"Lost" Roth IRA checks (payment, rent, commercial, fee)

[GCPA]

Originally Posted by Lowexpectations

Well you couldn’t be more incorrect #1 as I’ve worked my entire career in the industry. Secondly you don’t know if this guy works for a broker dealer or is registered rep for that matter. Our advisors aren’t allowed to be in the process flow of handling checks at any point but that point aside we also aren’t taking in checks and then sending them to another company to be deposited either. Lastly you said there is proof the checks were written but in fact there’s no way for you to actually know this.

If you read the op's original email, the rep received them and forwarded them to the investment firm. They weren't lost at op point of mailing. They were lost between reps office and where the actual account is held. I would say that sounds like proof to me. We take in checks all the time from clients and then forward them to the appropriate investment sponsor. Clients are just more comfortable doing it this way. Not a novel way of doing business.

[Lowexpectations]

Originally Posted by GCPA

If you read the op's original email,

I don’t see an email that the op presented

the rep received them and forwarded them to the investment firm.

Do you know who this rep is or who they work for? Do you know where the checks were forwarded? IF you dont it’s a bit difficult to to say if anyone on the chain of custody would honor the 4/15 deadline

They weren't lost at op point of mailing.

And that could be entirely irrelevant

They were lost between reps office and where the actual account is held.I would say that sounds like proof to me.

And yet you don’t know who the rep is, if they are registered, if they are actually a financial advisor and on top of that you don’t know of any “proof” that actually would substantiate or obligate a firm to honor the 4/15 deadline

We take in checks all the time from clients and then forward them to the appropriate investment sponsor. Clients are just more comfortable doing it this way. Not a novel way of doing business.

What firm do you work for that you don’t custody the assets and deposit the client’s money yourself? When you say clients are more comfortable doing business this way that’s certainly an opinion but this case here certainly would exhibit at least one large flaw with said route. Must be an RIA and even if that’s true you shouldn’t be handling checks at all

[allybunnie]

Originally Posted by mathjak107

if they don't show up though there is no proof there were ever checks cut in that case. even stopping the checks is no proof ...anyone can not ever mail checks out and fictitiously stop the check numbers making it lok like they attempted to pay something...missing is missing..

we do all our contributions on line ... i don't trust mail for a second today . mail box fishing has become so bad the police told the neighborhood not to mail checks anymore in local mail boxes .

bad guys are beaching the checks and changing the info on them ...they can take a long time to be reimbursed too . there are no protection laws and these checks are signed by you ..... so it has been a problem .

Crooks everywhere!! I'm so not happy about the whole situation. Off to the bank this a.m. to transfer most of the funds in that checking acct to a new one - I cant close it out completely because of course we have direct deposit thru work for our paychecks & until they transfer the DD to the new acct I am forced to keep this one open...otherwise the pay goes into cyberspace.

I do all of my banking etc...electronically....the only hard copy checks I use are just with someone in know personally, and of course this past April 15th when I had to pay the state more taxes

I'M taking over the contributions that get done on this...electronically...

[allybunnie]

[quote=Lowexpectations;54985228]I don’t see an email that the op presented

wasnt an e-mail...it was my original post

"Do you know who this rep is or who they work for? Do you know where the checks were forwarded? IF you dont it’s a bit difficult to to say if anyone on the chain of custody would honor the 4/15 deadline"

At this point this is my least concern......

"And yet you don’t know who the rep is, if they are registered, if they are actually a financial advisor and on top of that you don’t know of any “proof” that actually would substantiate or obligate a firm to honor the 4/15 deadline"

Financial advisor IS registered - came highly recommended - when we hired him we were looking for a fee only advisor - fiduciary ...said yes...of course AFTER he gets his initial fee and we fill out all the "paperwork" at our first full meeting after he reviews everything & wants to do his advising, he starts right away with trying to sell us on things - I say wait, arent you a fiduciary? Then he starts with the BS about how Connecticut wording/regulations on this are a grey area...needless to say, we backed off with doing anything with him except the bare minimum. Told us we really needed/should do the IRA contributions thru him so they get processed correctly...um yea OK...that worked fine for 2 years until this crap happened.

Now that this is an issue & I'm questioning him on why he used the mail option & not the electronic transfer option, its "well Ive never had this happen in the 10 years Ive been doing this & I didnt think of doing it electronically...that process is all kind of new" - hmm ok..NOT....so I respond you do realize how much of an issue/problem this can be, correct?...response: "Just monitor everything & tell your bank to put an alert on your account" - hmmm...yea ok...so I think I'll just take over doing all of this myself...is there a reason you still need to be involved? response: "I would be doing it as a courtesy to you"

Because we didnt buy into any of his options choices after we hired him, we are super low on his need to care about anything. I may not be a college educated FA, but I'm smart enough to know this guy is NOT touching any more of our "stuff" nor is any other FA ...Yup, I'm pretty sour on FA's right now...

