So, long story short, I have an investment account setup with LPL. I told my account manager to invest in POT (Potash Corp. of Sasketchewan) when the price was $150/share. He SPECIFICALLY informed me on the phone later that week that he had gotten me in at $155/share. No big deal. I thought everything was hunky-dory until I got my statement for March that included no change in my number of shares. I called him up, he said sure the transaction had gone through, everything was fine. I got home today from school, had a statement that included a transaction on the 24th of April at $206/share. What the fuck?


So, I am going in Monday and closing my account, and probably doing a bit of cussing, insulting and name-calling. I was wondering if I have any legal options or if I just get to go home and lick my wounds and consider it a lesson learned. I had a couple issues with the guy before, but he fell over himself correcting the problems, and I thought he was going to be ok. He never called me and asked if I still wanted the transaction since the price was nothing near what I had told him to buy in at. I have no specific evidence or anything, so as far as proof all I could get would be phone records that I called him plenty of times during this period.


The stock is still a great one and although I didn't get in at the price I wanted, I will still make money on it. Is there any way that I can keep the shares in my name and transfer them to another account? Also, any advice for where to go for online trading? I bank with Wachovia, any options to invest through them?

Anyways, I suppose I'm going to take the personal finance course through NCSU next year. I don't think I want to trust anymore assholes with my money.

5/9/2008 11:28:17 PM

Most people get this stock at $50 a share, but I guess it depends on how much you buy. did it give you the munchies?

[Edited on May 9, 2008 at 11:44 PM. Reason : b]

5/9/2008 11:44:43 PM

the better question is: Why didn't you do all of this yourself? Just open a scottrade account. It's not that hard.

5/9/2008 11:47:16 PM

Quote :

"the better question is: Why didn't you do all of this yourself? Just open a scottrade account. It's not that hard."

5/9/2008 11:49:26 PM

Well, I would have loved to open a Scottrade account, but this was in place from the time I was 13. At that time I really didn't know what the hell was going on with investments. Actually, even at this point I wouldn't call myself prepared to manage it particularly well, but I i think I can do a better job than he can. I'm going to manage it myself from this point forward, I'm just wondering who to go with and how unpleasant I can make his Monday afternoon.

5/9/2008 11:56:23 PM

To get share certificates transfered to another account, it's ussually in the $40 to $50 range. If you don't have a crap load tied up in it, I would just direct him to sell the shares at market, cash out, and move the proceeds. I would say the best advice would be to open a Scottrade or Ameritrade account if you pretty much plan on calling the shots on when to buy and sell and you don't have to worry about a trade not being executed by someone to lazy to enter your order when you specify.

5/10/2008 12:27:19 AM

ahahah I forgot you're the dude who pays someone to manage 40k and to fuck you over apparently.

5/10/2008 12:31:27 AM

Clark Howard would tell you to only go to a fee only financial planner.

http://www.napfa.org/

5/10/2008 9:00:46 AM

Well if you put a complaint in writing they have to respond and settle or go to arbitration.

Just know that it seriously would affect his career so you should probably communicate verbally with him before writing.

5/10/2008 11:57:20 AM

sounds like you should screw your money managers wife

5/10/2008 1:15:09 PM

so he screwed you out of 2k by buying at 206 instead of 150?

5/10/2008 1:45:28 PM

2k

dollar

bucks

5/10/2008 3:33:50 PM

are you still a student? see what legal services can do for you

5/10/2008 11:22:13 PM

Quote :

"Well if you put a complaint in writing they have to respond and settle or go to arbitration. Just know that it seriously would affect his career so you should probably communicate verbally with him before writing. definitely go ahead and destroy him."

5/11/2008 6:28:56 AM

Well, I've read up on the terms and conditions of my account, and since I didn't approve of the trade at the price he traded at I can immediately reply in writing and it looks like the transaction will be undone. I don't care to invest the time to make too big a stink about the gains that I didnt realize because of the trade not taking place when I specified. Also, I have serious doubts that I could ever get that money.


Now, if that little fucker won't reverse that transaction and give me back the principal and commission in full, I'll do everything I can to give him a headache. I've done the math again, and realized that at 155 the principal would've bought about 53 shares instead of the 40 I got, and it actually cost me 2700 in gains that I didn't realize. So, any recommendations for anything other than scottrade for managing my money?


Also, budman, I haven't really been paying the guy much to manage my money. He charges a 3% commission on investments and my account has been mostly in mutual funds with the dividends reinvested into the mutual fund. Since there has been very little activity I haven't had to worry much about paying the fellow.

[Edited on May 11, 2008 at 11:13 AM. Reason : .]

5/11/2008 11:12:29 AM

Is that 3% yearly? IF so, that is fucking huge.
Set up online services next time so you can see the transaction that day.
Learn how to do it yourself but if you insist on using a company I'd go with UBS.

[Edited on May 11, 2008 at 11:42 AM. Reason : ]

5/11/2008 11:41:40 AM

not 3% yearly. 3% commisssion that only occurs when an investment is made, i.e. only when I move money around.

5/11/2008 12:12:16 PM

Oh, is the account not actively managed?

5/11/2008 1:10:18 PM

lmao 3%

I need to find some people like you and "manage" their money

5/11/2008 5:07:06 PM

3% commission sucks donkey balls. My full-service brokerage account has something like that...

Scottrade FTW.

5/11/2008 5:14:13 PM

so basically you call your broker up and tell him to purchase a stock, he makes a few clicks, makes a cool 50-100 bucks...i need that job

5/11/2008 5:18:17 PM

You have some reading to do - learn before you gamble away your money in individual stocks. Shall get you a book and you can look into working with Vanguard for investments the slow, steady boring and profitable way.

...someone's mom.

5/11/2008 7:24:47 PM

If he took the order over the phone and verified it, chances are it was recorded. Ask for the tape to prove your case.

5/11/2008 9:30:48 PM

So I talked to the guy today and setup a meeting for tomorrow at 5. He said he was going to put credit into my account for what he screwed up on (so hopefully the gains not realized because of the point at which he invested). Think I'm going get back every cent that I can and then proceed to close the account. I don't care if I get all the money back, and I know he's going to try to give me less, I still don't trust the fellow with the first dime. Will report on progress tomorrow.

5/12/2008 7:26:22 PM