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Mutual Fund Accounts

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asked on Feb 14, 2017 at 05:09
by   mayling
edited on Feb 20, 2017 at 08:57
 
I was a joint holder of mutual fund accounts with my husband. We received dividends paid out to a joint current account.

However after he passed away I was advised by our agent to sell the accounts and repurchase so that it will all be under my name. He claimed that since my husband died intestate my accounts will be frozen if the co and bank were informed of his death so this was my best option.

However I found out from the company that I only needed to furnish the death certificate and the accounts will be changed to my name. I feel that I've been cheated by the agent since by selling my accounts he stood to make a good sum out of the sales fees.
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3 Answers

answered on Feb 14, 2017 at 14:28
by   Anonmyous
edited Feb 20, 2017 at 09:08
 
the accounts will be changed to my name
What type of accounts?

Change the fund joint name account to your name?
That depends on the policy of the fund holder. For sure it is a new ac number.

Change joint name bank account, 100% no way even with a Will, Letter of Administration or even alive.

I was advised by our agent to sell the accounts and repurchase so that it will all be under my name
Very professional and legal advice. Very practical and accepted industry norm. In the event of intestate issues, this joint account is only 50% is only yours.

When people were administered with Good & Sound advice, it is often taken with suspicions. People wants to hear what goes their way and is happy. People wants to hear advice from Lawyers, whether good or lousy. YES, lawyers are always correct, because they are professional degrees holders. Even wrong advice is construed as accurate and legal. Such is Life... hahaha

If you feel you have been short changed, go lodge a report with the Association of Mutual Funds, The Bank Fund involved, Bank Negara Malaysia (BNM) because I also dunno what you are trying to say or ask.
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answered on Feb 14, 2017 at 17:24
by   mayling
edited Feb 20, 2017 at 09:16
 
Thanks for replies. Sorry my post wasn't clear enough. My question is how can the agent say one thing when the company says another? In fact if I had gone direct to the company which I didn't assuming the agent is supposed to be knowledgeable the whole process would have been quicker, simpler and most importantly free of charge. Instead I ended up paying sales charges. Isn't this wrong advice and an indirect way of earning fees on the part of the agent? Can I lodge a complaint?
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answered on Feb 15, 2017 at 18:46
by   jeff005
edited Feb 20, 2017 at 09:17
 
 Isn't this wrong advice and an indirect way of earning fees on the part of the agent? Can I lodge a complaint?
Yes
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