August 30, 2010
I read in my Sunday paper that the SEC is asking the public to submit comments online for the SEC's study on the different standards for brokers, dealers and investment advisers. The SEC is expected to us the study results in setting up any new regulations for brokers.
I would like to be included in your study as one who does not know the difference between brokers, dealers and investment advisers and these titles are confusing. I feel that one of the standards brokers should use is telling an investor what exactly thy do and what they can and cannot do. In all my experience with brokers none have ever explained their exact function nor their hidden rules and regulations. It would be nice if the public were told everything one needs to know.
I would like to give you an example of my current situation in dealing with Merrill Lynch, Barth/Wolf Group in Newark, NJ. I opened a portfolio with Merrill Lynch a few years ago. When they fired my investment agent the beginning of the year, I decided to transfer part of my portfolio to him at his new agency:
Black River Wealth Management, ltd.
Securities offered through National Securities Corporation
Advisory services offered through National Asset Management, Inc.
SEC registered Investment Advisor and Affiliate of National Securities Corporation
55 Madison Avenue, Suite 400
Morristown, NJ 07960
Among my assets I held the Polaris Advantage from Sun America. National Securities has been trying to have this asset transferred to them since April but have not been successful as Merrill Lynch is not releasing the asset even though I instructed them to release this fund to National Securities.
This is an example of how brokers hide information from the public.
I ask you, can you shed some light on what I am to do about this situation where Merrill Lynch refuses to release this fund.
Thank you.
L. Topper