Negligent Account Handling + Atrocious Problem Resolution
Posted by MarkG on 05/13/2009
SEGUNDO, CALIFORNIA -- My recent experience with the Financial Network Investment Corporation has shown me that the company is providing very little value (negative in my case) to an investor, while charging ten or more times on-line broker’s commission. In addition, its problem resolution performance is far worse than almost every other full-service or on-line brokerages I have dealt in my 20+ investment life.
More specifically: in the latest margin call incident (three instances) the company failed to:
• Notify of outstanding margin call (even most of on-line brokers would send you e-mail) despite my direct request and their assurances
• Advise/Consult on position liquidation
• Timely advice of sales, even when I was on the phone with a broker discussing related issues a day after position liquidation.
In my previous investment experience with full service brokerages even lousy ones I never experienced even the first one, since, I believe, they like to get more money under their management and don’t like losing clients. Apparently the Network cares less. I have never even heard of firms failing all three, let alone on three separate margin events.
As far as problem/complaint resolution goes, the Network wasn’t too great either. Even after admitting failure to communicate, the network didn’t bother to offer standard industry solution to deal with trading mishaps-- restoration of positions, despite of the fact that it would cost them only $2,000-3,000 at the time. You see how much they value their customers and fairness. Instead I was offered free trades; if anyone is stupid enough to put good money after bad ones with a brokerage lacking accountability and commitment, especially in our time when they can’t guarantee their solvency long enough to deliver (my losses now is over $12,000 and growing rapidly).
And, if it was not enough nauseating sugar talk and what I suspect feet-drugging, which could only firmed up my reluctance to ever deal with them unless they show real respect and willingness to right the wrong.
Bottom line: If you are watching your bottom line, want real service and are not a masochist DO NOT INVEST with the NETWORK FINANCIAL INVESTMENT CORPORATION, an ING Company.
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Extremely poor customer service
Posted by Granita on 07/14/2007
CALIFORNIA -- My father had both retirement and non-retirement brokerage accounts through Financial Network. When my father passed away, it became my responsibility as his successor trustee to settle his accounts. I have had to work through many financial institutions, but working with Financial Network has been an extremely poor experience for me. The rep that handled my father's accounts for years has recently semi-retired and would leave his office for weeks on end without any way to contact him in the meantime. Our calls and correspondence would go unanswered and he had no backup for his absences. When I then contacted the corporate office and was referred to the regional office, the office manager was very rude and condescending with me, constantly interrupting me when I was trying to communicate my frustration in dealing with the rep's absences. Considering they are controlling the majority of my father's estate I would think we might deserve a little more service and respect. When I had the audacity to question some information I was being given, the office manager became even more hostile. I have since tried to email Financial Network corporate to complain about my treatment and ask for resolution and I've been met with total silence. I don't know about anyone else, but I don't feel very comfortable with having no where to turn when I have an issue. When we're talking about someone's life savings I'll stick with dealing with an institution that will actually treat you like they're happy to have you as a customer rather than like their entitled to hold your money hostage with no where to turn when you're having an issue.
I can honestly say that of all the financial institutions I've ever worked with, this has been by far the worst.