In the summer of 2009 I received a letter from our local UBS office informing me that they would no longer be serving me and that my IRA and Cash Management Accounts would be moving to their New Jersey office. I responded with a quick no thank you response.

Unfortunately, I and my $250,000 were transferred regardless against my wishes. I called my local office but they refused to connect me to my financial adviser. My adviser and I would have regular face to face meetings and I had gotten to know and grown to trust and work with for many years. I was not happy when they won’t connect me and said that my account is now halfway across the country.

Soon a polite, but total stranger called me telling me how wonderful it was that my accounts were with him and his associates at the New Jersey call center. He was caught off guard when I informed him that I wasn’t happy with the new arrangements and that I doubted if he and his associates would fly out to St. Louis to talk to me face to face about my financial goals and dreams.

The bottom line was I move my accounts back to St. Louis using a different financial instruction. I see my new adviser on a semi-regular basis and I am very satisfied with him. Ironically, about 6 months later I received a letter from the UBS New Jersey office saying that there wasn’t anything they could do because it was all the St. Louis Office fault for transferring me. I always felt sorry for that guy, (I don’t remember his title) he seemed so helpless and a victim of corporate mismanagement.

I have learned if you are not satisfied then move your business elsewhere. I wonder how many financial relationships they destroyed and subsequent business UBS lost due to this upper management decision. I am still upset and bitter today, maybe I need therapy, but I misplaced the 1-800 number. Ha!

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