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Consumer Complaints

BBB Accredited Business since 04/16/2012

Raymond James & Associates, Inc.

Phone: (407) 246-8885Fax: (407) 648-5942

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Customer Complaints Summary

2 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues1
Problems with Product / Service1
Advertising / Sales Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints2

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (2)
03/19/2015Billing / Collection Issues | Read Complaint Details
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Complaint
April 3, 2009 I bought some bonds with the help of Mr. **** C ******* a financial advisor for ****** ****** at the time. That's where my account was held for NO ACCOUNT MAINTANCE FEES until Feb 2013 When Mr. **** * ****** changing job to Raymond James Associates. My account from ****** ****** merged with him to his new job at Raymond James Associates.Now Raymond James imposed a $50.00 annual maintance fee in which I have no say in the merger when he took his new job and moved my account with him. I was told to sign up for electronic statement, then this fee could be waved. I did signed up, but still being charged the annual fee. Mr. **** C ****** then informed me there is a list of exceptions. My type of account did not make the list of all the accounts are exempt from being charged the Annual Account Maintenance Fee.I still have 4 more years before the bonds matured. It will cost me $200.00 total for the next 4 years, so I decided to look into TRANSFERING MY ACCOUNT TO OTHER BROKER WITH NO FEES.When I asked ********* will there be any transfer fee to get out of Raymond James, verbally told me NO FEES. When I emailed him to confirm that, this what he EMAILED "Since the money is not in Raymond James you will not pay any fee. " It is a Municipal BONDS from CALIFORNIA. His solution was to sell the bonds and let him invest on a Hybrid Annuity. On Wednesday, January 29, XXXX XX:XX AM, **** ****** ***********@RaymondJames.com wrote:***, The annual fee is just $50 a year. I do not know where did you get $200? One possible solution is selling the bond and together the proceeds from the bond and the money that you have in the Commonwealth Annuity we can invest on a Hybrid Annuity. I can explain you the difference. Since the money is not in Raymond James you will not pay any fee. The rationale behind this fee is all the work which represents reporting to the IRS, in terms of manpower and documents. Again we can exclude them if you have a direct account in an Annuity and Raymond Jame
Product_Or_Service: CALIFORNIA MUNICIPAL BONDS

Desired Settlement
I have decided to transfer my account to CHARLES SCHWABS B/C there is NO MAINTENANCE FEES THERE.July 2, 2014 Raymond James charged me $100.00 for DELIVERING FEES. (stated on the statement)(Mr. ********* solution was selling the bond and invest on a Hybrid Annuity, since the money is not in Raymond James I will not pay any fee)I believed I was misleading by Mr. ******* and for this reason, I request that Raymond James reimburse me the rather EXCESSIVE DELIVERING FEES of $100.00.Thank you. KL

Business Response
Contact Name and Title: ********* *****
Contact Phone: XXX-XXX-XXXX
Contact Email: ***************@RaymondJames.com
The Compliance Department of Raymond James & Associates, Inc. is in receipt of the consumer complaint referenced above.

Please be advised that pursuant to our obligations under the rules of the Financial Industry Regulatory Authority ("FINRA") we will conduct a detailed review of the issues raised and provide the consumer with a written response. However, we will be unable to provide the BBB with a copy of the resolution as we would be in violation of our requirement regarding the protection of the consumer's personally identifiable information.

We anticipate providing the consumer with a response in approximately 30 days.

Please feel free to contact the Compliance Department of Raymond James & Associates, Inc. with any questions you may have.

Thank you.

Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I am still waiting for RMJ to tell me what their decisions are. At the moment, I can not state that I am happy with their response, but i am willing to wait ,pending their investigation.

Final Business Response
Please note that we provided a written response to Ms. ** on January 12, 2015 and again on January 27, 2015. Our response to the client stated that RJFS will not refund her account closing fee as this fee was fully disclosed to the client in her new account documentation. If you need further information, you can contact me directly at XXX-XXX-XXXX.

Thank you,

**** ******
Compliance Specialist
Raymond James Financial

Final Consumer Response
From: *** **
Sent: Wednesday, March 11, 2015 3:26 PM
To: ******* ******
Subject: Re: BBB Complaint Case# ******** (Ref#XXX-XXXXXXX-XXXXXXXX-XX-XXXX)

FYI....I Took my complaint to FINRA Feb 06, 2015. I got my refund from RMJ Feb 26, 2015. It was just the principle. I wanted to thank you for trying to help me......KL

06/11/2015Problems with Product / Service | Read Complaint Details
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Complaint
Excessive fees charged
I have had five investment accounts with Morgan Keegan since the late 90's. Raymond ***** purchased / took over my accounts over a year ago. Immediately they started charging fees, $100 on my joint account & $50 on 4 different Ira's which had never been an issue with Morgan Keegan. I discussed with my broker, ********* & he had the charges of $100 returned back to my account & the Ira charges dropped. This year they deducted $100 from my investment account & I decided it was best to move my accounts. When the transfer occurred they deducted $150 from each of my four IRA's & an additional $100 from my investment account. Effectively they took a total of $800 from my accounts without any notice. I pretty sure its a felony in Ga. if you steal over 500 dollars.

Desired Settlement
When you had accounts with someone for over 15 years there should not be any charges for closing accounts when the deal is changed.

Business Response
It appears that the client received the attached Raymond James Welcome Guide in January 2013. This Welcome Guide provided full disclosure of the fees associated with maintaining and closing accounts. It also informed that there was a grace period to close accounts without incurring a fee during the conversion of accounts from Morgan Keegan to Raymond James. Specifically,

"If you elect to opt out of this transfer within the 30 days of receiving the Welcome Guide the Raymond James account transfer fee will not apply. If your account transfers to RJA and you later decide to transfer your account to another firm, an account transfer fee of $100 will be charged. Please see the "Account services and charges" section for additional information."

As the 30 day grace period has lapsed, we regret that we will be unable to waive the transfer or termination fee associated with the accounts.

Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
It must have been mighty small print in the welcome kit. I assure you if you told me in noticeable print you would charge $100 to close an account I would have transferred right then. How do you explain or justify charges for each of the 4 IRA accounts an additional $50 each on top of the $100 closing fee?

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I opened my investment accounts with ********* at some point in the 90's. He was my broker through a couple of investment houses. He was still my broker when I closed the accounts with Raymond *****. When the change overs occur I would just ask if everything was ok & depended on the broker to advise. As I said earlier the first year he had all charges added on by Raymond ***** dropped ( $100 inv. account & 4 IRA @ $50). collectively my accounts were over a 1/4 million & prior to 2008 much higher than that. When they deducted $100 dollars from my account for writing two checks & I received notices that all 4 IRA accounts were going to billed $50, I moved the accounts before the due date for the annual fees, which for 18+ years were never charged to any of my accounts with my broker. What Raymond ***** did was collect the $50 ahead of the due date & also charged $100 additional for closing the IRA accounts. People should beware of an investment company that are this money hungry to reverse their broker commitments to their customers.

Final Business Response
Based on our review, we have found that the fees related to these accounts were charged in accordance with the fee schedule disclosed to the client. While we regret any dissatisfaction, based on the foregoing, we do not intend to take further action and consider this matter closed.

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