Morgan Stanley Complaints and Reviews
Last Updated On: December 26, 2017
RatingsAverage Rating: 1.00 out of 5
Based On: 1 Review
Number Of Comments: 0
Damage ReportsCurrently No Reports of Damages.
Most Recent Review
Morgan Stanley Investments Derails the Berereived
In Late Summer, 2013, when our mother died, we were informed that Morgan Stanley was holding her 401-K account, which would need to be divided up.
At first, they “couldn’t” mail the paperwork to all of us until each of us contacted them with each of our addresses, even though we all had each other’s address; they then, continued to mail the statements to our (deceased) mother at her now empty house. They then mail all of our statements to the executor’s home, even though they had all of our addresses and phone numbers.
We finally got that straightened out,and thought we were all cleared up, until it was time for the distribution (which was required, since Mom was over 70). Instead of keeping the amount private to each of us, Morgan Stanley told the executor how much each of us would be getting and when. (None of her business). We each got a check with no information.
When the 1099’s (a version of the 1040’s employers give employees get); they were late. when they finally arrived; again they were all sent to the executor’s home, and not the individual (adult) children’s homes..
Upon reading them, we discovered that they were incorrect in the distribution code. They were coded as a “regular” distribution not as a “death” distribution, which has tax consequences. A call to Morgan Stanley didn’t seem to get them to be concerned about the error, they would reprint them when they got to it (by now the 1st of April), and mail them from New York to us.
A complaint was filed with the Federal government, and even that didn’t elicit any concern from Morgan Stanley.
Several of us have either closed and or moved our accounts out of Morgan Stanley, and even that doesn’t seem to phase this company.
Their total lack of concern for their customers is amazing!