04.27.07
Public Service Announcement
If you’d like to deal with an incredibly incompetent investment company that makes you go WTF at every turn, that turns $4K invested in an IRA over ten years ago into less than $3K, Morgan Stanley is the place to go.
Wow.
Let’s fee you to death.
Let’s make it impossible (or at least very difficult, I haven’t managed it in two years of visits and phone calls) for you to make changes to your account to preserve the remaining money.
Let’s make sure you can’t talk to a broker face-to-face because we took the money you invested and turned it into something so small you don’t warrant an appointment. You can call a hotline though and wait on hold, how’s that strike you?
Back when you could meet with an advisor, let’s make sure you meet with a different one each time and let’s make sure the forms you come in to fill out (to change the name on the account to the correct one, a form to move the money away from our incompetent clutches, etc.) just disappear. And now if you want to change your name on your account, because you don’t have enough money with us to be worthy of wear and tear on our branch office carpet, you’ll need to send us a certified copy of your marriage certificate. So what if those things aren’t free, it’s not us paying for it!
Oh and we’ll be totally useless on the phone but tell you you can look at your account specifics on the website. And when you go to the website and go through the sign up process, in the end you’ll get a screen that says to finish the enrollment you’ll need the info we’ll snail mail to you. Oh, and if the letter doesn’t come, say in a week or so, just call the oh-so-helpful hotline.
Ridiculous.
I might be a little cranky because I just spent an hour with the IRS phone system. Then Morgan Stanley. Before that, I talked with Vanguard. Vanguard rocks. Not much competition for them in today’s sample, I know, but they are definitely a much better company. Oy.
Sorry, I just had to get that off my chest. Morgan Stanley can bite my @ss.
Next post: Natural dyeing-pics finally, if I can get my camera and computer to talk, and the Knitter’s Coffee Swap questionaire. (sorry, Dawn, I am le suck.)
Emily said,
April 27, 2007 at 3:33 pm
Jeez. Enough to make me want to just stow my money under the mattress. Ive found with financial organizations that the bigger the company the worse they treat you. I adore my tiny little credit union.
Teresa said,
April 27, 2007 at 5:14 pm
Yuck…. many sympathies. What’s the modern equivalent of putting your money in “plastics”? Do Vanguard AND do that. Real estate worked for my dad, but he started when I was in diapers. My kids are now old enough to produce diaper-wearing human beings, so … we need another strategy. Sigh. When feeling low, find something soft to knit or spin… or pet.
LoriO said,
April 28, 2007 at 7:07 am
I so hate that stuff! I have a “financial advisor” who was a friend of Sean’s and he advised me to move my IRA to another company. He neglected to tell me it would cost over $700.00 in fees! Then, when I put in this year’s allowed amount, I was charged another $250! He claims I’m gonna make it up over the long run because it’s a better performing blah blah whatever, but the first quarter returns? Down! But, at least he deals with the paperwork and answers my emails promptly.
I hate this stuff. I recently opened an online savings account at HSBC bank. 5.05% on liquid money is better than the IRA at this point.
Dawn ;) said,
April 29, 2007 at 5:43 am
Hey ~ no prob.
when you get a minute just let me know what ya like
that MS thing is sooo not right, sorry to hear about it but glad you got it “off your chest.” enjoy your day!
Dawn ;0