Complaint Review: Wachovia Securities

I am writing to inform you of my abhorrence with Wachovia Securities and your staff attorney Elizabeth A. Healy. My mother has been a customer of A.G. Edwards/Wachovia for over seventeen years. Over the course of the past few months one of Wachovia's financial advisors failed in his responsibility to oversee my mother's life savings that was entrusted to Wachovia. Due to his ineptness and lack of attention to her account she lost one third of her account value.

On November 26, 2008 my mother wrote a letter to Wachovia stating that she was dissatisfied with the performance of her financial advisor due to the fact that he had not contacted her in approximately eighteen months to discuss her account more especially in the recent months when the stock market took a turn for the worst.

On December 12, 2008 she received a letter from Wachovia attorney Elizabeth A. Healy basically stating that Wachovia along with the financial advisor in question did nothing wrong and that she knew the risks associated with her account when the investments were recommended. Ms. Healy failed to recognize that the recommendation was over seventeen months prior and that the market does change. And that as my mother's financial advisor she expected Wachovia's representative to inform her of any changes she may need to make to her investments in order to protect her life savings. After all doesn't their web site clearly state the following?

Our Commitment to You

We Will Honor Our Relationship With You.
When you work with a Wachovia Securities Financial Advisor, you have someone who takes the time to listen, to understand your needs and to help you clarify your goals.

We Will Be Fully Invested In Your Success.
Your Financial Advisor can help you stay on track to meet your goals through intelligent financial solutions, in-depth analysis of your investments and regular feedback on your progress.

We Will Be With You Every Step Of The Way.
Your needs and goals will change over time. That's why your Financial Advisor will be there to provide ongoing guidance along with the exceptional service you deserve. Our commitment to you will not change. This is what it means to be with Wachovia Securities.

On December 26, 2008 my mother responded to Ms. Healy's letter, again explaining her concerns and that if Ms. Healy and/or Wachovia could not recognize the issue that perhaps she should seek legal council or arbitration.

On January 6, 2009 Ms. Healy responded with a letter stating that Wachovia no longer wanted my mother's business and that her account would be liquidated unless she had her funds transferred to another financial institution by February 6, 2009.

I cannot believe they can get away with this! They lose one third of your assets then tell you they are not responsible and give you the boot when you call them on the carpet!

I find these actions astounding and I am in total dismay on how they can let someone like this hold a position in their company.

Please be advised that effective immediately I have closed my account(s) with Wachovia and I will advise anyone else to do the same.

Jimmy
Denton, Texas
U.S.A.