Montgomery Investment Management Koonce Securities Excessive Fees to Close Accounts Bethesda maryland

Montgomery Investment Management charged us .8% to manage our assets for more tham 10 years. They created five separate accounts for us. Now it seems they created all those accounts that if in the event we left, they would make even more money off us.

Their stock picking judgement was terrible -- they made 8% when the indexes made 16%. It appears they have never heard of the concept of diversification. They kept us totally in stocks, despite our repeated requests/demands to add bonds and/or other non-equity products to diversify our portfolio. As for the stocks they did pick, they were mostly in energy. During the last three years,we rarely heard from our financial advisor and despite paying a management fee, there appeared to be no managing that went on. The portfolio remained virtually unchanged those last three years.  

When we decided to leave, they hit us with more than $1200 in closing fees.

$1200? Granted, this might not be illegal, but it is certainly immoral, especially for 10 year plus clients.