ComplaintsforRaymond James & Associates, Inc.

• Initial Complaint

  01/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  I have repeatedly called Raymond James Bank requesting an explanation, in detail, of how the interest rate on my mortgage loan is now being calculated since the transition from LIBOR to CME Term SOFR. Also, there is conflicting information regarding my index rate. In their correspondence to me dated December 20, 2023 (which I did not receive until January 6, 2023), it has *******% as my index rate, but my account online shows ******% as my index rate. Also, I am continuously hung up on, accidentally disconnected, transferred to a survey recording, et al., by every single person I speak to @ Raymond James Bank. Specifically when I call their ******** phone number, not one single person there has any knowledge whatsoever & never understands anything I am asking them about. This has been an ongoing issue/problem for me for 12 years with Raymond James Bank. On Tuesday, January 9, 2023 I also called their main office in ******* & explained the situation to a man there, a so-called supervisor, & was told he would forward my concerns & questions to the most knowledgeable person who would be able to answer all of my questions. He said that I would hear back from someone that same day (January 9, 2023)Well, it is now three days later & still nobody from Raymond James Bank has reached out to me. As a ******************** I have the right to know, in detail, from the lender exactly how the interest rate on my loan is now being calculated. I did MY research trying to figure this out on my own, but it seems that all of Raymond James Banks employees (from customer service to supervisors to ones who claim to be knowledgeable about or specialize in ARM loans) could care less about their customers & cannot even make any effort to figure it out because, apparently, they know nothing about ARM loans, especially now that it has transitioned from LIBOR to CME Term SOFR. It is unfathomable that they could be so clueless & I have had enough of this company !!!

  Business response

  01/26/2024

  The Raymond James Bank Complaint Resolution Team has been made aware of the January 16th,2024 complaint from ************************* filed with the Better Business Bureau. Please be advised that Raymond James Bank Compliance will review the matter and respond directly to *************************. We appreciate you bringing this matter to our attention.

  Customer response

  01/26/2024

  Complaint: 21138995
  
  I am rejecting this response because:
  

  I have given Raymond James Bank (the lender) plenty of time prior to this complaint to respond to my questions asking for a detailed explanation of how they are now calculating my interest rate since the change to CME Term SOFR as of July 1, 2023. I have called numerous times & sent numerous emails. It should not take this long & be this hard for me to get a response from them !!!

  Sincerely,
  
  *************************, CSR

• Initial Complaint

  01/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  In 2020 *************************** died and I was appointed the executor. She had funds with Raymond James which were designated to be placed in the trust of *********************. Will, Court Documents were provided as well as lawyers speaking to each other. Raymond James instead used her SSN to open a new account for an estate. When requested to fix their error they have refused to abide by the will stating they need more money and lawyers. They refuse to respond to phone calls or emails. They than opened an account for the trust of ********************* but refuse to put the money in there after saying they would. I have gotten no response since September aside from a letter saying they are working. They have said the only option is to withdraw all IRAs and pay double taxes on them rather than doing the legal transfer they were told to do upon her death. I am requesting assistance in getting them to move the money to the *** provided so that I can transfer it to the new institution it was supposed to go to 1 year ago. The new place will not accept it because Raymond James has failed to abide by a will.

  Business response

  01/14/2024

  The Raymond James Dispute Resolution Team has been made aware of the January 12, **** complaint ***************************** filed with the Better Business Bureau. Please be advised that Raymond James will review the matter and respond directly to *****************  We appreciate you bringing this matter to our attention.

• Initial Complaint

  11/10/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  $250,000 of our money was invested through ************* private banking into *******. $10,000 instantly disappeared in fees/commissions. We gave instructions to them take the funds out of ******* and to deposit the funds into our bank account but instead they put the money into another investment firm Raymond James without our authorization and then sent us client relationship paperwork to sign. We told them we did not want the money reinvested into Raymond James and told them to put the money back into our bank account. They then took it out of Raymond James but never gave it back. The money is now not in any accounts and numerous requests for the funds to be returned have gone unanswered. I see that this is just one of many similar complaints about these banks/firms. Instead of investment firms they should be called divestment firms.

  Business response

  11/10/2023

  The Raymond James Dispute Resolution Team has been made aware of the November 10, 2023 complaint ************ and *************** filed with the Better Business Bureau. Please be advised that Raymond James will review the matter and respond directly to Mr. and Mrs. *********** appreciate you bringing this matter to our attention.