[Lowexpectations]

[quote=allybunnie;54987917]

Originally Posted by Lowexpectations

I don’t see an email that the op presented

wasnt an e-mail...it was my original post

"Do you know who this rep is or who they work for? Do you know where the checks were forwarded? IF you dont it’s a bit difficult to to say if anyone on the chain of custody would honor the 4/15 deadline"

At this point this is my least concern......

"And yet you don’t know who the rep is, if they are registered, if they are actually a financial advisor and on top of that you don’t know of any “proof” that actually would substantiate or obligate a firm to honor the 4/15 deadline"

Financial advisor IS registered - came highly recommended - when we hired him we were looking for a fee only advisor - fiduciary ...said yes...of course AFTER he gets his initial fee and we fill out all the "paperwork" at our first full meeting after he reviews everything & wants to do his advising, he starts right away with trying to sell us on things - I say wait, arent you a fiduciary? Then he starts with the BS about how Connecticut wording/regulations on this are a grey area...needless to say, we backed off with doing anything with him except the bare minimum. Told us we really needed/should do the IRA contributions thru him so they get processed correctly...um yea OK...that worked fine for 2 years until this crap happened.

Now that this is an issue & I'm questioning him on why he used the mail option & not the electronic transfer option, its "well Ive never had this happen in the 10 years Ive been doing this & I didnt think of doing it electronically...that process is all kind of new" - hmm ok..NOT....so I respond you do realize how much of an issue/problem this can be, correct?...response: "Just monitor everything & tell your bank to put an alert on your account" - hmmm...yea ok...so I think I'll just take over doing all of this myself...is there a reason you still need to be involved? response: "I would be doing it as a courtesy to you"

Because we didnt buy into any of his options choices after we hired him, we are super low on his need to care about anything. I may not be a college educated FA, but I'm smart enough to know this guy is NOT touching any more of our "stuff" nor is any other FA ...Yup, I'm pretty sour on FA's right now...

Just because someone has a fiduciary responsibility to you doesn’t mean they can’t make an attempt to sell you anything. Another positive experience with ria/independent fee only

[allybunnie]

[quote=Lowexpectations;54989808]

Originally Posted by allybunnie

Just because someone has a fiduciary responsibility to you doesn’t mean they can’t make an attempt to sell you anything. Another positive experience with ria/independent fee only

another reason I'll take a pass on anyone...!!

[Lowexpectations]

Originally Posted by allybunnie

another reason I'll take a pass on anyone...!!

Well a dose of personal accountability is probably in order as well. There was plenty of time to recognize there was an issue and take steps to correct it

[allybunnie]

Originally Posted by Lowexpectations

Well a dose of personal accountability is probably in order as well. There was plenty of time to recognize there was an issue and take steps to correct it

Why? Because after we decided to not "buy" anything in his "investments" last year & there were no issues with the Roth contributions until this year? Hmmm because suddenly it appears that because we didnt buy anything we're low on the totem pole with the FA? Because I didnt call him & fire his sorry ass? Hmmmm I was supposed to "predict" the disinterest on his part in owning up to his mistake this year? Yeah...shame on me...

I am taking personal accountability to pick up the pieces where someone else failed...Ive got this....been to my small hometown bank..together we have come up with a plan of attack on the resolution..for this problem & going forward..thanks for your concern though!!

[Lowexpectations]

Originally Posted by allybunnie

Why? Because after we decided to not "buy" anything in his "investments" last year & there were no issues with the Roth contributions until this year? Hmmm because suddenly it appears that because we didnt buy anything we're low on the totem pole with the FA? Because I didnt call him & fire his sorry ass? Hmmmm I was supposed to "predict" the disinterest on his part in owning up to his mistake this year? Yeah...shame on me...

I am taking personal accountability to pick up the pieces where someone else failed...Ive got this....been to my small hometown bank..together we have come up with a plan of attack on the resolution..for this problem & going forward..thanks for your concern though!!

You sent the checks at the first part of April and then two weeks later someone else had to call you to let you know there was a problem after the 4/15 deadline. There very easily could and should have been some follow up on your side. It has nothing to do with anything else you replied with.

[PriscillaVanilla]

Let me guess.

Edward Jones or Merrill Lynch.