Quote:
Originally Posted by Boomer
If you do decide to transfer your investments, you will need to spend some time doing your homework to be sure you are comfortable with your choice.
Because you have posted the story here in a public forum, the exposure makes it possible that you might be contacted, via PM, by somebody offering “help.” I would NOT respond to that type of solicitation. You want to be the one to initiate contact for anything financial.
There are “bricks and mortar” offices for Fidelity and Schwab in TV — along with other “knowns” — where you could probably make appointments to talk with someone. That could be a start. If you proceed with a plan to talk to brokerages about transferring, it is probably a good idea to provide specifics at the appointments so the broker can see if transfers can be made in-kind and what type of accounts you have — taxable, tax-deferred, etc. so they can explain how the transfers need to be done.
If you decide you really want to part ways with your current broker, please take the time to be sure you have found your next comfort-zone. Could this be a “better the one you know” circumstance? Only you can decide that.
I looked at the website for the office you are with now, and I see that there are other things offered in addition to investments — under the same roof — Eldercare attorneys, CPAs, insurance, etc. (And they clarify the separation of those offerings in a legal statement on the site.)
If you use other services there, that sounds convenient, and you might be happy with those, but aggravated just at the dropped ball for your closing. I certainly understand your disappointment and frustration with what happened there. (I hope your closing went through.)
I also understand how going through the process of carefully finding a new broker could feel unwieldy at this point, especially considering that it seems you have had a decent relationship up until now. But according to your post here, it sounds like their office was dismissive, so it might be worth spending the time and effort to look around for another place.
. . .But, ya know. . .I would think that your broker, as a professional, should contact you with an apology and an explanation of what the heck went wrong. Maybe communication from him could calm the waters — and you would not need to feel like you have to do anything further. Sometimes, when all is said and done, it does not end up being about the mistake. It’s about how the mistake is handled by the one who made it. (But maybe that ship has sailed.)
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At this time I am doing research on what options I have. At the same time beginning to make a list of questions.
I have not received any phone calls from Michael Whitaker. Apology - since I have not received a call I don’t know if they have any remote feelings of responsibility.
They are in business to make money, granted that is what businesses are for, since I have NOT received any phone calls from Michael Whitaker’s office - I feel they put making money before being professional.
Your statement about Michael Whitaker responding as a professional, lack of communication from Michael Whitaker says a lot about him and his firm being professional.
At this time I feel taken advantage of because I trusted them. I was verbally guaranteed that everything would be accomplished.
I also wonder if their lack of follow up in this matter has to do with my age - I am 80 years old.
Am I a “sitting duck”, is the question I ask myself because I am elderly.