Morgan Stanley
Reviews and Complaints
Morgan Stanley Screwed with Me
I have cashed in my retirement account on Nov. 27, and I am trying to roll it over into my NC Teacher's retirement account. Seems pretty simple, huh? I have been given every excuse in the world why my check has not been cut.
1. They didn't receive my paperwork (really now)
2. On Dec. 13 I e-mailed all forms to my "client service" representative (ha!) and stayed on the phone until he said he received them. By this time, I was quoted a different closing amount as a dividend had been added, so I had to change the amount of the check being cut, as I had to have an exact amount for the state retirement I was paying back.
3. On Dec. 19 still no check had been cut. Now I am told they need a 398 form (after 22 days, now)
so I made them stay on hold so I could scan and send that by e-mail and know they received it. I was on hold 45 min. just to talk to someone, and then getting the "run around" for at least an hour. I was to get a callback, but after 3 hours, I had to call back, and at 6:00 was told this would have to continue the next day.
4. On Dec. 20, I contacted the client services advocate who tried to tell me I should continue with the people I had been dealing with. I had been demanding a manager every day, and on Dec. I9 had been actually yelling at them. A manager came on and I informed him I had him on speaker phone and I had my Client Advocate on the other phone listening to what he would say. I was put on hold several times. At one point I was told they couldn't write the check to The NC Teachers Retirement Fund with me as
FOB. I said that was a lie, as Vanguard had done that exact thing, and had my check to me in 2 days!
Then I was told well, they couldn't mail it to ME that way. (I find this profound, as it is my money)Their reason was that I could cash in the IRA money . I wondered how that would be possible, made out to the State Retirement Fund--anyone got any ideas how that could be done?
They would need to mail it directly to the state which would take 10-12 days for processing.
At the last of my yelling and turning into ranting maniac the manager finally said he would go ahead and mail the check to me and overnight it as I had demanded.
Dec. 21: Do you think after hanging out all day I received the check? No!
Dec. 22: On hold 30 min. to get through. Check was cut (or so I am told). No details about when it went out. No confirmation from the manager by e-mail. No tracking number from UPS. Still waiting. Furious. Actually, MORE than furious. NOBODY should have to go through this to get their own money!
Caused me $20000 loss by illegally freezing my a/c for 8 months
1. Due to their internal problems they froze trading account
2. upon complaining,their lawyer (Mr.Bernard Kornmehl) made at least 3 false statements (documented) to justify their action. intend to complain to Bar Association
3. during this period, they failed in fiduciary duty by not communicating regarding a rights issue
4. Fed up arguing for 8 months, moved the account
5. Dring this time could not trade options or roll over existing options So, Lost at least $20K since could not access the account
6.All communications well documented with copies to CEO also
7. This account has passed from Legg Mason to Citi to Smith Barney and now to Morgan Stanley who turned out to be the worst.
I am supposed to inherit 4500 dollars of my dad's ira
Financial Firm can't keep accurate account
My company uses them for ESPP and RSUs and I've had a few issues with Morgan Stanley. (1) accounts get locked out or inability to sell ESPP on the day that they are released for sale on the market ...
REALLY!! come on find a way so that the site doesn't break (2) Incorrect number of shares shown in my account on the website, if the website says I have 10 shares, but I really don't... WHY the F* are you showing them the website?!?! Also, why is it taking more than 2 weeks to correct this issue in my account?
I can't believe my company uses you guys and I would never in my life ever use you for personal use.. the worst website and response time ever.
Mssb employee
Morgan Stanley treat employees horribly
Scott Garland and Mark Turek (Morgan Stanley employees)were killed in a plane crash while on a business trip. Mark Waugh, a client was on the plane and was also killed.
Due to a loophole in the law, Morgan Stanley is able to deny compensation for the employees families (both had children) yet settled with the non-employee's family for 15 million. That shows you how much Morgan Stanley cares about their employees. I see them sponsoring events and they can't compensate these families so the fatherless children can attend college?
They offered to pay for one grief counseling session. Disgraceful
Avoid Morgan Stanely Smith Barney Like The Plague
Morgan Stanley Smith Barney Sucks
Last spring (2011) I contacted my broker (Alan Rank) at Morgan Stanley Smith Barney (MSSB) about withdrawing money from my IRA to make my mortgage payments on my house I was trying to sell and pay for education expenses. I lost my job during the financial crisis and chose to go back to school.
My broker advised me that my withdrawals would not be subject to the 10% early withdrawal penalty based upon my reasons for withdrawing. Mr. Rank's assistant prepared the forms (incorrectly) and mailed them to me for signature. I ignorantly trusted that the forms were prepared correctly and signed and returned them. I didn't learn that the forms were prepared incorrectly until I prepared my taxes. I attempted to contact my broker and he didn't even have the balls to return my call. I finally spoke to his assistant after several days, she informed me that there was nothing they could do about my situation.
Then I filed a complaint with the local MSSB office manager, my complaint was forwarded to some rubber stamp committee at MSSB. I was not contacted by this committee until 30 days later when I received a letter stating that they had reviewed MR. Rank's notes and there was no record of any discussion about avoiding the 10% early withdrawal penalty. I'm sure there wasn't because Mr. Rank deleted the discussion. I went to FINRA.org and learned that Mr. Rank has been accused of wrongdoing by several customers. He has even been accused of forgery. I am in the process of filing a complaint.
Morgan Stanley Smith Barney just lost my business, I'm sure they don't even care.
Morganstanleysmithbarney, Ripping of Seniors
I have had an account with MorganStanleySmithBarney for 14 years. Even when the economy tanked, and many people chose to cash in stocks , and put their money under their mattress, I stayed as a loyal client.
