Morgan Stanley Complaint

Morgan Stanley Bank account or service department,

Other bank product/service Account opening, closing, or management Ohio

I inherited an IRA and other accounts from my deceased parents in - of -. - - nor Morgan Stanley ever discussed the management fees with me. In - of the same year I realized I was being charged 2 %, it appears as if my mother was being charged 1 % but when the accounts moved to me the rate was increased to 2 %. At this point I had received offers from other investment firms and called - and he setup a face to face meeting on -/-/-. In the meeting he said he was dropping my fee to 1 % so I agreed to stay with Morgan Stanley. Fast forward to about 3-4 weeks ago. In reviewing statements I was able to discern I was still being charged 2 %. I called - he said he would research. A couple weeks later I called again after getting no reply, - said there was some manual work involved to

This call was especially disturbing. - said he believe the rate changed back to 2 % when the portfolio balance dropped below $ -. I told him we never discussed any such arrangement and the rate was to be 1 %. He follows by saying well going back and correcting it now will open me up to a IRS audit so he 's just going to move the rate back to as close to 1 % as he can to try and make up the difference. I of course respond that 1 % is the rate, was to be the rate, and I want the $ that I 'm owed. He goes on to say that there are .5 - .7 % additional management fees as well. I ask what he means, we never discussed anything of the sort, 1 % was to be the rate and be all inclusive. The call ended with me insisting he refund what he overcharged and him saying, well I 'll run the numbers both ways and show you. I feel robbed. I feel as if he is trying to intimidate me with the threat of an IRS audit to get around doing the right thing. I feel as if he 's trying to be a smooth talker but it 's very transparent his intention is to side step this error by manipulating me. Also, I asked another firm to look over my statements and have verified the rate never changed from 2 % to 1 % going all the way back to -. Finally I hired an attorney who sent a demand for a response by -/-/-. There was response.