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Steven,
I was with Lombard also. Great Brokerage until MSDW came in. I had similar
problems with executing trades, people who were handling accounts didn't
understand the difference between a market order and limit order. I took
about a week of that and I left, never look at them again.
Since then , I've been with Datek, in and out of Level II firms, and most
recent AB Watley. No one brokerage is perfect or will ever be like Lombard.
TradeWell,
Joe Frabosilio
Steven Booska wrote:
> I am having horrendous problems with Morgan Stanley Dean Witter Online
> (formerly Discover). I have maintained the same account since 1992
> starting with Lombard and have been sold to Discover and now, as of
> their 10/15 takeover, Morgan. I am an active trader with several
> hundred trades a year and I rely (too much) on an efficient broker to
> keep my balances straight.
>
> I cannot begin to explain the frustrations since the Morgan takeover.
> They include having my balance both overstated and understated by over
> $100k in the last week, having trades entered and seemingly not filled
> by the system, and having trades refused by telephone clerks because
> they did not understand my balance or did not comprehend what margin was
> (Really!). Their practices have cost me substantial (to me) sums and
> when brought to their attention their compliance person seems to respond
> that they have no fault because they didn't actually refuse a trade.
> (their clerk told me there were no funds to trade with and refused to
> put me through to a supervisor so technically no trade was requested I
> guess) When I attempt to get through by phone to ask about the bizarre
> sums on my account screen there is no answer but only an interminable
> hold that has gone on for 45 minutes. There has NEVER been an answer
> after hours and there may actually be no one around although their
> recording does not say that. I physically visited their location in San
> Francisco and my impression was of chaos although this might not be
> accurate since I did not tour their office and only visited and observed
> from the reception and cashier's area. But it was a hell of a lot
> different than what I see at Bear Stearns. I was there to pick up a
> $100k check and found that it seemed to not be printed because their
> cashier's printer was broken and they had someone doing it down the
> hall! My wife wants me to move the account noting that Morgan et al
> don't even seem to be y1k ready.
>
> I guess I have to move my account which I do not relish. Maybe this is
> just me and I either expect too much or am having all the bad luck, but
> I don't think so. Is anyone else having similar difficulties? Is there
> any way to deal with them?
>
> Steven Booska
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