My advisor left last summer. He was great. I asked him to send me $500 a month of my money, and it was sent directly to my bank, for the past 14 years with no problem.
Then, I was given a new advisor, but she quit after about three months. In September a get a guy calling me to introduce himself. He tells me he sees I have $16,000 cash in my Roth account, and suggests that he buy me stocks with it. I reminded him that I take out the $500 a month . He told me he did not know this. Obviously did not take the time to review my account too well. He came across as a hard sell car salesman, not as a gentleman, as you would expect from this company. I agreed that I should maybe use half of the money to buy something. He did not mention how much he would charge me for this transaction. I did not ask. I assumed ( wrongly ) that he was working in my best interests, as the company loves to advertise this. Imagine my shock when a couple of days later I received a letter from the compamy, saying he was charging me $800 for this transaction, AND had ignored my wishes, and used ALL the money to buy funds. I was very angry, and I was having a lot of stress n my life at this time. I am 72 years old, and have had to move twice in 3 months ,as my place was being redone. Cement floors had cracked etc. I also had eye surgery at that time too, to add to my stress. I called the branch manger, and had him reverse the order on the funds ( yes, you can do this , a friend told me ,if you act quickly ). So, I got back my $800. I need all my money to help with my retirement, and the $16,000 was put back in my account.
Well, next I notice on my statement, that he had taken out a loan on my behalf, and was charging me interest LOL. They said I had no cash on hand, in order to keep getting the $500 a month . Now remember folks, I still have the $16.000 at this point, but they ignored it, and decided to charge me interest to get my own money. !! Yes, you read that part right !
They did this for three months, before I noticed it. Of course it was my new handy dandy, used car salesman who thought this up. I noticed the loan started when he took over the account. He was not content eith the high fees this company charges you every year, he was determined to make money from me. I see it as abuse ,and ripping off seniors.
Well, after talking to the manager again ( I refuse to talk the car salesman), he suggested I move my account to another company! this sounded bad at the time. I thought " oh, I am too much trouble, they want to get rid of me, after 14 years ". Not too good for my self respect at this point.
Well, after racking my brains, yes, they ARE still intact even as old as I am, I went on line and found a " Consumer Advocate for the company " I was pleased. I thought I would get some help. This was early January. She told me someone would call me and discuss this with me. I heard nothing . I called again, and was told the same thing. I was getting madder by the minute, so I go online again ( thank God I am computer savvy )and guess what I find ? another link with the company to complain about the advocate site. Would you believe it .? So, I complained about the compaint site. LOl, I told them they must be so inundated with complaints, for them to take so long without contacting me. Well, I finally get a response ! They are alive , and will be forwarding my complaint to the I had lost it all way back ) Almost another month goes my, meaning two months altogether, and still nothing. So, I decide to take more action, which I should have done weeks ago, I e-mailed the BB bureau, and the Attorney General for the State of Washington. Then I also e-mailed the head office, in New york the next day. Well, finally there curiosity must have got the better of them, because I had a phone message from one person, and an e-mail response from the Branch office in New York, asking me to call them.
Hurray, they were waiting for me to go away ( or die first ) but I am still here !!
To settle this I am asking them to transfer my funds to another company with lower fees, and to waive their fees on this. I want a written , signed statement, that they will do this. I also want the interest back that they have charged me on my loan that I did not want or ask for . I nedd everthing in written form, and signed. I have zero faith, or trust in this company any more, and I want my relationship with them over. Just their name makes me shudder. they have caused me so much stress. I forgot to mention, that I also have a disabled son to take care of, so I have a lot on my plate. One eye surgery last month ,and another coming up in 4 days. But even only having sight in one eye, does not hinder my brain. I am NOT senile . Do not assume that all of us seniors are decrepid, ***, and senile. I will not be ignored, and I will not allow you to rip me off. I hope that in the future this company makes some changes ,and does not rip other people off. They are closing offices. They need to keep the clients they have, not abuse them ,and rip them off.
I HAVE IN MY POSSESSION 3 ARTICLES REGARDING SAXON MORTGAGE ET AL
WHO EVER IS STILL FIGHTING SAXON FOR A MODIFICATION, I have 3 articles from the business section from Newsday, Suffolk County, NY...1. 13 indicted in mortgage scam, guess who is on this list????
SAXON 2. An investigation of Deutsche Bank & U.S...homeowners who pay their mortgages to Saxon Mortgage Services, received some help today in determining which bank actually holds their mortgage. Saxon Mortgage only acts as the mortgage servicer. I found this on refilenews.com/article/276 3.
In todays Newsday in the business section I found an article on Morgan Stanley. NYS Atty General is trying to figure out whether banks provided the agencies with false info in order to get better ratings on the risky securities. Morgan Stanley who is also associated with the above and their are also other banks included in the article.....THAT IS WHY I POSTED TO SIGN THE LIST I POSTED SO I CAN MOVE ON THIS...I am going to atty general's office here, morgan stanley in manhattan & have filed complaints with everyone I could find.....Newsday is going to call me on May 24th regarding this mess...my next step is to contact the media...We followed the HAMP program & when I called to find out where we stood, AFTER they approved the trial period. I was told we were back in foreclosure due to incomplete paperwork...wtf...we sent all the checks and they cashed them & Robert @ 186*-236-**** ext.
3039...who said only pay till jan. but we continued till april. He said it was a 3 mo. trial period...guess what he is no longer in that dept.
when i called the number they said he was transferred to a new dept. but didn't no where....what a *** surprise...SIGN THE LIST
Your company has done almost nothing
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Interesting ...same Bernard Kornlehl of Morgan Stanley's Legal and Compliance Early Dispute Resolution (EDR) group? Did you report him or the transaction to the SEC?