ComplaintsforFisher Investments

• Initial Complaint

  11/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I opened my account with ******************************************* back in 5/2021 and invested over ********** via my IRA ********* In the 2 years I have been with them I have had 3 account managers, 1 was great, 1 was a fill in and the most recent one was a lady by the name of *********************. In the year 2022 and 2023 (7/2023 onward) lost over 100K and not once during this time span was I ever contacted about my declining portfolio. Yes, I rec'd the typical statements and quarterly write up which you need to be a math major to understand. No personal service whatsoever about options to bring back my investment. Yet ever quarter the company continued to take their fee of 2000+ (800 a month) but for what. I have Only when I contacted them in November and told them I was pulling out my funds they offered me flexible ways to use my money. By then it was too late and my decision was made. I am seeking reimbursement or an itemization of what these fees entailed so I may review since I am disputing these fees for poor consumer money management and failure to discuss options with me on the loss of income during the time period of 2022 into 2023.

  Business response

  12/07/2023

  Dear ***************,
  
  We have been working to resolve your complaint (#********), but have been unable to reach you. Please contact ************************************ Services Group Vice President at ************ so we may address your feedback.

• Initial Complaint

  07/08/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  A transfer of funds request was initiated 4-4-23 to move my *** from Fisher - where it had been underperforming the ****** for a number of quarters- to a financial firm offering additional services, lower cost, etc. Fisher should have already deducted the prior quarters fee, and I reached out to my contact on April 6 to confirm that they would deduct the fee before the transfer took place, explaining that I did not have access to other funds to pay the fee once funds are transferred. By deducting the fee, it is a non-taxable transaction. Instead, I received an invoice for the fee that was dated 4/6/23. Meanwhile, the shares were not deposited from the Fisher custodial account into the new custodial account until 4/10/23. Presumably, then, the funds were still under Fishers control when they issued the invoice instead of deducting them. I am requesting that they cancel this invoice.

  Business response

  07/13/2023

  Dear ********************,
  
  The Better Business Bureau has notified us of the complaint you posted on their website (#********), and has asked us to respond.
  
  In your review, you state that Fisher Investments should have deducted the prior quarters management fee from your account before you initiated a transfer out request on 4/4/2023. Thank you for speaking with us recently about why we were not able to deduct these fees directly from your account. We regret your disappointment regarding this matter, and we thank you for giving us a chance to explain. We are glad we were able to resolve this matter to your satisfaction.
  
  We enjoyed having you as a client, and wish you all the best.
  
  Thank you,
  Fisher Investments

  Customer response

  07/14/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

• Initial Complaint

  05/04/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Fisher investments faiuled in their fiduciary responsibility and did not work in my best interest to secure my retirement funds even after many phone calls and emails. The attached "Confidential Client Profile" provided before ******* took my funds shows my retirement income of a $19,000 pension and $12,000 short-term rental room in my home. Putting much of my funds at risk with aggressive funds and a lack of ability to create the $6,000 per month I stated I needed through dividend fund dispersal created a unnecessary loss to my funds. Without my written consent, Fisher "tax harvested" funds, I.E. they threw away gains "to save me IRS charges on my tax return" I had stated in writing any gains over $250,000 would be something that would cause capital gains and tax liabilit concerns. An income UNDER $30,000 says it all. The Fisher chain of vice presidents that I was funneled to missed My 2022 income has NO TAX liability and with teh tax harvesting carry over to future years. 1. The $15,000 loss was a unnecessary device to employ, 2. I did not agree to this 3. The fact I pleaaded for help and a review with change in funds Fisher ignored my request. I have asked that they return ALL funds they charged for their "advisor fees" as well as the $15,000 loss which totals right at $23,000. They have declined to do this. I have attached some of the material submitted to Fisher I feel explains my position but have other emails if you feel they are needed. I see popsted online Fisher has had law suits due to this very reason of mismanagement.

  Business response

  05/11/2023

  Dear Ms. **************************** Better Business Bureau notified us of the complaint you posted on their website (#********), and asked us to respond.
  
  Contrary to your comments, Fisher Investments (FI) always placed your best interests firstconsistent with our fiduciary duty. Before we implemented our recommended strategy in your accounts, we had detailed discussions with you regarding your investment time horizon, income needs, and goals. Our recommended strategy for your assets was based on the goals and objectives you communicated to usto support your stated cash flow needs and grow the assets over your investment time horizon. We reviewed our recommended strategy with you in detail and you confirmed you agreed with it and were comfortable.
  
