ING Financial Planning Complaint - Poor Service / Unethical Advice
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.