IRA Vendor does not post client account holdings
Recently a vendor bought book of IRA accounts from another firm.
The new vendor lists my client’s names and provides total account values, but there is no breakdown of how the assets are held.
It just so happens that my own personal account was one of the accounts purchased. I can’t see my holdings as an individual investor either. Thinking I was just not looking in the right place on the website, I called the vendor for help. They told me that the holdings and values for each are not listed on the website or anywhere else for that matter. To get this information, you have to call the vendor call center and the customer service personnel will tell you what your holdings are and the value of each.
I thought they were joking, but no. When I complained telling them I thought it was absurd. Their response was “Sorry, we’re working on it!” The move happened around September 2023. Is this legal? Can they maintain your account and not provide a readily accessible way to view your holdings? Any suggestions on what to do? Or if this should be reported to someone or some agency?
Much appreciated!
Permalink Submitted by Alan - IRA critic on Wed, 2023-11-29 20:59
Does the client have a statement just prior to September from the prior custodian showing the investments?Does the new custodian present this as a temporary technical problem due to system integration or is there no target date for supporting normal account breakdowns? If the client knows what the holdings are and they are typical market holdings that any custodian would support, there is no reason to delay initiation of a transfer through a new custodian.
Permalink Submitted by MICHELE MEDUGNO on Tue, 2023-12-05 18:08
No specific target date for the holdings to available.Old statements not accessible from the old vendor. Agreed. I want to get these monies moved as soon as possible.I just think it’s incredible that they would buy this business, move the assets and not have the infrastructure in place to adequately service the accounts. I am not even sure that this is legal. I just don’t know to whom or if I should report it. Thanks so much for your help.