ING Financial Planning Complaint - Poor Service / Unethical Advice

Review by OhMyGosh on 2008-10-10
BUFFALO, NEW YORK -- My husband and I placed our retirement savings with Ing Financial Service out of Buffalo, NY. The FIRST piece of bad advice from them is that I could take early retirement, so I did. NOPE. I was too young and incurred 10% penalties. Our personnel office (SUNY) also told me the same thing. The SECOND piece of bad advice was to follow a program that the consultant wanted all of his clients in. How convenient and easy for him (at 1% fees) and how bad for everyone else. We all have different risk tolerance, other portfolios that might be an inappropriate mix with his program, and different investment motives (e.g. preservation of wealth vs growth). I told him I wouldn't participate in certain aspects of the plan (e.g. commodities, most of which he could not name except oil; I didn't want to buy corn and wheat).

My refusal really threw him a curve ball. THIRD, he had me put some money in a money market type fund- ELECTRIC ORANGE. After we were all done with the arrangements, I discovered I couldn't write checks off of the fund; I could only access my money through some weird ATM in some unknown neighborhood. FINALLY, just yesterday, I discovered that he had only put a small amount of interest from a bond fund into my checking account WITHOUT TELLING ME.

Having stopped my pension distributions to save on taxes, I had signed up for ALL of the bond interest to be added to my account so I could live on it. I WAS LIVID. DON'T EVER DO BUSINESS WITH ING, especially in Buffalo, NY.
Comments:3 Replies - Latest reply on 2009-01-29
Posted by steve101 on 2008-10-10:
Giving control to a financial adviser who also earns a commission is like going to the casino and putting all of your money down on the craps table. Its OK to pay for advice, but always use a fee only certified financial planner and never,never,never, let them handle your money. That you must do yourself, and always run any major change by your accountant.
Posted by woodsk1 on 2008-10-10:
You can say no, it is your money
Posted by OhMyGosh on 2009-01-29:
For some reason I just received the October replies to my ING complaint. Thanks for your comments and concerns. Please know that I DO know not to "give" my money to just anyone. The problem is ING is not voluntary for my husband and me. It is the only place we are allowed to park our so-called pensions and 401k's by state law (we are state employees). I wanted to warn anyone who can voluntarily avoid ING to do so.

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