Dockside Chat - who regulates mutual funds in U S ?
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08-18-2012, 03:11 AM
who do you complain to about a mutual fund? a state regulator or the SEC?
our fund (a large international one that advertises in the US a lot) when we requested a statement last week said they can not/do not /will not mail it out til end of next quarter. which is oct 30?
we asked for a supervisor to call us.
is this legit?
08-18-2012, 04:15 AM
Most mutual funds will only send monthly statements if there is activity during the month. In these cases, they send them quarterly from what I have seen. You could always look at the prospectus to see what it says about mailing statements.
Do you have online access to the account? Do you have a concern other than seeing the paper statement?
Hard to believe a bigger place can't/won't do it. Through Vanguard's website or call I can request a customized statement for any period within the last 24 months (beyond 24 requires a call). Takes no more than 10 biz days to receive in mail and/or it's available next day online.
08-18-2012, 05:45 AM
You can call FINRA and see what their actual policy is on this? Not sure but I would guess the minimum would be quarterly reports unless stated differently in prospectus. Can you see it online and just print it out?
I'm guessing it isn't Fido/Putnam/ Vanguard you are dealing with on this?
08-18-2012, 07:39 AM
You can look up the NAV of any fund daily. Just put the funds symbol into Google and hit the ENTER key. Multiply the NAV it by the number of shares you own, and there's your balance (exclusive of any fees). You should also be able to look up your account daily, on line. As someone else said, Mutual Fund statements are normally sent out quarterly. I haven't received a paper confirmation or statement from any fund or brokerage account in years.
08-18-2012, 07:47 AM
If you can only find out how your mutual fund is doing once a quarter, then you need a different mutual fund.
08-18-2012, 10:54 AM
It seems the OP is facing a pretty simple issue. I'll bet the policy is to only send statements quarterly unless there is activity during a month such as dividends, etc.
It's also obvious to most of us that this information is easily available online, whether through a portal like Yahoo or the fund company itself.
If the "mutual fund" were actually an annuity subaccount, he make get statements less frequently.
At the same time, I have read about frauds and embezzlement where an unscrupulous broker steals client money, and changes the address so the client stops getting statements. There are protections in place for this, but just like anything else, shi* happens. The moral is that if you all of sudden stop getting statements without notice, it can't hurt to make a quick call.
08-18-2012, 01:09 PM
You can call FINRA as somebody else suggested or the SEC. But chances are, the fund company only sends out quarterly statements. If you do a transaction, then they just send you notification of the trqnsaction, and not the whole statement, via mail. Do you have the prior quarter's statement? Do you have the end of year statement? More and more fund companies are trying to get rid of printing and paper costs....it's expensive and 45 cent each time they mail it. Get your account set up online and you can check it every day, 200 times a day, if you want. If this is a 40-Act registered mutual fund, there are strict SEC rules. The fund company has a regular quarterly schedule. They might have a million investors in a single mutual fund. If you want a custom portfolio and extra service, it usually means a minimum of a $500,000 account. What's the name of the fund?
They publish NAV daily. (Net Asset Value). Multiply by your number of shares and you have the value. There is no regulation that makes them print/send statements on demand but I would be hard pressed to believe they didn't have an electronic option for you to use.
08-18-2012, 03:48 PM
Its one of the big foreign owned 3 letter ones.
problem started when we were not getting statements, called they investigated and blamed it on the computer as in a changeover between "the companies that answer their customers calls" said that the accounts had been coded as "no mail" meaning they would not send ever any mail, like solicitations, but that also includes THE STATEMENTS!!!!
so how to fix they said say yes to solicitations and then you get your statements (a kind of BLACKMAIL)
so we said yes.
then we said since we have not been getting statements how about a statement- they said not til next regular (end of oct) mailing.
so we have asked for a supervisor to call us monday.
local rep whoo sold them send us "her" printouts but thats like bernie madoff tell you how much GM stock u have.
Political comment- we need MORE private financial sector regulation, not less.
08-19-2012, 05:24 AM
Every time somebody has a problem, they're first repsonse is: "We need a law..."
NO!! WE DO NOT NEED ANOTHER LAW!!! switch companies, a or deal with it Edward. We don't need to torture everybody because YOU are having a problem.
08-19-2012, 11:30 AM
right, switch - pay more sales commissions.
08-19-2012, 02:46 PM
right, switch - pay more sales commissions.
It depends on the fund's class.
Why won't he give us the fund's name and symbol? He's got us pissing into the wind for him. Time to kill this thread.
08-20-2012, 04:56 AM
You havn't found a no-load company??? Hire a registered investment advisor, not a broker. Stop dealing with a broker. Try Vanguard!! On-line statements, if you have $500,000 with them you get free hand-holding. Low fees.
08-20-2012, 05:14 AM
Which mutual fund is it? Just go to Morningstar.com or any brokerage house webiste like eTrade and look the up the results. Takes about 10 seconds.
08-20-2012, 05:52 AM
So, have you figured it out yet? You have all the advice you need in this thread.