- Report: #1129507
Report - Rebuttal - Arbitrate
Complaint Review: Bryan Dunst
Bryan DunstWayne, New Jersey USA
Bryan Dunst Merrill Lynch in Wayne NJ Extremely poor performance, unsuitable investments, and complete lack of management of account Wayne New Jersey
*Author of original report: Amicable resolution!
*Consumer Comment: FINRA rules and regs
*Author of original report: Facts, again..
*Consumer Comment: Prudent Investing vs. Greed
*Consumer Comment: Working with Bryan Dunst for 10 years...
*Author of original report: Facts
*Consumer Comment: Bryan Dunst is terrific
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Terrible - avoid. Gives truth to the warnings that Merrill Lynch is a body shop of incompetent money managers that are nothing other than sales people. Last 4 years a CUMULATIVE return of 7% with a portfolio objective of growth and moderate to high risk. Had no clue how to identify a stock or fund, no substance to any recommendation ever. Requested multiple rebalances ... and strategies to no avail. Continually purchased close end funds waaaay above PAR to consistently watch them fall, stocks in the red over the past 4 years, amazing to watch the talent for miss-handling money. Bryan Dunst continually defied our investment objectives, allocation and reallocation requests, and had not plan other then collecting fees. Last conversation after closing account I though a fund wasn't transfered out, but turns out it lost >50% of its value in less than a week. I asked what happened (e.g. nobody bothered to let us know) and was told 'market fluctuations'. While returns are not guaranteed in any investment, the willingness to completely disregard our objectives, standard allocation guidelines for families in our situation, and lack of general knowledge of any recommendation was alarming. Cannot believe we felt loyal and stayed as long as we did.
Filed official complaint with ML and their response via mail was: (1) confirming investment objective was growth and moderate to high risk; (2) cumulative performance over 4 years 7%; (3) asset allocation was nearly all fixed income; and (4) justified due to our family having 'other accounts', which btw were opened becuase of the continual poor management of funds at Merrill.
Don't make the same mistake, avoid Bryan Dunst and Merrill Lynch in Wayne, NJ!
This report was posted on Ripoff Report on 03/10/2014 05:29 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bryan-Dunst/Wayne-New-Jersey/Bryan-Dunst-Merrill-Lynch-in-Wayne-NJ-Extremely-poor-performance-unsuitable-investments-1129507. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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