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My RIA changed my Custodian - advice?
06-13-2011, 05:34 AM
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#1
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Confused about dryer sheets
Join Date: Jun 2011
Location: sarasota
Posts: 2
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My RIA changed my Custodian - advice?
I have been with my Registered Investment Advisor since 2008. She had been using TD Ameritrade and now switched to SSG (Shareholders Service Group)
I know nothing about this company and all I could find on-line is that they are a smaller custodian in San Diego CA.
Anyone see a problem with this? The only thing that caught my eye in their contract was that they have a Arbitration Clause.
Also, my advisor's quarterly statements to me used to show her fees and now that is not shown. I am going to discuss that important fact with her but wanted to know if anyone had comments on SSG so I could discuss everything at the same time.
Thank you
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06-13-2011, 09:18 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
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You can check them out at finra.org but be sure to use their full name for the search.
They actually use Pershing for custody.
One fine for $12,500 for not documenting trades properly.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
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06-13-2011, 06:55 PM
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#3
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Confused about dryer sheets
Join Date: Jun 2011
Location: sarasota
Posts: 2
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Thank you
It is just really scary having all your retirment monies with a company you have never heard of ...
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06-13-2011, 09:42 PM
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#4
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Recycles dryer sheets
Join Date: Dec 2008
Posts: 299
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 Quote:
Originally Posted by old school
I have been with my Registered Investment Advisor since 2008. She had been using TD Ameritrade and now switched to SSG (Shareholders Service Group)
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Did the money move without your knowledge or consent? What if you said you didn't want to move?
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06-14-2011, 06:08 PM
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#5
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Full time employment: Posting here.
Join Date: Apr 2008
Posts: 702
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It does not seem like you were given proper notification of the change. I have two different IAs for my children's investments. I am always notified of any changes either procedural, staff or otherwise well in advance.
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06-17-2011, 12:33 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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The arbitration clause is usually an industry standard.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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07-12-2011, 10:24 PM
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#7
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Confused about dryer sheets
Join Date: Jun 2011
Posts: 3
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don't worry
I'm very knowledgeable in the RIA industry and SSG is perfectly safe. They offer the same investor protection as Schwab, TDA, Fidelity, etc.
Josh
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07-13-2011, 07:35 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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Why are you using a RIA is a better question.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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