What are our options

[jfoley]

We live in Virginia and have encountered some recent difficulties with our 'financial consultant'. In general this is it: We opend a MLA account with Merrill Lynch in Feb 2000. Of course we have lost money on the mutual funds, as most people have. Our issue is that relizing that we do have not/do not/ and are likley not to utilize all the benefits assciated with that type of account (banking, wills, etc..) we asked our consultant if he thought that we should maybe just move to a cash account with online visibility so that we would manage it our selves. We are conservative and are in it for the long haul and we see no need to be messing with the funds as they stand.

Throughout the last 8 months or so, we have sent numerous e-mails to Chris and he has virtually not responded to us. My husband and I have not had a face-to-face meeting with him since Dec 00 -- He also has not generated any e-mials/phone calls to us, except for a general flyer message. We are very concerned. My husband did a test and did not send any emails to Chris from Mar 15 to Jun -- in that time frame we did not hear anything from Chris.

These are just a few items that have caused us concern on top of the fact that we beleive we do not need to be in the account we are currently in. We pay 1500 a year for this and are getting NOTHING in return, besides the inital set up, a real nice binder of a plan and lots and lots of monthy statements.

When we questioned Chris, he responded very defensively and accuased by husband of writing antagonistic emails. I have read the emails, they simply ask for his opinion about moving us out of the program, then ask for responses. He had to send the same question numerous times, and as of today, he still hasn't had them all answered.

We did contact the ML customer service and even spoke with someone in New Jersey. This resulted in Chris getting even more defensive and nothing being resolved.

We know we have to move our from under Chris as soon as possible. He spend over 30 on the phone with my husband last night and basically was dogging him on how my husbands e-mails offended him. We still don't have any answers. Intially we were not intersted in filing a complaint, merely getting answers - now we are filing one becasue during our converations last night, on more than one occasion, Chris was caught in a lie to us about what he has told us in the past. Luckily my husband has a very good memmory for date.

We would like to know if we should get in touch with a lawyer or talk to someone else who may be able to steer us in the direction to resolve this.

Thanks
Juli

 

[ALawyer]

Under your agreement with Merrill Lynch you agreeed to arbitration as the sole means to resolve any complaints.

Rudeness and lack of service is no basis for an arbitration complaint.

IF the securities he recommended were inappropriate that's a basis for complaint -- but somehow I doubt it. That some went down is also no basis for complaint.

If thje $15000 account itself was inappropriate, that might be a basis for complaint. I'd likely write to the head of compliance at Merrill in New York and make my complaint and demand return of the $!500 and cancel the account.