• Initial Complaint

  08/25/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My Aunt, *******************, has investments with *************************. My aunt passed away in June, 2023. I am her beneficiary. **** has ignored all inquiries from me for many months on how to start the process of securing these investments that I have inherited. I have a death certificate. I have called Raymond James and am told that I must work with *************************. I have written **** letters and I have sent him emails. I have left him voicemail messages. He does not respond at all! I have walked into his office and not a soul was in sight anywhere. There is a reception desk in his lobby with a phone on it to call ****. You call and get his voicemail. I left a message and have heard nothing. This company, Raymond James, appears to have no quality control or accountability.********************* ************************* **************************************************************************** T ************ F ************ Email **************************************************** Email ************************************************************** ********************************************************* VICE ********** ********************* BRANCH MANAGER, RJFS

  Business response

  08/28/2023

  The Raymond James Dispute Resolution Team has been made aware of the August 28, 2023 complaint Mr. ******************************* filed with the Better Business Bureau. Please be advised that Raymond James will review the matter and respond directly to ********************. We appreciate you bringing this matter to our attention.

• Initial Complaint

  08/17/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  January 17, 2022 my mother passed away. She had a CD account with Raymond *****. There are five beneficiaries to her account: I and my four children. Raymond ***** requested a death certificate in order to close her account. The death certificate was delivered. Time went by and they sent five page forms to all beneficiaries to fill out with very detailed information including social security numbers, occupations, annual income, addresses in order to "close her account and distribute the capital." Then a request for identification verification came in from Raymond *****. This was fulfilled. Then more death certificates were requested for the banks that held the CDs, this too was fulfilled. Meanwhile account statements kept coming in for my dead mother's account (which according to Raymond ***** had been closed). To date there has been NO capital distribution only statement so in effect it looks like they forced the beneficiaries to open new accounts which seems like a duplicitous action since the process was not explained to the beneficiaries. Note In June 2020 (two years ago) the total capital in mom's account was: $408,548.05 Just two years later it was: $230,421.64. What happened to all that capital ? The beneficiaries are asking for a possible audit and a final distribution of the funds. After all it has been eight months of not releasing funds. Legally can the beneficiaries charge Raymond ***** interest for the eight months of manipulating their capital funds? Account numbers: XXXXXXXX. I am enclosing copies of account statements.

  Business response

  09/01/2022

  Business Response /* (1000, 5, 2022/08/22) */ The Raymond ***** Dispute Resolution Team has been made aware of the August 19, 2022 complaint Ms. ****** ****** filed with the Better Business Bureau. Please be advised that Raymond ***** will review the matter and respond directly to Ms. ******. We appreciate you bringing this matter to our attention. Consumer Response /* (3000, 7, 2022/08/27) */ (The consumer indicated he/she DID NOT accept the response from the business.) The money that was raised from the CD investments created too big a difference in sums as shown by the almost 200K loss. CDs are not stocks that go up and down. Once a CD is bought the sum of the CD is locked in even though the interest rate may fluctuate. So the losses in these past transactions need a competent explanation. A financial planner is to do his best for the client as stated in the client and company agreement contracts. Otherwise the company exists only to rob the client. Business Response /* (4000, 9, 2022/08/29) */ The Raymond ***** Dispute Resolution Team has been made aware of the August 27, 2022 complaint Ms. ****** filed with the Better Business Bureau. Please be advised that Raymond ***** will review the matter and respond directly to Ms. ******. We appreciate you bringing this matter to our attention. Consumer Response /* (4200, 11, 2022/08/31) */ (The consumer indicated he/she DID NOT accept the response from the business.) It has taken the ****** family to get to this point of asking Better business's help. It has been 8 months of filling out paperwork, no real explanation for the dollar losses. The financial planner would give general dates of ending the paperwork requirements"a few months," "Six months" now it has been 8 months. Other financial institutions upon presentation of Death Certificates immediately released funds. Not Raymond ***** as I said weeks, months of different forms to fill out. Huge delays, huge losses, such an incompetent institution.

• Initial Complaint

  08/01/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Have had money invested with Gary Stringer at Raymond ***** Greenwood , IN for a few years. From January to May of this year our two accounts lost 26%. Stock market Dow Jones only down 14% . Total mismanagement of our account .

