545 Group - Morgan Stanley

Apr 2024

Had some administrative things to take of. My employer did business with them which is why my assets were there. They're unfriendly if your not a client and giving them 1%+ of AUM per year. To be fair, they handled my issue successfully.

Oct 2020

Andy Chase at Morgan Stanley is unscrupulous. He signed a contract and charged double the fees and I needed to initiate litigation. He also proposed a stock that was based on a presentation to him that was fabricated and has been down 100% (yes I lost $50,0000 plus). Other mismanagement on his part was very low returns-- sometimes half as much as the S+P-- for which I could have purchased an equity fund with no fees and doubled my return .

Aug 2019

We had an account here for many years. When we hadn't gotten a statement for two years, we tried to contact our financial advisor who was based in the Salt Lake City office. It turns out that office had been closed and our advisor was no longer with the company. We have been paying account management fees all along - so who has been managing our account? They have a call center who would not talk to me because I couldn't adequately substantiate my identity. I called the Menlo Park office but the receptionist would not let me speak to an advisor, cut me off and transferred the call back to the call center. I wanted to speak with the manager at the call center, but he never called me back. A month and five calls later we had gotten nowhere with the call center. Eventually we went down there in person to the Menlo Park office, demanding to speak with someone - they had our money! Finally were able to speak with someone, who was very understanding. We got our assets transferred out of the Morgan Stanley account and the account was closed. Wait, we should have asked them if they had a satisfaction guarantee, like Schwab. How much for equity trades? What are you teaching these kids anyway? Haha - perfect analogy for these jerks. Not impressed. Stay away.