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I have been with a financial group for five plus years. They…

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I have been with a...
I have been with a financial group for five plus years. They are changing broker/dealer representors and have asked me to sign a pre dispute arbitration agreement. I have not been happy with the existing group and have expressed it... in order to get out of this they say I would have a penalty in excess of $9000.
Do I have to sign agreement ??? How can I get out of this??? ***@******.***
Submitted: 1 year ago.Category: Legal
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Answered in 1 minute by:
8/2/2017
Lawyer: Legal Expert Justin, Lawyer replied 1 year ago
Legal Expert Justin
Category: Legal
Satisfied Customers: 236
Experience: Attorney
Verified

Hello! My name is ***** ***** I'll be the Expert assisting you today. Why are they saying you would owe a penalty if you have not signed the agreement yet? What is the penalty fore, exactly?

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Customer reply replied 1 year ago
I have been with the original group for five plus years...they are changing their broker/dealers.... I have been told there would be no change to me.... I have then asked why do I have to sign anything if there is no change to me.... I want to get my money back since I have been happy with their handling of my account and see no improvement in their "improvement".
My understanding that the penalty is a withdrawal penalty. We're talking over 200k....
Customer reply replied 1 year ago
Looks like too much add on......
Lawyer: Legal Expert Justin, Lawyer replied 1 year ago

Is this withdrawal penalty part of your original contract? It seems odd that there would be a penalty, although there is probably some sort of transaction fee. If it is a transaction fee, you would have to pay that anytime you wanted to move the money, regardless if they wanted you to sign a new agreement.

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