  In your review, you state the tax loss harvesting trades placed in your account were unnecessary and done without your written consent.Tax loss harvesting is a standard industry practice and can be especially beneficial to help reduce clients tax burdens. Prior to conducting tax loss harvesting, we send a courtesy notice to all clients, which you did receive.
  
  In your complaint, you claimed you lost money because of tax loss harvesting. This is wrong. During tax loss harvesting, positions were sold to realize existing losses in your account, which you can use to offset taxable gains, thus minimizing your future tax liability. The proceeds of these trades were re-invested in similar holdings, which we believe will likely replicate the upside potential of the positions we sold. Tax loss harvesting did not reduce the total value of your portfolio nor its expected return. We made considerable efforts to explain these facts to you in our numerous telephone conversations, emails, and our April 25, 2023 letter to you.
  
  You mentioned tax loss harvesting was not necessary due to your income. As we have explained to you in the past, tax loss harvesting can help offset a tax bill that *** result from selling positions at a gain in the future. 
  
  Ms. ********, we regret we did not meet your expectations; however, your portfolio was managed appropriately and we believe it was on track to meet your stated goals over your investment time horizon. We thank you for having been a client and wish you all the best.
  
  Thank you,
  Fisher Investments
  

  Customer response

  05/18/2023

   
  Complaint: 20019357
  
  I am rejecting this response because:
  

  Complaint: 20019357
  
  I am rejecting this response because:
  
  Complaint: 20019357
  
  I am rejecting this response because:
  Fisher has submitted a canned response which falsely portrays the situtaion they created in placing my funds in a pool of many other accounts that did not attned to my  individualized needs.  Their system of a cahin of command with VP's   that ****** you in and lead you into thinking they are your adviusor then never heard of again as  the funds get eaten up witrth fees and poractices such as "tax harvesting"   that they still suggest was  the correct placement and use for my funds.  The October 2021  Client Profile clearly shows my  income, and my statemnet that gains over $250,000 would start to create a taxable event I would watch. 
  
  Fisher NEVER discussed particular funds but a waste of some time was spent going over a 42  page booklet with ********************* "A Complete Approach to Reaching Your Investment Goals" mostly a historical perspective of the market. ******** did not send me email to opt out of  tax harvesting. They shoud have sent a signature request to OPT IN. Many phone cxalls to my "advisor" *********************; and many emails  which show there was a  issue which eventually reqiuired my wuthdrawal of funds whern the time seemd right to cut the cord.    My losses were huge, their fees undeserved and my funds artifically thrown away in the name of saving me taxes for 2022 were insane.  I OWE NO IRS TAXES for 2022.  My income, at the poverty level and my ability to get anyone  to help driect my portfolio funds inexcusable.  To be told *** Fisher and his team of a few were in chare of my funds is ludacrous.  I was no doubt thrown into a vat of hundreds of other investors. and the  "team," had no clue of what my needs were nor did they care. Fisher Investments, as their ad states "is clearly different."   *** Fisher is a very wealthy man and his past success is no indication he has provided the leadership to properly make investments in my best interests. Making wild risky investments  have left my retirnent aty risk.  Saying my life expectancy was 95 and my account was set up to provide over that tiume line is insane, as I needed money NOW.   Quite the contrary to securing mmy future, Fisher Investments has squandered my hard earned retirement funds and  are in default of their fiducary resaponsibilty to me as their client.
  
  ***********************************************************

   

• Initial Complaint

  03/01/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Fisher Investments mislead my wife by failing to notify her that her investments were not subject to the fluctuations of risk on price. Her understanding was that she was investing in bonds. Meaning the return would be the coupon value. Instead, without explaining the consequences, Fisher invested her in ETF-Bonds which vary in price and act as a stock. She suffered excessive losses in her retirement funds (she is over 70) in this breach of their fiduciary duties.

  Business response

  03/13/2023

  Dear ****************,
  
  The Better Business Bureau has notified us of the complaint you posted on their website (#********), and has asked us to respond.
  
