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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

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues1
Advertising / Sales Issues0
Problems with Product / Service0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)BBB Closure Definitions
02/17/2015Billing / 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. **** C ****** 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 ******* ***** & 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 Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I do not accepted RMJ proposed resolution because RMJ failed to acknowllege that their agent is misleading me when he told me there is no fees to transfer out, and
RMJ refused to refund me $100.00 for what they called delivery fee when I transferred the account and don't want to do business with them anymore.

Final Business Response
Please note that we provided a written response to *** ** 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

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.