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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 13082
Experience:  B.A.; M.B.A.; J.D.
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I need your help. I had all my CDs with XXXXX XXXXX Investments.

Resolved Question:

I need your help. I had all my CD's with XXXXX XXXXX Investments. I was unhappy with their recommendations. I was recommended to Wells Fargo Investment Advisors. I was told their would be a fee of $100.00 to transfer the monies. All the monies were transferred into the Wells Fargo Investment account.

However each and every CD had an amount missing from my total. The grand total of the monies missing is $7,206.50. Total amount transferred was $230,314.54 and total amount in my Wells Fargo account is $223,193.61.

I am sick. Who took the money, how was it taken and where did the money go? I have an idea now that I am thinking - could they have taken a commission on each transaction. If so why were they discrete and did not tell me.

I signed papers which they marked sign here at this "X" but did not read them. Was recourse do I have if they snooked me out of my monies?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Phillips Esq. replied 1 year ago.
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.



Have you contacted Wells Fargo and ask about your missing money? If not, you need to do so immediately. Wells Fargo would know what happened and if you were charged commission for the transfer, but this was not disclosed to you at the beginning, then you would request that Wells Fargo put the money back in your account or otherwise, you would file complaint against them with the SEC (securities and Exchange Commission) for the non-disclosure. It is important that you try to resolve the dispute with Wells Fargo first before going to SEC. If you are getting a runaround from the broker/advisor that you dealt with, then you need to ask to be transferred to his/her supervisor.


Click on the link below for more information on how to file complaint with the SEC:




https://tts.sec.gov/oiea/Complaint.html

Phillips Esq., Attorney-at-Law
Satisfied Customers: 13082
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 6 other Consumer Protection Law Specialists are ready to help you
Customer: replied 1 year ago.


I have one other question,


 


Is it customary when transferring from one financial advisor to another for the receiving financial advisor to take a commission?


 


I have prepared letters to both the new Wells Fargo Advisors, and the main bank to let them know that I had not been informed that any monies for any reason would be deducted from my account.


 


On the bank statement online it does not show under activity any other amount than the reduced amount that is transferred. In other words it does not show that $100.00 was transferred in from XXXXX XXXXX but rather shows $80.00 and does not give a clue where the $20.00 went.


 


I am going tomorrow at 10 o'clock to bring in my paperwork and hand deliver the letter to the two financial advisors of Wells Fargo that states there was no disclosure made as to any reason monies would be removed.

Customer: replied 1 year ago.
Relist: Other.
I need to ask one other question. Either open it up as a followup or a new question. Thank you.
Expert:  Phillips Esq. replied 1 year ago.

I am sorry for the delay in getting back to you. I was offline when you responded:


I have one other question,



Is it customary when transferring from one financial advisor to another for the receiving financial advisor to take a commission?

 


Response 1: No, it is not


 


I have prepared letters to both the new Wells Fargo Advisors, and the main bank to let them know that I had not been informed that any monies for any reason would be deducted from my account.

 

 

Response 2: Good


 


On the bank statement online it does not show under activity any other amount than the reduced amount that is transferred. In other words it does not show that $100.00 was transferred in from XXXXX XXXXX but rather shows $80.00 and does not give a clue where the $20.00 went.


 


I am going tomorrow at 10 o'clock to bring in my paperwork and hand deliver the letter to the two financial advisors of Wells Fargo that states there was no disclosure made as to any reason monies would be removed.

 

 

Response 2: Yes, that is the better course of action at this time. If the commission upon transfer was not disclosed, you cannot be charged the commission.

Phillips Esq., Attorney-at-Law
Satisfied Customers: 13082
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 6 other Consumer Protection Law Specialists are ready to help you

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