UBS Financial

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UBS Moved my accounts without my consent
Posted by on
Rating: 2/51
ST. LOUIS, MISSOURI -- In the summer of 2009 I received a letter from our local UBS office informing me that they would no longer be serving me and that my IRA and Cash Management Accounts would be moving to their New Jersey office. I responded with a quick no thank you response.

Unfortunately, I and my $250,000 were transferred regardless against my wishes. I called my local office but they refused to connect me to my financial adviser. My adviser and I would have regular face to face meetings and I had gotten to know and grown to trust and work with for many years. I was not happy when they won't connect me and said that my account is now half way across the country. Soon a polite, but total stranger called me telling me how wonderful it was that my accounts where with him and his associates at the New Jersey call center. He was caught off guard when I informed him that I wasn't happy with the new arrangements and that I doubted if he and his associates would fly out to St. Louis to talk to me face to face about my financial goals and dreams.

The bottom line was I move my accounts back to St. Louis using a different finical instruction. I see my new adviser on a semi-regular bases and I am very satisfied with him. Ironically, about 6 months later I received a letter from the UBS New Jersey office saying that there wasn't anything they could do because it was all the St. Louis Office fault for transferring me. I always felt sorry for that guy (I don't remember his title) he seemed so helpless and a victim of corporate mismanagement.

I have learned if you are not satisfied then move your business elsewhere. I wonder how many financial relationships they destroyed and subsequent business UBS lost due to this upper management decision.

I am still upset and bitter today, maybe I need therapy, but I misplaced the 1-800 number. Ha !
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trmn8r on 05/19/2013:
Your account may have been moved because of its total value and/or the annual brokerage fees it generated. If that was true, they should have just told you.
madconsumer on 05/19/2013:
sounds like the letter was more of an informative.
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UBS and Merrill Lynch are Companies Practicing Unethical Behavior
Posted by on
Rating: 1/51
Stay away from UBS and Merrill Lynch unless you like to give away your money to unethical companies who practice "bait and switch" tactics to improve their income at your expense.

UBS is yet another investment company I have had terrible service. When I switched from Merrill Lynch several years ago to UBS, I did so because Merrill Lynch did a similar practice as UBS did. I left Merrill Lynch because shortly after transferring funds to them I was notified I no longer could contact my local investment advisor because I was now assigned to a national office in another state. It was a horrible "bait and switch" experience. I made it clear to UBS why I was moving to them and for the first few years it went very well.

Then, just like Merrill Lynch, I was notified my account was transferred to a national office in another state and I could no longer see my local advisor. I was even given the name of an advisor but coincidentally could never reach them. They assured me their advisors were all licensed, but my response is I wanted more experience than someone that may have got their license the day before. I let UBS manage my funds (and of course paid a fee for it) but no changes ever occurred and the account performed poorer than other accounts I had. I finally had enough when they notified me they were going to start charging a $95/yr maintenance fee in addition to the $75/yr annual fee they were already charging.

Then when I closed the account they not only charged a $95 transfer fee (which I expected) but they also charged a $75 annual fee again even though they just charged it in December. When I called they said they do not prorate the annual fee. i.e. if I would have closed the account Jan 2nd they would have charged a $75 annual fee for doing nothing.

I am a firm believer in earning an honest living for providing good service. UBS and Merrill Lynch are not such companies and do not deserve to be in business. I want to get this message out to everyone I can.
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UBS-Incompetent or Crooks
Posted by on
PENSACOLA, FLORIDA -- Back in 1999, I moved my life savings (approximately $180,000)under George Felt (UBS-Pain Webber in Pensacola, Fl) to invest. I requested long term growth and moderate risk. In addition, I specified that I was not wanting to play the stock market.
Within about a year, Felt's guidance had lost over a hundred grand. When I questioned him about the lose, his only response was that the market was just down. I couldn't sell the "crap" he had invested into because I would have taken a tremendous loss. So, I waited, and I waited.
By 2004 ( I believe), Felt had bailed UBS or been terminated. I don't really know. I suspect the latter, since his investment guidance for me "sucked."
By 2008, my investment plan with UBS was worth about 115 grand, and I had experienced enough professional advice. A new UBS "hot shot" ( dressed in a 500/dollar suite)wanted me to purchase an annuity from him. My wife and I told him tanks but no thanks and moved what was left into CDs in a local bank.
In my opinion, stay away from anything associated with UBS or George Felt. Neither will make you money.
It is my understanding that UBS investments have changed their name or sold that part of the business. Imagine that?
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trmn8r on 04/12/2011:
A lot has happened since 1999. The tech bubble burst, and then the recession around the time you bailed out. You don't state what your money was invested in, and whether or not the UBS advisor avoided stocks per your direction.

Are you still in CD's? The interest rates have gone to pretty much zero. I find it interesting that apparently almost 3 years after you bailed you are now writing a complaint.
getoverit on 04/13/2011:
If the UBS advisor had avoided stocks completely, then it's hard to see why the portfolio was impacted when "the market was just down".

The OP had requested long-term growth. Most planners and brokers, rightly or wrongly, equate long-term growth with growth stocks. So, expecting long term growth without participating in the stock market is a pretty tall order.

But we don't really know what George Felt ws supposed to be. If he is a financial planner, I would say what he did was pretty typical. They allocate portfolios according to a client's wishes and other things like their age, goals and risk tolerance. If the cient says he wants growth, a significant portion of the money goes into growth stocks. If the market tanks the next day, they say "the market's down right now, but you're in this for the long-term, so don't worry about it".

"I don't have a crystal ball", is the classic line.

If the guy's a broker, then he's even less accountable for your portfolio's performance.

Either way, he gets his cut, whether you win or lose.

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Unsolicited Margin Loan
Posted on
Rating: 1/51
MINNESOTA -- We ended up with an unsolicited Margin Loan through UBS shortly after selling a small amount of our stock. We had to look up what a -Margin Loan.
We were given the runaround about it and were ignored. This was a liability needless to say and were down $1,417. Finally got our stock out of UBS' oily hands with the help of a financial adviser. I strongly discourage doing any business whatsoever with UBS. They are unprofessional and dishonest.
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UBS Scam!!!
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WEEHAWKEN NJ -- UBS Services has recently ripped me off in a huge way! First of all, they began by categorizing my account as a "low balance" account. Then they supposedly sent me a letter(which I never either received, nor read), expressing their intent of adding extreme and unwarranted fees which accrued on apparently a monthly basis. The crux is, that they-after about one year have taken not only the five hundred dollars but kept the account open to keep accruing interest on account already "under water"-and according to them, I OWE THESE SLIMEBAGS money. This is A TOTAL SLEAZEBAG way of stealing money from unsuspecting investors-in order to maximize profits. These people STOLE MY MONEY-in a way no different than if they robbed me at gunpoint! Disgustedly, MR
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Weedwhacked on 09/14/2010:
Unfortunately they're probably protected under some clause in the agreement you signed that you're not aware of. Good Luck.
shootingstar1284 on 09/14/2010:
Most brokerage accounts have an account minimum. With the amount of work it takes to manage your account, it's almost not worth having an account if you don't maintain a certain number of holdings within it. You should look over the fine print, I'm certain there is something that says you have to maintain a level of business or you will start incurring extra fees.

Also, unless you specifically ask them to close your account, I don't think they legally can. You would need to discuss that with your representative. Again, I assume there may be something in the fine print regarding this procedure.
Obsfucation on 09/15/2010:
Why didn't you close the account the first time you got a fee?
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