  In your review,you state that Fisher Investments misled your wife by failing to notify her that her fixed income allocation would be invested in Exchange Traded Funds (ETFs),which you say act like stocks. You also say that prices for individual bonds,in contrast to fixed income ETFs, are determined solely by their coupon value.Neither of these statements are accurate.
  
  We respect the privacy of all our clients and we will not discuss in this public forum her personal circumstances or reasons for changes in her portfolio strategy over her time as a client which was prior to your involvement. 
  
  Contrary to your assertions we did review our continued use of fixed income ETFs relative to individual bonds in her portfolio with you and your wife in 2020. As we discussed then, fixed income ETFs are more liquid than individual bonds, which we believed was particularly beneficial to your wife, and you both agreed.Despite multiple conversations regarding fixed income ETFs, and holding them for a lengthy period in your wifes portfolio even prior to your involvement,no change was ever requested by you or your wife. 
  
  Please also consider that fixed income ETFs, like individual bonds, are not strongly correlated with the stock market. However, as we discussed with your wife when initially adding fixed income to the portfolio, prices for fixed income have an inverse relationship with interest rates, and in this way fixed income ETFs and individual bonds are subject to price fluctuation. 
  
  We were disappointed your wife chose to terminate our services last year as we enjoyed a very warm relationship with her for many years.  We continue to wish you both all the best.
  
  Thank you,
  Fisher Investments
  
   ******* ******** ** ********** ***** ** **** ****** *********

  Customer response

  03/13/2023

   
  Complaint: ********
  
  I am rejecting this response because it is completely inaccurate as to how Fisher Investments mislead.
  
  Sincerely,
  
  *********************

• Initial Complaint

  11/29/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I transferred an *** ********** fund from Fisher Investments to another financial company the 14th of Sept. 2022. Fisher is now trying to collect an advisory fee of $2622.92 for their management services from July 1, 2022 through Sept. 13, 2022. These fees should have been withheld by Fisher Investments prior to the transfer to the other financial institution. Since Fisher did not withhold its advisory fee prior to transfer like other financial companies I've used, I would have to make an unexpected withdrawal from my *** account and pay federal and state income taxes next year to pay this fee. Fisher was withholding 20% for income taxes when they were making distributions to me, so I would expect to have the Fisher invoice amount reduced 20% which means I would owe $2098.34 which I am willing to pay.

  Business response

  12/01/2022

  Dear **************,

  
  We received your Better Business Bureau complaint (#********).We are pleased we have been able to resolve this matter to your satisfaction.   We thank you for having been a client and wish you all the best.

   

  Customer response

  12/02/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

• Initial Complaint

  10/21/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  We chose to transfer our retirement funds from Fisher to another Financial Investment Company. The fund transfer occurred on July 8th of 2022. Fisher is now trying to collect advisory fees from us for a invoice date of July 7th, so Fisher cant say they didnt know about these prior to the transfer. These fees should have been taken care of by Fisher prior to transferring our funds. I would like a statement from Fisher stating that we owe $0 and that our account is closed.

  Business response

  10/31/2022

  Dear ****************,

   

  We received your Better Business Bureau complaint (#********). We regret your disappointment, but are pleased we have been able to resolve this matter to your satisfaction.  We thank you for having been a client and wish you all the best.

   

  Best regards,

  Fisher Investments 

  Customer response

  11/03/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  05/12/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I am receiving phishing and spam emails and want it to stop, I am receiving emails from ********************* Fisher Investments Private Client Group Phone: *************************| Fax: ************ Email: ************** Sent to me at ***************

  Business response

  05/19/2022

  Dear **************,
  
  We received your Better Business Bureau complaint (#********) regarding email contact by our business.  We have no reason to want to bother you and have added your information to our email suppression list.  Be assured we will be diligent in suppressing your name and address from future contact.  
  
  Thank you for giving us the opportunity to respond.  If you have questions,please feel free to contact us at ************** or **************.
  
  Best regards,
  Fisher Investments

  Customer response

  05/19/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************

• Initial Complaint

  05/09/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  We chose to transfer our retirement funds from Fisher to another Financial Investment Company. This transfer occurred in December of 2021. Fisher finalized the transfer in December, but is now trying to collect advisory fees from us. These fees should have been taken care of by Fisher prior to transferring our funds. I would like a statement from Fisher stating that we owe $0 and that our account is closed.