  Business response

  08/26/2022

  Business Response /* (1000, 5, 2022/08/04) */ The Raymond ***** Dispute Resolution Team has been made aware of the August 1, 2022 complaint filed by *** and Nell ***** with the Better Business Bureau. Please be advised that Raymond ***** will review the matter and respond directly to Mr. and Mrs. *****. We appreciate you bringing this matter to our attention. Consumer Response /* (3000, 7, 2022/08/14) */ (The consumer indicated he/she DID NOT accept the response from the business.) We have no faith that Raymond ***** will ever contact us. We originally called them , then we sent written. To date ( X-XX-XXXX) they have totally ignored us ! Not a very reputable company with your life savings , company . Business Response /* (4000, 9, 2022/08/17) */ We are in the process of analyzing this matter and will respond to Mr. and Mrs. *****'s concerns accordingly. Consumer Response /* (4200, 11, 2022/08/21) */ (The consumer indicated he/she DID NOT accept the response from the business.) The only thing we will except from Raymond ***** misuse of our funds is a check for the amount of miss management .

• Initial Complaint

  07/05/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My uncle removed me and my sister from grandfathers will (as well as the other grandchildren) days before his passing, and kept/maintained the $5m funds as an investment broker. Seeking: 1) filing complaints at FTC, SEC, finra, Tennessee BBB, TN commerce board. MARK BILLINGS RULEMAN CRD#: XXXXXXX IA Investment Adviser B Broker Regulated by FINRA INDEPENDENT FINANCIAL GROUP, LLC CRD#: 7717 6000 POPLAR AVE STE. 250 MEMPHIS, TN XXXXX Ruleman Asset Management & Planning 6000 Poplar Ave, #250 Memphis, TN XXXXX fax: XXX-XXX-XXXX https://www.markruleman.com/ 2) file TN and federal lawsuit against Mark Ruleman (This event happened in past (Dec 2013, but just became aware today. Need legal filings soon, as it's still within 10 years of event)

  Business response

  08/26/2022

  Business Response /* (1000, 19, 2022/08/12) */ The Raymond ***** Dispute Resolution Team has been made aware of the July 7, 2022 complaint Hart ********** filed with the Better Business Bureau. Please be advised that Raymond ***** will review the matter and respond directly to Mr. **********. We appreciate you bringing this matter to our attention.

• Initial Complaint

  04/01/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  A couple of days ago, I received funds related to an elderly relative's account as a beneficiary after their death. The funds had been invested 6 months ago. The Raymond James broker and his team selected 14 different financial instruments for "diversification" of this relative's funds. When each of those instruments was sold, RJ received $80 x 7 for a single instrument (since the shares of each instrument were split among all of the beneficiaries). In my case, some of the worse examples of this "diversification" were IYG (broker fees cost 44% of the total instrument value), XLE (52% of total value) and XLI (39% of total value). So, the brokerage basically took 40-50% of the value for these instruments from each beneficiary. If they had simply bought one fund (for example, S&P index), the diversification would have been adequate. But instead, they select 14 different instruments and thereby increased their fees by 14-fold. And the person setting up the fund had simply wanted conservative, safe investments that would hold their value as a whole (2 out of 10 risk tolerance). But with such a large percentage of the total amount of the above 3 investments going to the brokerage, the beneficiaries lost up to 50% of the investment value 6 months after it was purchased. That seems strange for an investor indicating low risk tolerance and a desire to retain the value to the investments. The excessive "diversification" was simply a way to receive more fees. I don't think this is appropriate for a supposed fiduciary.

  Business response

  06/29/2022

  Business Response /* (1000, 5, 2022/04/07) */ The Raymond James Dispute Resolution Team has been made aware of the April 1, 2022 complaint Mr. ******* ******* filed with the Better Business Bureau. Please be advised that Raymond James will review the matter and respond directly to Mr. *******. We appreciate you bringing this matter to our attention. Consumer Response /* (3000, 7, 2022/04/21) */ (The consumer indicated he/she DID NOT accept the response from the business.) They did not contact me as they promised in order to resolve the case. Business Response /* (4000, 14, 2022/05/13) */ Please be advised that Raymond James is actively reviewing the matter and our response directly to Mr. ******* is forthcoming. We appreciate you bringing this matter to our attention and for following up. Consumer Response /* (4200, 16, 2022/05/13) */ (The consumer indicated he/she DID NOT accept the response from the business.) They basically repeated their initial comments, without actually doing anything. If they actually do something, I will let you know.

