Not that impressive
Written: May 18 '00
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Product Rating:
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Pros: Marketspeed software is great
Cons: hard to use, hard to do research, poor customer service attitude, hard to transfer money in.
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| brucec32's Full Review: DLJ Direct |
I signed up with DLJ direct because they had a link on AOL and I'd read somewhere that they were pretty well thought of.
While I still have my account there, I am looking elsewhere, and as soon as I find time, I will probably change to an easier-to-use service. it's just not user friendly. And since there are other choices, why put up with that?
My problems started when I simply wanted to transfer my money from T. Rowe Price money market funds to a brokerage account and IRA account at DLJ. Well, the online system said that I couldn't do that from a "proprietary" fund. Fine, so I called to find out what to do. I was told to fill out a transfer form. I downloaded those and mailed them off. That done, I waited and waited. Weeks later, I get a call telling me they need more info. I call and am told that they can't transfer that money until I sell the fund and get the cash sent to them. Well, it's an IRA account, so if I sell the fund, T. Rowe Price tells me I will owe tax and penalties. Hey guys, I just want the money put in another account! Anyway, I, on my own, without any help from the "trained consultants" at DLJ or T. Rowe Price , realize that I can transfer the money into a T. Rowe Price stock mutual fund that DLJ DOES accept "in kind", THEN transfer THAT fund to DLJ, IF they accept that. I call and ask the guy on the phone if they have any T. Rowe Price stock funds on their approved list. He has no idea! He puts on his supervisor. THE SUPERVISOR has never HEARD of T. ROWE PRICE!!!!! When I point out that they run about 50 ads each month in nearly every financial publication, he mumbles "well I don't deal with stock funds much"
Finally, I look up one they do have "in kind", and get the fund transfered over to DLJ, for their $30? fee, and then I have to pay another commission to sell it, then I can finally buy the stocks I want. This all should be streamlined, because most customers are NOT gonna wait that long for a simple transfer. It was like they didn't even want my money. The guys on the phone were very cold and sounded annoyed fromt the moment they picked up the phone. Maybe it has something to do with their location in Jersey or New York.
Now, about the web site and software. I have learned to use it, but it is very user-unfriendly. Just checking a balance online takes many mouse clicks, through hard to figure out web pages. (do I check "balances" or "accounts" ??) The "research" pages are useful, but you still get the idea you're just roaming through it. Very little analysis is made easy to find. You have to hunt and hunt. And when you do make a trade, they use arcane terms instead of just saying what your status is in plain English. When I had some shorted stock, I had such a hard time figuring out my "balance" that it forced a margin call. And no, I'm not a moron. I was a Mensa member and have a business degree. It's unclear, and they need to fix it.
I will say that their "marketspeed' software is great and easy to use. I don't even log onto their web site to check my account, I just boot this up. It runs a ticker with alerts at the bottom of your screen, and you can track all your holdings easily on the quotes screen. I will continue using it even when I have another account (for delayed quotes)
I haven't used other brokerages, but so far I am just not impressed with DLJ direct. Especially since their commissions are not the lowest out there.
Recommended:
No
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Epinions.com ID:
brucec32
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 - Top 500 |
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Member: Bruce C
Location: Atlanta, GA
Reviews written: 131
Trusted by: 72 members
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