Merrill Lynch Review

2.3/5 - (3 votes)

This is an archive of a consumer complaint published against Merrill Lynch at DirtyScam.com-

 

Business Details –

  • Name: Merrill Lynch
  • Address: Federal Street
  • City: Boston
  • State: MA
  • Phone: (617) 946-4000
  • Website: http://ml.com
  • Reported Loss: 4387 $
  • Severity of Scam: Medium

 

Original Complaint against Merrill Lynch published at DirtyScam.com says, verbatim –

 

So I was tired of getting 0% on my cash. I went to ML asking for an investment targeting the Dow with a weighting toward dividends.I hoped to watch this for 5 to 10 years so I’d know it would be right for retirement.I emphasized this was to be “safe” money focused on the Dow.They invested me in a dividend focused fund and explained it was focused on the Dow.After 3 years of under-performance by as much as 15%, I asked why they were not tracking the Dow.They explained they put me into a dividend maximizing fund and NOT a Dow focused dividend weighted fund.I took them to small claims court. They said I should not have trusted my advisor.It was up to me to read the prospectus to know what I was buying.Why have an advisor if they aren’t going to put you into what you ask.I do not advise going to Merrill Lynch OR Driscoll Decanto. Obviously they do not understand how to invest your money the way you ask.The outcome of my court case is public record and you will see it doesn’t matter what you tell your advisor, it is up to you to read the prospectus and understand what you as buying.

 

Merrill Lynch

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