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As a longtime account holder with Morgan Stanley, I trusted my investment account manager to be looking out for my interests. That worked until he got greedy. My account was made up of a managed portion and a portion that was not managed. My advisor sent me documents and called to say he was going to make sone changes in the managed part of the account that would benefit me. The documents stated that nothing would be done without my written or verbal permission.

The advisor then SOLD all my assets, including the stocks and funds not in the managed part of the account and put the money into MS mutual funds all in a managed account. The quarterly management fees doubled, the investments projected to generate dividends equal to about only half of the annual management fee. My account was headed down. My account manager then left the company and went to work for Well Fargo. He asked me to move my account there apparently so he could continue to screw with my investments to his financial advantage.

I contacted MS, told them about the problem and told them I didn't want my funds in a managed account any longer. I also asked for records indicating I had given permission to liquidate my unmanaged funds and move the proceeds to a managed account. They could not show me any proof. They did, however, offer to refund all management fees from the previous year if I agreed to smile and not take any legal action ever. They denied that any wrongdoing had taken place. MS sucks and I will be moving on. Be forewarned, MS allows, even encourages, unethical behavior in their account managers if it benefits the company.

Reason of review: Poor customer service.

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Guest

Was your account at MS in Walnut Creek, CA? If so I would like to talk to you. I can be reached at jim.55@***.com.

Guest

I contacted MS via "Client Advocate" three times as well as two letters to the CEO without the courtesy of an acknowledgement. I believe MS is not interested in the small investor.

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