ComplaintsforRaymond James & Associates
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
05/22/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Unanswered
My father had his IRA at LPL Financial and his girlfriend had been “recommended” to transfer the entirety of the IRA into another IRA at Raymond James (where she had her $$ invested) but was done so without his beneficiary designation. He was 4 days into hospice and two weeks prior to his death on 12/28/2022 when the transfer occurred (12/14/2022). The beneficiary split was 34% for me, 33% for my brother and 33% for his girlfriend *****. Claudia H**** who I initially spoke to at Raymond James stated the reason for the transfer was for “improved communication” for *****. When speaking to *****, she stated that the transfer occurred before the discussion of the beneficiary designation. They told her after the transfer that she could not apply his original beneficiary designation with the POA she had. Raymond James recommended that this be done without following my father’s wishes and therefore was not in the best interest of my father. With pressure, Raymond James applied the original beneficiary designation to the new IRA but randomly (or not) changed the split where ***** would receive the greater amount of 34% and my brother and I would each receive 33% respectively. Most likely, they were attempting to provide their client with just a larger share as I transferred my portion to another investment firm while ***** kept hers there with her other assets. Currently they are looking into the issue with the split, with no resolution yet, however this entire process from the start appeared to be done improperly and unethically and should be looked into. It has been three weeks and they still have not corrected the amount I legally should have received from my fathers IRA as per his beneficiary wishes. They have not given an update as of yesterday’s date when I emailed them. Each time they responded prior they only say that it is being worked on. Still waiting.
*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
BBB Rating & Accreditation
This business is not BBB Accredited
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.