Making Formal Complaint?
Jun 21st 2018, 11:15 am
#1
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Thread Starter
Joined: Mar 2017
Posts: 64
Making Formal Complaint?
The Customer Service from a firm holding mutal funds for me has been appalling in the last couple of years, and I would like
to make a Formal Complaint.
However, it seems the company, or the Customer Service department, are doing their best to avoid complaints
being lodged.
On the Contact section of their website there is no information about Complaints, and a search on their website
does not bring up any documents about complaints.
A couple of times I have used their online messaging system asking to be sent details of their Complaints Procedure,
but have only been met with evasions.
After asking for the third time, I was told that they don't have a Formal Complaint procedure.
Is this common practice in the States? (In the UK I'm used to having well defined complaint procedures for all companies).
to make a Formal Complaint.
However, it seems the company, or the Customer Service department, are doing their best to avoid complaints
being lodged.
On the Contact section of their website there is no information about Complaints, and a search on their website
does not bring up any documents about complaints.
A couple of times I have used their online messaging system asking to be sent details of their Complaints Procedure,
but have only been met with evasions.
After asking for the third time, I was told that they don't have a Formal Complaint procedure.
Is this common practice in the States? (In the UK I'm used to having well defined complaint procedures for all companies).
Jun 21st 2018, 3:46 pm
#2
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Joined: Jun 2015
Location: Near Lynchburg Tennessee, home of Jack Daniels
Posts: 1,381
Re: Making Formal Complaint?
I would make the strongest of all complaints by taking my business elsewhere. I personally like Vanguard but their are many others. I think all the large MF companies can hold other funds for you in addition to their own.
Jun 21st 2018, 4:04 pm
#3
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Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Making Formal Complaint?
The broker should be registered with FINRA. You can go to them.
Jun 21st 2018, 4:30 pm
#4
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Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Making Formal Complaint?
Whether they have a formal complaints procedure or not, there is nothing to stop you writing to them.
FINRA will expect you to have attempted to resolve any complaint with them. Have a Problem? | FINRA.org
I agree with ddrsph, move your funds.
FINRA will expect you to have attempted to resolve any complaint with them. Have a Problem? | FINRA.org
I agree with ddrsph, move your funds.
Jun 22nd 2018, 1:13 pm
#5
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Thread Starter
Joined: Mar 2017
Posts: 64
Re: Making Formal Complaint?
Thanks for all the suggestions.
Unfortunately, the bad Customer Service has come from Vanguard. Until the last couple of years, their service was excellent, but problems with their Customer Service has
cost me a lot of time, and money in the last two years, and I really resent this.
I had a look at the FINRA home page, and this seemed to be dealing with fraudulent practice, which isn't the issue here, so I don't think they will be able to help.
I have written to Vanguard on numerous occasions about a couple of issues, but I'm concerned that they don't get past the Customer Service department, which appears to be inept on occasion, and evasive on others.
Apart from the recent poor service, Vanguard have been excellent, and so I don't really want to move away from them.
Unfortunately, the bad Customer Service has come from Vanguard. Until the last couple of years, their service was excellent, but problems with their Customer Service has
cost me a lot of time, and money in the last two years, and I really resent this.
I had a look at the FINRA home page, and this seemed to be dealing with fraudulent practice, which isn't the issue here, so I don't think they will be able to help.
I have written to Vanguard on numerous occasions about a couple of issues, but I'm concerned that they don't get past the Customer Service department, which appears to be inept on occasion, and evasive on others.
Apart from the recent poor service, Vanguard have been excellent, and so I don't really want to move away from them.
Jun 22nd 2018, 1:17 pm
#6
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Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Making Formal Complaint?
Honestly major brokers now support online account transfers. You give them your account number and firm and they do the rest in a few days. Might be time to jump ship.
Jun 22nd 2018, 1:38 pm
#7
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Joined: Mar 2017
Posts: 64
Re: Making Formal Complaint?
Honestly major brokers now support online account transfers. You give them your account number and firm and they do the rest in a few days. Might be time to jump ship.
Vanguard have provided very good service in the past, and I have never heard of anyone suggesting any of the other brokers are better.
So I would be reluctant to leave them.
Vanguard have provided very good service in the past, and I have never heard of anyone suggesting any of the other brokers are better.
So I would be reluctant to leave them.
Jun 22nd 2018, 1:48 pm
#8
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Joined: Jun 2015
Location: Near Lynchburg Tennessee, home of Jack Daniels
Posts: 1,381
Re: Making Formal Complaint?
As previously mentioned I like and use Vanguard also. You might call them inquiring about how to transfer your account due to poor service. This would get their attention and may get you a chance to speak with someone to address your concerns.
Last edited by ddsrph; Jun 22nd 2018 at 1:51 pm.
Jun 22nd 2018, 1:56 pm
#9
Concierge
Joined: Apr 2001
Posts: 46,390
Re: Making Formal Complaint?
Why would you continue to use a mutual fund if you are so unsatisfied with them? I have never in over 45 years had to go to Customer Service for any of my mutual fund accounts with ML, Fidelity or Edward Jones. My needs were always handled correctly by the company's representative or my personal agent on the first go.
Jun 22nd 2018, 2:21 pm
#10
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Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Making Formal Complaint?
Honestly major brokers now support online account transfers. You give them your account number and firm and they do the rest in a few days. Might be time to jump ship.
Vanguard have provided very good service in the past, and I have never heard of anyone suggesting any of the other brokers are better.
So I would be reluctant to leave them.
Vanguard have provided very good service in the past, and I have never heard of anyone suggesting any of the other brokers are better.
So I would be reluctant to leave them.
Jun 23rd 2018, 2:29 pm
#11
Forum Regular
Thread Starter
Joined: Mar 2017
Posts: 64
Re: Making Formal Complaint?
As previously mentioned I like and use Vanguard also. You might call them inquiring about how to transfer your account due to poor service. This would get their attention and may get you a chance to speak with someone to address your concerns.
When I contact them with their messaging system, the messages are erased after a few weeks.
There are usually long wait times for phone calls, made worse by the time difference with the UK.
So a formal written complaint would have some benefits, not least being able to follow a paper trail.
