4 ms·

do you know what they invested this in? maybe they did 10% stocks and 90% bonds or something. (And charged you a 1-2% fee eating major part of the gains) We'l

by Amfy 4y ago

do you know what they invested this in? maybe they did 10% stocks and 90% bonds or something. (And charged you a 1-2% fee eating major part of the gains) We'll need some more info to know what they did wrong.

samstave 4y ago
Its new to me. I am livid - Would you have any recommendations in how one mey research "what they did wrong" <-- When I called them after I got access to the account I was connected with an absolute piece of shit ghetto person who was talking to me as though she was trying to recover a debt. I am beside myself. How can I even begin to understanding if they were just idiots (legally) or if they were staking that original $40K and what specifically did they invest/not-invest in? May I request a provenance of every transaction made on the account? Do I have recourse/rights/?(thing I dont know how to ask)
- dekhn 4y ago
  Pretty much every brokerage I use shows what the historical asset allocations are. It sounds like you haven't done this much before? Also, you're super-duper angry which is getting in the way of you resolving whatever issue you think there is. I would have started this by contacting my asset manager and introducing myself and thanking them for caring for my money, then having a discussion about what possible asset allocations could have a higher rate of return. Don't forget, 529s are tax-free- you pull from them without paying taxes.
  - samstave 4y ago
    I only gained access to the 529. I dicovered this. Yes, I am not experienced. YES I am fn angry...
    - dekhn 4y ago
      I guess my perspective would be "I'm so thankful my grandmother put this money into savings that grew over time for the benefit of my child, while also feeling somewhat disappointed that the growth wasn't larger". That comes from many years of experience (both positive and negative) in investment.
      - Amfy 4y ago
        +1
  - Bostonian 4y ago
    "Don't forget, 529s are tax-free- you pull from them without paying taxes." Only if used for eligible college or pre-college educational expenses.
- Amfy 4y ago
  Based on what you shared so far, I highly doubt, there is anything you can do to change what already happened. 99.99% they have clauses that they are not responsible for the market performance. And as someone else here already said, they probably invested this very conservatively hence the low return. IMO: Find out what they invested this money into ASAP based on that, transfer this account somewhere else, change the allocation based on risk you are willing to take
  - samstave 4y ago
    >>MO: Find out what they invested this money into ASAP hOW DO???
    - Amfy 4y ago
      Request a current account statement. I would hope it would partially show what the money is invested in.
  - samstave 4y ago
    "they have clauses that they are not responsible for the market performance." --- This is my premise, I do not expect them to be "responsible for market" I EXPECT them to have a savvy understanding of THE FUCKING MARKET to invest in a growth related trajectory. WTF? That literally is what a charter for an investment firm is, or am I delusional?
- icedchai 4y ago
  You need access to the historical account statements. What was it invested in? Were any changes made to the account over the years (rebalancing, selling a fund, buying something new, etc), or was it "set it and forget it"? Was there an "advisor" involved? If so, how often were meetings with the advisor? Odds are it was invested in something very conservative, like a few "bond funds", returning 3 to 4% before fees, giving you mediocre returns. But don't get excited, even with all this information, there is nothing you can do. "Past performance is no guarantee of future results", as they say. Also, being angry with the customer service person isn't going to do anything. Those folks do things like tell you how to transfer your money out, initiate password resets, mail out forms, etc. They're not the ones "managing" your funds, and they likely have very little financial knowledge.

by Amfy 4y ago

samstave 4y ago

Its new to me. I am livid - Would you have any recommendations in how one mey research "what they did wrong" <-- When I called them after I got access to the account I was connected with an absolute piece of shit ghetto person who was talking to me as though she was trying to recover a debt. I am beside myself. How can I even begin to understanding if they were just idiots (legally) or if they were staking that original $40K and what specifically did they invest/not-invest in? May I request a provenance of every transaction made on the account? Do I have recourse/rights/?(thing I dont know how to ask)

dekhn 4y ago
Pretty much every brokerage I use shows what the historical asset allocations are. It sounds like you haven't done this much before? Also, you're super-duper angry which is getting in the way of you resolving whatever issue you think there is. I would have started this by contacting my asset manager and introducing myself and thanking them for caring for my money, then having a discussion about what possible asset allocations could have a higher rate of return. Don't forget, 529s are tax-free- you pull from them without paying taxes.
- samstave 4y ago
  I only gained access to the 529. I dicovered this. Yes, I am not experienced. YES I am fn angry...
  - dekhn 4y ago
    I guess my perspective would be "I'm so thankful my grandmother put this money into savings that grew over time for the benefit of my child, while also feeling somewhat disappointed that the growth wasn't larger". That comes from many years of experience (both positive and negative) in investment.
    - Amfy 4y ago
      +1
- Bostonian 4y ago
  "Don't forget, 529s are tax-free- you pull from them without paying taxes." Only if used for eligible college or pre-college educational expenses.
Amfy 4y ago
Based on what you shared so far, I highly doubt, there is anything you can do to change what already happened. 99.99% they have clauses that they are not responsible for the market performance. And as someone else here already said, they probably invested this very conservatively hence the low return. IMO: Find out what they invested this money into ASAP based on that, transfer this account somewhere else, change the allocation based on risk you are willing to take
- samstave 4y ago
  >>MO: Find out what they invested this money into ASAP hOW DO???
  - Amfy 4y ago
    Request a current account statement. I would hope it would partially show what the money is invested in.
- samstave 4y ago
  "they have clauses that they are not responsible for the market performance." --- This is my premise, I do not expect them to be "responsible for market" I EXPECT them to have a savvy understanding of THE FUCKING MARKET to invest in a growth related trajectory. WTF? That literally is what a charter for an investment firm is, or am I delusional?
icedchai 4y ago
You need access to the historical account statements. What was it invested in? Were any changes made to the account over the years (rebalancing, selling a fund, buying something new, etc), or was it "set it and forget it"? Was there an "advisor" involved? If so, how often were meetings with the advisor? Odds are it was invested in something very conservative, like a few "bond funds", returning 3 to 4% before fees, giving you mediocre returns. But don't get excited, even with all this information, there is nothing you can do. "Past performance is no guarantee of future results", as they say. Also, being angry with the customer service person isn't going to do anything. Those folks do things like tell you how to transfer your money out, initiate password resets, mail out forms, etc. They're not the ones "managing" your funds, and they likely have very little financial knowledge.