I was an investor with World Group Securities (WGS) from first with a ROTH IRA and then later, converted that to mutual funds. Like other investors, from about 2007 to I watched my investment steadily go down the drain. Every quarter was a decrease, never an increase.
Finally, I said enough is enough, and told my representaive with WGS to cash me out. He told me I could transfer my funds to a "savings account" with WGS, which I did. The day before the transfer, he told me what my balance was and I said OK let's do it. Lo and behold, the very next day my balance was $900 less than the day before.in other words, WGS took about one-tenth of my entire balance and flushed it down the toilet. That's just not right. Never before had they used up so much of my money in one lousy day! Is it just a coincidence that this $900 loss came on the last day that it was a ROTH? I think not.
That's not all though. I did not find out until year's end that this so-called "savings account" paid ZERO interest for one whole year and then they had the nerve to charge me $10 for the privledge of holding my money for a year. Had they disclosed that zero interest account to me upfront, I would have just cashed out and put it into my bank savings account and at least make 3% interest. I once again contacted my representative and told him I wanted to cash out. Then I was told I'd have to pay approximately $180 fee to cash out MY money.
During this whole economic downturn, WGS has done NOTHING to protect their customers assets. Their reps continue making the same commissions; they continue going to conventions to party at our expense, and they refuse to waive any fees. They would much rather haver a customer walk away unhappy than to lose even a $5 fee.
I know my money is lost, but I hope I can save other clients from going through what I did with these people at WGS. Stay away from them!
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