Financial Network Investment Corporation Complaint - Negligent Account Handling + Atrocious Problem Resolution
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.