Virtually all of the major brokerage companies are pushing their representatives to offload their “smaller” clients to call centers. Smaller accounts take up more time than they are worth to the big guys and they have designed a system to get rid of them. Some firms will not pay their reps on accounts under a certain amount; say $100,000 to $250,000. That means the rep has no financial incentive to keep in touch or provide any service. In addition, these firms have set up “call centers” with toll free numbers and are actively pushing their reps to move their smaller accounts to the call center where the personal touch is lost.
What do you do if you find yourself one of the red-headed stepchildren of a major firm? You may find that your account is very welcome at a smaller local firm or independent RIA. If you find yourself getting the cold shoulder from the “big box” stores, look around and find someone who appreciates you.