  Business response

  05/16/2022

  Dear ***********************, 

  We received your Better Business Bureau complaint (#********).  Per our conversation with you on 5/11/22, and follow up letter dated 5/12/22, we now consider this issue fully resolved.  Thank you and we wish you all the best.
  

  -Fisher Investments
  

  Customer response

  05/17/2022

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  Victoria McClellan 

• Initial Complaint

  04/20/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  The issue is that Fisher Investment concealed key information that cost me $16,000 in unexpected tax liability. The only reason I know was through my CPA when filing for my 2021 Tax Return!Here's what happened:I got contacted by Fisher around Dec 2020. I was interested to see how Fisher could potentially perform better than what I had at the time, which was Personal ****************************** I had two accounts. One is an ***, and the other is a traditional investment account.During their aggressive sales, the salesperson said that Fisher Investment fee is higher but the performance is much better than ***************** The initial agreement was to only start with my *** but leave the traditional investment in at ***************** This is so I can see the performance.Later when I was transferred to the sales closer, Fisher said they need all my money from **************** because that creates the best result. I then specifically asked about Tax Harvesting since **************** does that. I also talked about how I take my taxes very seriously and confirmed with them that they wouldn't do anything that would create tax issues. They were very pushy and told me that I need to just sign and get my money across.Just a few days ago, I discovered through my CPA that Fisher did a series of transactions when transferring my **************** investment account that resulted in a massive tax ****. That was a huge shock. Fisher Investment as a fiduciary knew such transactions would create a massive tax **** but instead chose to conceal the information from me so that they can get all my investment money!Despite Fisher promising that they do Tax Harvesting, nothing like that was done. My CPA can verify that. As a result, I am liable for $16,000 in taxes. On the call with a Fisher Investment enforcer called ********************* on 4/18, he was even offering me false tax advice (without proper license) to deflect the issue. That falsehood was then disputed by my CPA.

  Business response

  05/10/2022

  Dear Mr. ************* respectfully disagree with your claims as they are simply not true.  Nothing was concealed from you.  At no time were you pressured to invest more than you wanted.  Moreover, your *** was sufficient to meet our minimum investment requirements.  It was entirely your decision to move your other account under our management. 
  
  We always consider the impact of capital gains taxes when implementing our portfolio strategies for all clients and certainly did so with you.  During the time period between when you became a client in January ******************************************************** March 2021, we had a series of conversations with you to learn about your term investment objectives for your assets, including a dedicated discussion with you on the specific capital gains dollar amount that would be realized to implement our strategy.  We didnt proceed until you confirmed you were comfortable and authorized us to move forward. You could certainly have requested we not proceed if you didnt want to do anything that would create near term tax liabilities as you claim now.
  
  At no time did any of our representatives offer you false tax advice. We acted appropriately and in your best interests and we remain confident we could have helped you achieve your long-term investment goals. 

  Fisher Investments

• Initial Complaint

  12/13/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I contacted FISHER about having them manage my money. I spent over 2 weeks talking with various individuals, representing FISHER. it appeared as all was a GO, after FISHER reviewed my finances & had me sign original documents which gave them access to me entire lifes savings. I had an occasion to call FISHER for financial advice & was transferred to some woman with whom Id never heard nor spoken to prior to this call. She then advised me that FISHER was not Going to represent me by telephone. When I called the advisors the next day, every time I called, my calls were transferred to this woman, whatever her name was. I have not received a letter of notification, not any of me original signed documents which gave them access to me entire savings. Ive tried to reach any one of the men who had solicited my account & they have avoided my calls. I sent an email to Iberia requesting a notice in writing of this decision AND THE RETURN of my original documents giving th,em access to my funds.As of today, 6 days after the initial telephone conversationI have not heard anything from them.

  Business response

  12/15/2021

  Dear *******************,

  We received your Better Business Bureau complaint (#********). We regret any frustration you may have experienced. We confirmed our verbal notification of account resignation with a letter to you dated 12/8/21.  Further, we honored your request to return all original documents. Your original signed documents were sent to you overnight via *** on 12/13/21 and required your signature.  According to ***, they attempted delivery to you on 12/14/21.  *** subsequently left notice for you to go to their nearby pick up facility to retrieve the package.  We now consider this matter closed and wish you all the best.

  -        Fisher Investments

*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. ↩