PENSCO Wiped 56% out of my account in 7 months!! POOF! GONE!
In SIX months, PENSCO wiped out most of my account (56%) with their outrageous fees.I opened a ROTH IRA with them on January 28, 2020 and deposited $1000 cash into it. My intention was to later deposit more, for the purpose of investing in alternative investments.
This account remained 100% in cash. I made NO investments and NO reallocations of any kind while the account was open. I didn't like their $110-per-quarter account management fee, and in addition, my plans changed over the seven months that followed. So, in July 2020 I requested the account be closed.
Here is what I got back:
Distribution check: $352.06. Add $88.02 for fed. witholding (I requested 20% W/H rather than 10%). That is a total of $440.08. So out of my original $1000, I got back only $440. That's 44%.
So, 56% of my cash was sucked into the Black Hole that is PENSCO (now Premier).
BEWARE of these people.