M
MSimler
Guest
What is the name of your state? NJ
Our 401K is handled by the local branch of a major brokerage firm. Recently, I realized that my contributions have been accumulating in a money market fund rather than being distributed to the mutuals I had selected (since 1/01)! I should've caught this sooner, but as soon as I did I called to ask them why my money was just sitting in a near-zero interest account and not building shares. They couldn't explain how this change was effected, my broker actually went so far as to suggest that 'maybe I called and told them to do that'. I asked if he wouldn't require something from me in writing to make changes to my account, and he said 'not necessarily'. Well, I am positive I never requested (orally or in writing) for them to do this. A quick cost analysis proves I have lost money by not buying the funds on their way up. They are no longer taking or returning my phone calls. My question is this: Do I have any recourse? Can they really go ahead and change my allocations without written authorization? If so, it's my word against theirs which means I'm S.O.L.
Thanks, MS
Our 401K is handled by the local branch of a major brokerage firm. Recently, I realized that my contributions have been accumulating in a money market fund rather than being distributed to the mutuals I had selected (since 1/01)! I should've caught this sooner, but as soon as I did I called to ask them why my money was just sitting in a near-zero interest account and not building shares. They couldn't explain how this change was effected, my broker actually went so far as to suggest that 'maybe I called and told them to do that'. I asked if he wouldn't require something from me in writing to make changes to my account, and he said 'not necessarily'. Well, I am positive I never requested (orally or in writing) for them to do this. A quick cost analysis proves I have lost money by not buying the funds on their way up. They are no longer taking or returning my phone calls. My question is this: Do I have any recourse? Can they really go ahead and change my allocations without written authorization? If so, it's my word against theirs which means I'm S.O.L.
Thanks, MS