its clients was down to a combination of a “tremendous number of people coming online and an aggressive and proactive response to customer inquiries.”
“We’re working hard to provide a more accurate and transparent service to our clients,” McBride added.
Legacy has not responded to the Times’ request for comment.