In Appropriate Conduct?

Discussion in 'Retail Brokers' started by Arnie Guitar, Aug 17, 2012.

  1. I inquired about moving my 457K Deff Comp to my broker's IRA a while back. I wanted to start trading options in an IRA. The national office had a local branch guy contact me and send me the paper work to transfer the funds, but I've yet to fill them out.

    Yesterday I get a call from the local branch guy that sent me the paperwork, whom which I spoke to asking if they allowed any option trading in their IRA. He says "I noticed you took a credit spread position this week". I asked him why he was monitoring my account. He stumbled and fumbled a lame answer.

    I haven't placed a trade with a person in I don't know when, and never spoke to this guy before inquiring about the IRA.

    I don't think it's right that a local branch guy is looking at my account.

    I realize a complaint and 2 bucks will get me coffee, but I'm a little pissed off that a local branch guy was looking at my account activities.

    Should I say anything to the national office?
  2. Was there something in the paperwork which stated the assigned registered rep has permission to view your account for "risk management" reasons, or something along those lines?

    FWIW, if you are concerned about anything regarding your account, why not give the national office a call? Wouldn't hurt.
  3. I would call their headquarters and complain, then tell them you will likely file a complaint. But don't file with them, since they do not have your best interest. Call SEC, NFA, whatever....if you feel they did something un-ethical. this is like a bank employee looking over your statements and talking to you about it.....illegal, no. but un-ethical, i think so.

    i think if you do this at the state department.....fired.

    you should be mad. you are the customer, you have the money.....

    now get in there and give them hell!!!!!
  4. I had a cd over there at Chase which I had been rolling over for years. This last time I just put it in my savings account. One day I went in and transferred 5k into checking. About a week later I got a hand written note in the mail from the branch manager saying "Hello oldtime (she called me by my proper name), it was good to see you in our branch, just wanted to let you know we appreciate your business."
  5. I would have found this annoying myself if not a bit unnerving. How was he even able to access your account without your login? It sounds like they don't have much in the way of risk controls.

    I don't want a broker calling me to chat or try to drum up business. I have actually never heard of this happening the way you described it.

    I would probably switch the account to another broker.
  6. I would be annoyed as well but my experience tells me that no matter who you complain to regarding what "they" will consider a petty issue it is simply a waste of effort.

    BTW ... I am not classifying it as petty. But they will.
  7. Crispy


    What was the answer? Perhaps, this is the first time you have trade complex option orders with them and it sent a flag up to check entitlements? Was the guy a series 24 securities principal (manager)?
  8. I have been trading complex option orders with them for years, I mostly trade the S&P 500 weeklies, so sometimes there are several positions per week.

    I do not know his credentials.
  9. Sent an email to the national, here's the response:

    "I received your message and I understand your concern. For suitability purposes, please note that it is common for our Investment Consultants to review accounts before they contact you.

    Please reply if you have any additional questions or concerns as I will be happy to help you.

    Sincerely, "

    No surprises here, eh?
  10. "Investment Consultant"?

    Good grief.
    #10     Aug 17, 2012