BBB Accredited Business sinceFind a Location
Phone: (650) 312-2000 Fax: (650) 574-5012 1 Franklin Pkwy Fl 1, San Mateo, CA 94403
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This company offers financial services.
A BBB Accredited Business since
BBB has determined that Franklin Templeton Investments meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.
BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.
Reason for Rating
BBB rating is based on 13 factors. Get the details about the factors considered.
Factors that affect the rating for Franklin Templeton Investments include:
- Length of time business has been operating
- Complaint volume filed with BBB for business of this size
- Response to 3 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||2|
|Total Closed Complaints||3|
Additional Complaint Information
Franklin Resources, Inc. (NYSE/BEN) is a diversified financial services organization whose predecessors were established in 1947. Through its operating subsidiaries, the company provides
a variety of investment products and services. Franklin's primary business is the underwriting and management of the more than 400 billion dollars in assets.
In 1992 Franklin acquired the Templeton Family of Funds. Founded by Sir John Templeton in the 1950's, the Templeton Funds focus on international equity investing. On November
1, 1996, Franklin Resources acquired Heine Securities Corporation, the investment advisor for Mutual Series Fund, Inc. Mutual Series focuses on domestic equity investing. Further information on any of the Franklin Templeton Funds, ncluding a prospectus, may be obtained by writing to the company at the above address or by calling 1 (800) DIAL BEN.
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Type of Entity
Business ManagementMs. Holly Gibson, Corporate Communications Mr. Leon Mulgrew, Director
Number of Employees
Service AreaThis business service area covers: Internationally
Alternate Business NamesFranklin Resources, Inc.
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Complaint Trends - Last 3 Years
Customer Review Trends
BBB Customer Review Rating plus BBB Rating Overview
BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.
|Customer Review Experience||Value|
|Positive Review||5 points per review|
|Neutral Review||3 points per review|
|Negative Review||1 point per review|
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|1/12/2016||Problems with Product/Service|
|11/20/2015||Problems with Product/Service|
Read Complaint Details
Complaint: I have been attempting to liquidate an account since August. I have submitted all the proper forms and yet there have been numerous delays. I initially tried to liquidate an account in August. I promptly received a check which I could not cash because it was made out to my exhusband as well as to myself. I called and was told to complete an "account options form" which needed to include my bank information for the deposit and it needed to be signed by both myself and my ex. These signatures needed to have a signature guarantee stamp which apparently can only be done by a bank manager. We received the needed form and completed it and returned it as requested. When a few weeks had passed and I received no deposit, I called to find out why. I was told it would be taken care of and I should receive my money soon. After another couple week, there was still no deposit. I called again and was told that the money was reinvested. I also received a statement at that time that indicated that since the reinvestment, the account was worth $2600 less than the amount it was worth when I initially close it. I asked why it was reinvested - who in their right mind would do that - and I was simply waiting for the money that was owed to me. The representative asked me if I had been specifically told that I would receive the first amount, and that it would not have been reinvested without my instructions to do so. I told him that I would never have given those instructions. He said that a review board would have to retrieve my recorded phone conversations and determine if that was indeed the case. This would take 5-7 business days until I would find out what their ruling was on the matter. After about two more weeks, I called again and was told that I was correct, and I would be wired the amount that was first agreed upon. He went so far as to tell me to check with my bank as early as that afternoon and certainly by the next business day. After another week, there was still no deposit so I called again and was told it had to go through another department and be approved. This should only take 2-4 business days. The following week I called again. I was told the review department had so many cases to investigate and they were unusually busy. I called again the following week. I was told that they were probably so busy because of the upcoming tax season. The representative assured me though that he brought it to their attention, and it should just be 2-3 more business days. Tonight - Feb 25 - the same rep called me back and said that the department is requesting a letter of instruction stating that both my ex husband and myself want the deposit of this money into my account. This is what the account options form was supposed to achieve. Both signatures need to be "guaranteed" by a bank manager, which is a feat in itself, let alone explaining all of this once again to my ex who is not that easy to reach. I am going to attempt to accomplish this. However, I think this protocol is ridiculous and I have doubts as to whether or not I will ever see this money. My case number given to me tonight is XXXXX-XXXXXX. Formerly, my research case number was XXXXX-XXXXXX. I don't know why I should have two case numbers. I sense there is fraud involved. The representative primarily handling my case is ******* ******** He seems genuinely interested in helping me, but there has been no progress and I would like my money now, after all this unnecessary communication. I must say I was less than pleasant with him during our last conversation. The amount owed me is $56,510.49
Desired Settlement: I would like the full amount of $56,510.49 deposited into my account as quickly as possible. This should have been done months ago.
Business Response: Initial Business Response /* (1000, 5, 2014/03/05) */ Once the consumer provided the required transfer documentation, the consumer's account was closed and the funds were distributed in accordance with the instructions. Final Consumer Response /* (2000, 7, 2014/03/06) */ (The consumer indicated he/she ACCEPTED the response from the business.) The company did finally distribute the funds, but I suspect their action was due to prompting by my BBB complaint. The process was repeatedly stalled, and the demands for "required transfer documentation" was completely excessive. I seriously cannot understand why this matter needed to be reviewed at such length by 3-4 different committes and/or departments. So yes, I eventually received my money, but it should not have taken six months. I would never recommend this investment company to anyone.