David Lerner Assocs

When I started up with DL about 6 years ago I was told going into Apple Reit was good for me because I didn’t trust the stock market… Guess what? The locked up my money for months, that I couldn’t touch it, then they went into the stock market. They said «this is great» give it to October of 2015, and the price, we feel, will go up and we will all make money… never happened. Now the same crap is happening with my IRA that is in Apple 10. Can’t touch it, it all locked up nicely so that they can now put that into the stock market, where I don’t want it. They don’t keep their word and when you question them, they are very cocky… we get to hear «it is what it is». That’s not the answer. Don’t gamble your money with them… Also we had identity fraud that came from them, they know it and they could care less! Go to Scottrade or something like that and be in control of your own stuff!

No customer service, all you get are voicemails. No one calls back. I then talked to receptionists and she transfers me to an associate, yet another voicemail whose away on vacation. You have got to be kidding me. If you want to withdraw money? Expect delays and paperwork issues. I’m waiting 7 days right now for just the paperwork to arrive. Invest elsewhere.

Cold, rude, and dismissive are some of the words that come to mind with David Lerner Associates. I had my account for 5+ years with them, and closed it last year. This year, for the third time in a row, they are late with their tax forms. Very frustrating.

I have realized some nice gains and income as a result of my Lerner investments. I disagree with other reviews here about «preying on the unsophisticated investor»
I loved the Apple REIT investments and still own Apple 10 and kept my stock in the Apple 9 which of this writing pays over 6% dividend and is investing in Hilton and Marriott hotels. They have a small selection of funds that pay dividends. My DLA advisor will review my account and answer questions whenever I call. They will even come to your house! Note that all investments have risks but they offer some of the better lower risk income producing funds. I like their municipal bond fund and Income fund through Spirit Of America. I feel they gave me good advice based on my risk tolerance and glad I took the time to listen and ask questions.

Don’t go near these characters.
They prey on the unsophisticated investor.

I must say there is a lot of complaints about DL and not getting your money out. If you cannot afford to lock it in then do not invest in it. EX. A 20 or 30 year bond is not the investment for you if you think you might need it in 10 years. I have been with DL now for 14 years and have to say they are doing a great job, I have had 4 Reps and all but the 3^rd one where great. He did not last very long. I have had a steady stream of income for a long time and now with apple going public could make a few extra $. But I do know that I could also lose. With that even a 15 0r 20% lose would not be more then then income received over the last 14 years. The one thing everyone should keep in mind. The bottom line for every Rep no matter who they work for is that they are just like you they are trying to make money. They analyze the information about the investments and then try and sell you. If they where right all the time they would not need you they would invest there own money. Why would they need your money or even work for someone if they could pick all winners. If it is not on the contract it is not valid.

Got Apple REIT 9 with David Lerner. At the time we were told that we could not get our money out for three years without a penalty. Well, its at least ten years and I cannot get my money out and who knows if I will ever see it. When I tried years ago to get my money out, my representative, Neil Palazzo, hung up on me because I didn’t want to invest any more money. I now have another representative. David Lerner is an organization of crooks. I’m a senior now and need the money. Would you believe that they actually called me up to invite me to another one of their seminars? I should have gone and stood up at question time and asked in front of all their potential customers when I was ever going to get my money back. I’m sure I would have made quite a hit for the David Lerner reps! «Pappy» is a weasel and so is the whole organization. STAY AWAY!!!

KEEP AWAY FROM THEM. They pray on people who are not stock market savvy. I invested a bit of money with this company. I bought a few Apple Reits the financial adviser told me I could take my money out in 3 years he lied. DO NOT TRUST this company. They now own your money you can’t take it out ever.

I’ve been investing with David Lerner Associates for years now and have to say that I’m very happy. I get regular income each month that I have been able to count on. My advisor treats me like he would his own sister, and I feel that I’m in good hands with them. I’ve also been very happy with my Apple REIT purchase. I know some people can’t get their money back but I wish the income they produce could continue indefinitely!

Don’t invest with this company ! They tell you you can get your money out in 3 yrs I’ve been trying for 5 .they froze my assets do not do it… run ! not generally syosset. the company in total !

My spouse was thinking about retiring, and had a large cash balance to invest. We went for a retirement seminar from David Lerner and was given a high pressure sales presentation at which 8% returns were guaranteed on a REIT. Mutual funds were also recommended. I was given the prospectus on each of the recommended investments, and took them home to read. What I read absolutely floored me. First, on share prices of eleven dollars, Lerner was making one dollar «commission». Good for them, bad for the investor. Secondly, the REITS made no sense, and were NOT liquid, if you wanted to redeem your shares, you had to be put on a list and wait– good luck with that! Also, surprise, surprise, all the «recommended» mutual funds were Lerner’s own, another commission blackhole. Also, the recommended «REIT» was being managed by a man who has had a history of bankrupting companies– and I’m supposed to feel cozy with investing several hundred thousand dollars with him???
Needless to say, my husband didn’t chose to invest a dime. Since that time, there have been several instances of David Lerner being sanctioned by FINRA. Anyone curious about those sanctions can look them up on FINRA’s site.
I would recommend that you educate yourself on investing, doesn’t take much time, and manage your own money. I did this and averaged a good return without paying fees for anyone to «manage» my money.
In short, a shady operation NOT looking out for you.

WARNING– BEWARE!!!
David Lerner Company Does NOT keep their promises!!!
Opened an account w/​a large balance a few years ago w/​a very nice representative.
After getting friends, family, and others to open accounts,
At their seminars, I had explained my interactions w/​Apple programs, and had gotten many people at the tables I sat on to open accounts in the past.
I was asked to open IRA, and Roth accounts from the rep representing David Lerner, the company. I stated I did NOT want to pay any 35 $ annual fees, whereby the rep said to me that «If you open an IRA, and/​or ROTH David Lerner will WAIVE the maintenance fees going forward as he was representing David Lerner.
After waiving the fees for years, even after he had left the firm, I am now being told that since the rep left the firm, they are NOT responsible for any dealings. promises made on behalf of David Lerner!!!
This means that ANYTHING one is told, even though did honor for years, can be CHANGED!!!
So, DO NOT trust your adviser, as anything promised can be broken!!!
How can I trust a company that changes their word, even though promised to me forever no fees?
Would NEVER have transferred IRA, and Roth monies to them, as they are now locked up in the Apple REITS, which cannot be held anywhere else, nor can be transferred!
They can just keep their promise, and I would still be a very loyal and happy customer, yet they choose to say the company reps do not speak for the company???
Bad business practices if you ask me.
WARNING, do business at your own risk… BEWARE!!!

Beautiful building, free yummy chocolates and a great concerned staff. We dropped by today right when everyone was leaving for the day and our guy still sat us down to take care of our concerns. I like how any questions I asked were thoroughly explained. It makes me feel confident that my money is in good, trusting hands.