My RIA changed my Custodian - advice?

[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)

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

 

[Sarah in SC]

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.

 

[old school]

Thank you

It is just really scary having all your retirment monies with a company you have never heard of ...

 

[thefinancebuff]

I have been with my Registered Investment Advisor since 2008. She had been using TD Ameritrade and now switched to SSG (Shareholders Service Group)

Did the money move without your knowledge or consent? What if you said you didn't want to move?

 

[FreeAtLast]

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.

 

[jIMOh]

The arbitration clause is usually an industry standard.

 

[joshm34]

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

 

[2B]

Why are you using a RIA is a better question.