• Report: #1129507

Complaint Review: Bryan Dunst

  • Submitted: Mon, March 10, 2014
  • Updated: Sat, July 26, 2014

  • Reported By: NNJW — Wayne New Jersey
Bryan Dunst
Wayne, 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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REBUTTALS & REPLIES:
3Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Amicable resolution!

AUTHOR: NNJCD - ()

On or about March 10, 2014, I posted on this website certain observations regarding services that Bryan Dunst had performed on my behalf.  Mr. Dunst and I have resolved our differences to our mutual satisfaction and I have requested that my observations be removed from this website. I sincerely regret that I posted those observations and it was ill-advised of me to do so, and I am pleased that Mr. Dunst and I were able to resolve this matter.

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#2 Consumer Comment

FINRA rules and regs

AUTHOR: Chris G. - ()

I am a lawyer with extensive experience in FINRA (Financial Industry Regulatory Authority) matters. More importantly, I am a client of Bryan Dunst - and a satisfied one at that.
After reading the incoherent drivel spewed forth in this report, I feel compelled to clarify a few points with regards to industry regulation.

#1 Both advisors and clients agree to escalate any complaints up the managerial chain for inspection and resolution
#2 Any complaints which are unable to be settled in this fashion are then subject to binding arbitration
#3 Settlements resulting from said arbitration are then kept on the advisor's permanent record
By virtue of the author's original posting it's clear 1 of 2 things occurred:

#1 Arbitration found in favor of the advisor OR
#2 No arbitration was initiated (if it was, author's counsel would prohibit him from public discussion of the case of any kind)
This logically begs the further question: If someone is as "hurt" as they claim in this report, why not bring the case to arbitration?

Answer:

#1 Couldn't find a lawyer willing to take the case (unlikely)
#2 Couldn't justify the nominal filing fee to bring the case to arbitration (possibly)

#3 Realized they have no claim for damages after all and instead decided to publish libelous chortle in the hopes to damage the advisor and his family (most likely)

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#3 Author of original report

Facts, again..

AUTHOR: NNJCD - ()

So, apparently happy customers google their advisors and post rebuttals at coordinated times!  Sorry ML, but your prospestive customers aren't as dumb as you think and see thru thwe coordinated and rehearsed rebattals!

1) if you are going to coordinate rehearsed responses at least spread them out.  People happy with their advisors don't google their names.  Although you believe it to be true, your customers and prospective customers aren't morons and will see thru this sad attempt.

 

2) Greed?  First off, returns were below inflation for 4 years each year.  So if it's greedy to expect that paying an advisor would at least yield inflation while the market doubled you are completely nuts.  Second, my issue clearly stated that our frustration is a lack of proprietary knowlege or advice.  Anyone paying an advisor does expect that said advisor bring something to the table, but to pay an advisor to get returns below inflation rates during a period that the market doubled, all while not allocating or investing in what the client wanted and continually requested is going to be one frustrated customer.  But I guess you'd be happy in this scenario?

 

3) to state again, my issue is with MY experience, which is backed by text msgs, emails and statements.  I don't believe responses are from actual customers, but I don't care.  Our experience was terrible with ML and this advisor.  I have details to back up why and anyone truly considering this advisor consider warned.  This is our story and it is factual and have spoken to others that had similar experiences.  If you want to trust Bryan or ML with you money be my guest, but in a short time you will start to have concerns.  Again, make your own choices, however, if you choose Bryan, ask hard questions about why and whats the vision and see of you get anything not available on CNN.

 

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#4 Consumer Comment

Prudent Investing vs. Greed

AUTHOR: Gloria - ()

Having known and worked with Bryan since 2007, I couldn't possibly disagree more with the allegations made in this report. I've had the displeasure of working with less than competant advisors at large firms (a product of being in senior management at said firm).

I've seen the good, the bad and everything in between. Bryan is one of the good ones. Furthermore, it's a shame to see his reputation bandied about like some Amazon gadget review.

Interestingly, the original report indicates a positive, albeit modest, return. So the plaintiff made money, just not enough given "standard allocation guidelines for families in [their] situation". Sure sounds like greed to me. This person either worked on Wall St., Capitol Hill, or both!

In any event, how can one file such a deleterious claim when they MADE MONEY?

 

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#5 Consumer Comment

Working with Bryan Dunst for 10 years...

AUTHOR: David - ()

I have known and worked with Bryan Dunst as my financial advisor for the last 10 years. He has helped and counseled my family through numerous financial obstacles in addition to navigating the stock and bond markets. During our tenure we've maintained frequent contact and revision of both my objectives and my portfolio.

There have been tenuous times (like the financial mess of '08), but all in all, I'm extremely satisfied with Bryan and the results he's provided for my family.

According to this report it seems that changes were requested, but no action was taken. Based on my interactions with Bryan, I find that difficult to believe, to say the least. I've had many conversations with Bryan over the years, some recommendations we accepted, others we didn't.

Discussion of changes, but no changes? Highly suspect.

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#6 Author of original report

Facts

AUTHOR: NNJCD - ()

I feel warm and fuzzy now, thank you for clarifying the 4 points I listed.  You are welcome to come over and review the statements and details behind each of the points I listed which are factually detailed, which we have experienced year over year.  

 

In fact, anyone considering Bryan as an advisor is welcome to come over and view the investments he put us in, the emails, text messages, etc.  He is a sales guy and the rebuttal message, frankly, sounds like him.  All fluff and no facts.  I have specific % and market segmemts invested, and anyone who knows anything about investing knows those are both terribly poor choses for a professional advisor the past two years.  Obviously  everyone's experiences are differed but when his bosses tell me they reviewed my account and see significant issues I've hit a nerve.  

 

If you want an advisor that has actual proprietary knowledge stay away.  I can't count how many times I read an article on CNN Money that I would get a call to invest in stocks mentioned in it.  All I can say is, if you are now, or looking to become his customer, ask him why he recommends an investment.  When he gives you a sales pitch or tells you that ML has it as a 'buy', ask him what fundamentals he likes SPECIFICALLY or what the buy case is.  I can guarantee you will not get anything well understood or researched. 

 

Good luck investors!

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#7 Consumer Comment

Bryan Dunst is terrific

AUTHOR: Areiter747 - ()

I read the report critical of Bryan Dunst. Nothing could be further from the truth. First, the Report has no detail sufficient to understand even the nature of the dissatisfaction. Second, I have been a client of Mr. Dunst for more than 10 years. I find his work ethic, performance skills, his care for his clients and his knowledge of the financial markets to be exemplary.

 in my business, I work and relate to many financial professionals. No one that I have ever met is more concerned about his clients than Bryan.

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