ED Magedson – Founder
The Mutual Fund Store2890 E. Dupont Rd ft wayne, Indiana USA
The Mutual Fund Store Incompetent Parasitic Leaches ft wayne Indiana
This is a report on my experience with the Mutual Fund Store based in ft. wayne, Indiana. I had heard about the Mutual Fund Store thru the saturdays radio talk show featuring Adam Bold, who started the The Mutual Fund Store and is the infomercial salesperson on the radio. He makes all sorts of claims as to specific funds and their managers being the key to investment nirvana and how thru the kindness and generosity of their good will they are able to help folks successfully invest their retirement funds. No statistics are given on how many people actually achieve their goals under his financial advice.
I initially opened an account in 2006 with the Mutual Fund store because I wanted to consolidate a number of IRAs into 1 account.The total of all the accounts added up to 72k.
I noticed there seemed to be a lot of "churning", lots of buying and selling, as if someone were chasing prior mutual fund performance. This is at a time when markets were in a general upswing. This did not seem effective as the account lost money immediately and then gained some of it back. By 2008 the general market was in a downturn. The Mutual Fund Store now seemed to be in an accelerated loss mode. They had lost thru their own choices and decisions and now that the market was in a downturn they lost even more money every day and a lot of it.The value of the fund was aproximately half of the original value given them 2-3 years earlier!
In the recent past the fund had done very well, recouping its past losses to the break even point. After 7 years of watching the account value finally gain back to its starting value, I decided to fire the Mutual fund store as an advisory service. Why after 7 years? Although the capital preservation aspect had finally been achieved back to the starting value, no appreciation in value had occured, no inflation or value erosion compensation had occurred, just the initial investment. Well as Adam Bold would say on his radio show "past performance is a good measure of future results" So, by his own performance standard, applied to this account, The Mutual fund Store is simply unfit to manage our money.
What i also noticed was that in market downturns the fund lost more money than the market downturn. In an up market the mutual fund store never ever came close to the gains made by the market upturn. A pathetic performance! How could they be so pathetic, you ask? Part of the reason are the account fees. Every 3 months there is an account fee levied to the account. It is approx .003625% of the toal value of the account applied every 3 months.
After I moved the account, i recieved a bill from the Mutual Fund Store. The intructions given them were to liquidate the acct and send funds to specified acct. Instead they sent the funds in kind, which require a surrender fee. Mutual Fund store indicated that they usually levy their fee at the end of each 3 month period and since acct was moved prior to that date they were unable to levy the acct.
I ask you, who in their right mind would pay these leaches 1 copper penny? 7 years of losing capital preservation, 7 years of levies against an account, no oversight, incompetence by their own admission, costs being passed on due to the inability to follow directions and now they want me to mail them a check for their "final Levy"?
That's the Mutual Fund Store for you, Incompetent, negligent, and Greedy.
This report was posted on Ripoff Report on 06/18/2013 07:52 AM and is a permanent record located here: http://www.ripoffreport.com/reports/the-mutual-fund-store/ft-wayne-indiana-46825/the-mutual-fund-store-incompetent-parasitic-leaches-ft-wayne-indiana-1059958. 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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