• Report: #933299

Complaint Review: Pensco

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  • Submitted: Mon, August 27, 2012
  • Updated: Mon, September 17, 2012

  • Reported By: David — santa cruz California U.S.A.
560 Misson St san francisco, California United States of America

Pensco Lincoln Trust ten times higher than the competition san francisco, California

*UPDATE Employee: Our fees reflect the expertise and technology required to serve our clients

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Pensco now known as Lincoln Trust is the most unethical company i have ever done business with. 

They charge ten times more than the competition and provide horrible service. How it ever became legal for a custodian to charge a percentage of your asets is something i will never understand. 

They offer no investment advice, they simply hold your money and then take a percentage of your account value unless it is too low and then they charge you a minimum quarterly fee. 

My fees have amounted to thousands of dollars and for what? NOTHING, they do absolutely nothing it is a criminal racket that they and the government have created to screw the people. 

Get your money out, any other custodian will do and should cost no more than 300 to 400 per year. 

This report was posted on Ripoff Report on 08/27/2012 03:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Pensco/san-francisco-California-94105/Pensco-Lincoln-Trust-ten-times-higher-than-the-competition-san-francisco-California-933299. 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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Updates & Rebuttals

#1 UPDATE Employee

Our fees reflect the expertise and technology required to serve our clients

AUTHOR: Gregg, VP of Client Services - (USA)

We take complaints like Davids seriously.

Over the past few weeks, we made a good faith effort to address Davids concerns. We routinely work with clients like David to structure accounts so fees properly match the complexity and size of the assets.  We will go to extraordinary lengths to take care of investors, as we did with David. Our diligence with investors is a key reason that our client satisfaction remains very high.

Its important to know that the custody of most alternative assets requires an uncommon degree of knowledge and oversight to ensure that assets are not only held safely and securely, but are also in compliance with complex tax and reporting requirements. Our fees reflect the expertise and technology requirements necessary to serve clients who typically have illiquid alternative assets that are difficult to value and administer.

[Note: PENSCO is not known as Lincoln Trust Company.  In fact, PENSCO acquired Lincoln Trust Companys IRA accounts earlier this year.  Lincoln Trust now specializes in the administration of small to mid size 401Ks.]
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