• Initial Complaint

  02/06/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  02-04-2022 representative Miriam G. of Raymond James located in First National Bank branch in Shadow Lake. My family just lost our uncle, who was a 91 yr old Veteran that unfortunately made my 81 yr old mom beneficiary of his insurance claims and a investment account with Raymond James. Well, my sister **** ****** and I are DPOA for my mom ******* ******. I actually am DPOA, and the document that shows I'm DPOA was presented to social security and DHHS 2 yrs ago to prove that I am, in order for me to become payee for my mom's social security checks, because I took on the responsibility of moving her in with me after a very serious fall and hospitalization. I presented documents that clearly show me listed as DPOA from DHHS. The DPOA document that we had drawn up was completed by the ALF she previously lived in, social worker and Director of Nursing and was informed Nebraska require either 2 witnesses signatures or a notary, our document has two witnesses signatures. Which, initially Ms.G. accepted without a problem, and moved forward with asking for other requirements to complete the process for my sister **** ****** to withdraw the investment funds in my mother's place, to prevent her from coming in and out in the cold, considering her poor health and inability to walk and address these matters, the sole purpose of the DPOA documents being put in place! Well, we faced difficulties with another First National Bank located 5006 Ames Ave Omaha, Ne 68104, with accessing a Safe Deposit Box my mom co owner of for deceased uncle, in regards to one of us either my sister or I going in or our brother who was our uncles Guardian/Conservator, again to prevent from troubling our sickly elderly mom with coming in and out of cold, who can barely walk. The First National on Ames claimed DPOA document needed to be notarized, I brought up that the other location accepted the document at Shadow Lake and then that location, reneged at day after I reported this all!

  Business response

  04/08/2022

  Business Response /* (1000, 19, 2022/04/08) */ The Raymond James Dispute Resolution Team has been made aware of the February 8, 2022 complaint Ms. ****** filed with the Better Business Bureau. Please be advised that Raymond James will review the matter and respond directly to Ms. ******. We appreciate you bringing this matter to our attention.

• Initial Complaint

  12/20/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I contacted a financial advisor at my bank First Community Bank. This person Matt B is a representative of Raymond James Financial. I lost my job in June of this year (2021). I explained to this person that I wanted to take advantage of the IRS 55 rule. In order to take a distribution of my 401k and avoid the 10% penalty. An the remainder of my 401k was to be put into a IRA. This Financial Advisor did not follow the proper steps. An so I will be hit with a 10% penalty. One that a competent financial planer should have known how to avoid. I would just like to be reimbursed the money that I am out due to his incompetence.

  Business response

  12/22/2021

  Business Response /* (1000, 5, 2021/12/22) */ The Raymond James Dispute Resolution Team has been made aware of the December 20, 2021 complaint Ms. **** filed with the Better Business Bureau. Please be advised that Raymond James will review the matter and respond directly to Ms. ****. We appreciate you bringing this matter to our attention. Consumer Response /* (2000, 7, 2022/01/05) */ (The consumer indicated he/she ACCEPTED the response from the business.) All I can ask is that Ramond James is looking into the matter. An my Complaint will be handled in a fair and timely manner. Consumer Response /* (3000, 13, 2022/02/07) */ I agreed on January the 5th to have this case listed as resolved. Due to the fact that Raymond James supposedly was in the process of looking into the matter. Here we are a month later and there has still been no resolution to the complaint I filed. As a common curtesy you would think that a representative from the company could reach out to me. At the very least to give me a progress report. Consumer Response /* (3000, 16, 2022/02/09) */ I finally received a letter from Raymond James yesterday saying they were finished looking into my complaint. I was basically told that any mistakes that were made were my fault. So don't ask for help from Raymond James so called Financial Advisor's. Why are the called Financial Advisors if they don't even know how to advise you financially? I should have rolled over my 401k myself. But instead I trusted a company and their Financial Advisors to know more than I would. So he/they got a fee for screwing me over. An I'm being penalized on my taxes for the Financial advisors stupidity. Wow what a great advisor ! An also the letter they sent me solidifies their ignorance even more. They continue to call a 401k from my former employer an IRA. A company that is financially advising you that does not no the difference between the two. Maybe should not be advising anyone! But they got their part an that is all they care about. Don't make the mistake I did in seeking their financial advice it is useless.

*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. ↩