I had invested some savings with the former Advest brokerage in Springfield, MA some years ago. The advisor had put me into a backloaded mutual fund, my first mistake in trusting them... A few years ago Advest was bought out by Merrill Lynch, and then the raid on my humble savings really began!
First, they implimented a 189 dollar year "account fee." Never mind that I was locked into a high fee, back loaded fund to begin with. My current advisor suggested that I ride out the pain until the seven year backended load expired.
Two days ago I receive my account tax records, and discover several "MARGIN" interested charges were added, in addition to fees. Only after several phone calls was I able to determine that they were "borrowing" against my margin acct. (old Advest margin acct.) for the account management fees! I am losing more money in fees and interest than this acct. Would ever earn in dividends or fund returns. I intend to file a formal complaint with the SEC, and seek legal redress for the unauthorized margin charges. Beware of Merrill Lynch! As a client, you will be screwed over and hung to bleed money.
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