New

Wife Has Been Paying Wf Advisors For 'full Service Ira' For 6 Years And They Never Invested A Cent.

Location: NJ

Doing our taxes noticed my wife has a deduction for a 408p ira through her job. Make an online acct and shocked to see it all in cash. The website also didn't allow her to trade stocks, just linked back to an advisor in a WF Advisor's office nearby. I assume her boss choose WF for everyone participating. Looking at her acct agreement from 2020 and it lists her objective as 'conservative growth' liquidity needs as 'none' and includes a box for a 'transaction confirmation waiver. What's more is she was charged $125/yr for the 'full service' tier of IRA from WFA that is supposed to include the advisor 'developing a personalized investment strategy' for her.

After logging in we call and talk to her advisor. He tells us he 'doesn't hold hands' but she did give him her objective already and assumed it was acted on. He acted like he didn't know he had the acct but his name is on the agreement from 2020. I also ask if she has paid any fees for the privilege of staying in cash he immediately says no. This was before I really dug in and saw the 125$/yr fee and read the account agreement.

Obviously i want to know if she has any recourse to recover some missed gains for her retirement? In my IRA w/ Schwab i have to go in and make the trades myself, this was not an option on her account, how can they act like she should have done something?

I do participate in a MetLife legal plan through work but have never used them.

submitted by /u/jersey856
[link] [comments]

Back to Listing

credit:

Wife Has Been Paying Wf Advisors For 'full Service Ira' For 6 Years And They Never Invested A Cent.

Popular Products