UBS Financial - UBS and Merrill Lynch are Companies Practicing Unethical Behavior
Investment Account - Complaint
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.