Posted by RH
Haste makes waste. BOA took over ML right around the crash, and then there was the walkout of brokers to the Swiss bank. My ML broker was suddenly swamped. I felt he no longer had time for me. At a friend's suggestion, I jumped and moved the account to Mark Fortier in North Carolina. I told him I did not want 4 funds sold, I had class A shares. That he could unload the other 3 and put them in the Advisory Solutions account. He kept at me to put it all in there and I finally agreed. I did keep track of what the old funds did in regard to the Advisory. After 9 months, there was about 100,000 difference. I started showing discontent. Finally, 4 months later, 2/11 the difference was about 150,000. I really started questioning things, I was told how great the Advisory was and how it would beat my old holdings. At that point he told me he could no longer handle my account. That very day, I moved to a local EJ office with the understanding that I was going back to ML within a week. The secretary asked me to please speak to her boss.Gary Barbara, I met with him. It was a disaster, he wanted me in annuities and sorry funds. I was about to walk, he asked me for another chance. I told him exactly which stocks I wanted, and finally he agreed. But he branched me out some. He sold me on TEF, STD, TOT, because of the higher dividends. He was not aware of the foreign tax. I was not either. He also sold me on GTY, 2 months earlier they lost their largest lease. Within a few months, all his recommendations plunged, value and dividends as well. Fortunately I had my suggestions to hold the account up. In the end, his secretary told me it is best to move the account. From what I have experienced it is all about the commissions and fees. I am leaving EJ, fortunately I still have money.
I have left EJ and filed a complaint with them about the 2 mentioned brokers. They offered no resolution. Mr. Barbara's office suddenly closed a few months ago, and I understand he is no longer with the company.
