I opened a SEP IRA account with Lincoln Financial Advisors in 1999. At the time, I was assigned a financial advisor which left the company. My account became an orphan. The company failed to contact me and let me know A) that I no longer had a financial advisor B) there was no one to manage the investments.
As a result, the value of the investment got lower and lower with no one maintaining this account. The big problem is that I am being charged for services I have never received. It took me weeks to get ahold of someone that can provide any information on my account since there was no assigned advisor. When I finally spoke to someone, they told me that my account was a house account and it is just tough that my investment is gone. This is rediculous.
If everyone invested in retirement with this company had the same experience which I got confirmation that lots and lots of individuals lost their investment because of two market downturns! Then people will have to start living on streets when they hit the retirement age!!! There seems to be no accountability on the company's part to manage their clients funds.
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