My husband transfer his Vanguard IRA to Sterling Trust. After receiving his first statement I didn't like what it revealed. There was an outrageous charge for a management fee of $564.36 plus other deductions that were not mentioned and within four months of this transfer we had to pay a storage fee of $125.00. On top of that after receiving the quarterly statement I called and spoke to my husband's agent. I questioned why my husband lost so much money so fast. His reply, "Oh don't go by the statment they are not accurate." I then asked why is the company mailing out false information and wasting paper. What is the amount?" He gave me some run a round story that I couldn't comprehened. I received a phone call from his manager Charlie. This was following a complaint he had read that I wrote on a website regarding Sterling Trust informing other investors there were other companies offering lesser fees. I also named the other companies. Charlie said he would give us back 1/2 of the management fee. This was on 3/26 and today is 10/16 and still no refund. I asked why we were charged a yearly fee when it was only four months. I was told new management made this ruling. I also asked Charlie about the quarterly statement and he said it is correct. Charile claims we are not really losing that amount. The value has to do with the selling. All I can witness is the quarterly statements going down and down, fees for this and that. My husband plans to withdraw his IRA from Sterling Trust. He rather have an IRA with a bank giving 1% interest and know he money is growing even at a slow rate than losing it to Sterling Trust. This company is really trained in convencing you to purchase and once you do what they say doesn't make any sense and are nothing but lies. Sterling Trust doesn't have a website where we can view our investment to witness the ups and downs. When we call and talk to Charlie all he does is make our head spin because he to talks in circles.
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