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I had a frustrating experience trying to withdraw my 401k. Spent all day going back and forth with different customer service reps, and could not figure out how to navigate through the website and find the place where I would deduct the funds. I finally was transferred to Essence, and she was so patient with me and walked me through all the steps and I finally was able to to submit a request for the funds! I truly hope she is recognized for her great customer service and hard work!
After jumping through hoops on a hardship withdrawal to get a downpayment for a home, they asked my bank account info. But under their rules they can not transfer monies to a bank account. I have four days to receive, deposit and distribute this sum. It is to be delivered via USPS. The worst system on the planet. Just saying if you need your money now, this is not the place to do business.
I paid off my 401K loan. I waited the period of time I was told to wait which was 7 days. On the 8th day it was not paid off so I call on the 9th day for them to tell me, "Oh we are so sorry, we will expedite getting this paid off for you." Their expedited timeframe is another 5 days. Their customer service line is a joke, I spoke to supposedly 2 managers and they couldn't do anything but tell me, "We are so sorry but our back office needs that time to pay off the loan." What kind of antiquated systems are they using? How in the world is it fair to hold someone's money that long. And they have no empathy towards the situation, just. "Oh we are sorry but hey we will call you on Monday and let you know if it got handled." REALLY???
T. Rowe Price is a great company for investing, but not so much on the customer service front. I lost my job and fell behind on a 401(k) loan payment and after 3 months they reported me to the IRS when I should have had until the end of the calendar year to pay off the loan. Getting this fixed was a HUGE hassle. At the end of December I decided to do an indirect rollover from my 401(k) to a traditional IRA. This requires them sending a check or electronic payment to your bank account and then you have 60 days to put the funds into the IRA without any tax penalties. I mailed them the application form with a voided check to do this. A week later I noticed the funds were still not in my bank account so I went to their Live Chat support and was told they mailed the check because I did not include a voided check with my application form. These guys are really testing my mettle lately.
I believe the process of attempting to contact T. Rowe Price & trying to get answers from them is the most frustration I have experienced with any company in my life (I'm 59 & for 38 years have owned a retail store chain). It starts with the advisors that never returns calls. After giving up on ever getting a return call... I try to call a general number: only to be "on-hold" for 30 minutes. I hang up & try again... this time finally talking with a real person (I believe he was real LOL!). I quickly explained my frustration, & asked for the area I needed. "Andrew" didn't asked my name or phone (in case of disconnect )... but rather transferred me again - only to be on hold again & hanging up after another 30 minute wait. I've decided to move on to another company that respects my time as a customer.
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I just spent over an hour trying to connect with T. Rowe Price to get a distribution. Every time after going through the many hoops they have set on the phone, I get disconnected at the last stage when I am about to talk to the right person. I think TRP is grown too big. Customers does not matter to them anymore. They need to increase and train their staff. Who cares to know that after a few months they will add voice recognition! They need to be broken down to smaller manageable companies, just like what happened to ATT if you are old enough to remember. I am thinking of moving on.
When I came to retirement age I had 53,000. That was handled by J.P. Morgan. I also had 20,000 at the same place. Sure wished I had left them there. I had a small 401k with T. Rowe Price. So I made a very bad decision to go with them. I was drawing 500 a month to supplement my SS. In about 4 years they tell me my fund is depleted. I knew there was no way. I got all of my 1099R copies for the years in question. Which to the best of my knowledge I never received each year. I then got all of my bank records from my one and only bank where all transaction were handled. I then sent them to a company called FINRA. This is a consumer watchdog for mishandling of funds. At present it looks like I have been cheated out of approximately 46,000. Be very careful who you let watch over your retirement!
Retirement Planning - T. Rowe Price is too large of an investment house to provide accurate and competent service to its clients. As a client because of my company choosing them to manage our 401k, I had no choice but work with them. Every time I contacted them even working directly with their Retirement Plan Experts, I was given misleading and incorrect information. They are all about making money not provided great service or accurate and complete information for their clients. When requested to speak to a Manager was left on hold for 45 minutes and told manager was on another call and then still wouldn’t transfer me to a manager. So also dishonest and untruthful as well. Where is the integrity?
Unfortunately I have no choice but to use T. Rowe for my company's 401k plan. They are the worst I have ever had to deal with. Give me back Vanguard or Fidelity. T. Rowe takes forever to process anything you do. I requested a payoff of my 401k loan. I gave them auto deduct and they took the money out of my savings account. It's been over 12 days now and they still haven't paid off the 401k loan. Now they tell me it will be another 4 days. WHY? what takes so long to process that. They are the WORST and their fees are high as well. If you have a choice go with anyone else other than T. Rowe.
Poor customer service from representatives as well as Management. I’ve been waiting for almost 3 weeks to transfer ownership of shares. From managers not understanding my requests to sending me the wrong forms to taking over a week to find out who needs to sign off on the new, correct form at T Rowe-unbelievable. Today, Doug **, manager informed me that the person that needs to sign the form has been sick this week and last week and there’s no one taking his place that can sign the form. So you’re upset I’m closing my account and think you can stall this process because that is a ridiculous excuse. To think at one point they managed over $100,000 of my portfolio. Scary. Don’t invest with this company. Invest with Fidelity, they understand customer service.
T. Rowe Price is very thoughtful and very strong. Buying them is very easy in either my taxable account or my IRA or 401k. Record keeping is deliberately fluid and transparent. I can match my funds to the markets and benchmarks very easily. It has a broad universe of choices in all asset classes. The fees are lower than average and there are K1s. I like that I get an American on the 1-800 number. But I would like for them to offer funds with a little more risk in their DC universe. It is frustrating to only be offered large cap, mid cap and then target date funds.
They are very easy to deal with and have never had any problems as of yet; hopefully they will stay in business with all these robo advisors. All funds should have a human advisor to speak with initially but maybe have a computer do the rest. I am always able to get an answer the first time that I call and have gotten great returns considering past market performance. I have had these funds for a long time and have been really pleased with the whole experience and will continue to do business with them as long as fees are kept to a minimal. Perhaps they should incorporate a computer program like other robo advisors to cut down on cost. Most companies are offering this so I don't know why they don't conform and go along like everyone else.
I went online to purchase my funds account. It was an easy process for me to accomplish. T. Rowe Price has great services and allows you to customize your money and resources for maximum effect. I have aspirations to become part of the company. Overall, I like the company and what it stands for. It has great customer satisfaction and the employees are nice and friendly to me.
T. Rowe Price has provided me with clear information regarding the returns on the mutual funds (both before and after purchase) keeping me well informed as to overall performance and options in changing decisions as to placement of funds. It was easy to set up my accounts, the redeployment of funds between different funds was made as easy as possible, and I was kept appraised of the changes in situations in a TIMELY fashion. Overall, I am happy with T. Rowe Price.
T. Rowe Price's website is very up-to-date and easy to navigate. They ask a lot of time-consuming questions when you call to make a distribution, but they are questions that are required. They purchase the mutual funds for each employee as per the employee's choice of where to invest the funds. They also automatically change the percentage of an employee's contribution by 1% each year if the employee has agreed to it and until the maximum is reached.
T. Rowe Price offers convenience, a mixture of higher yielding bonds, personable service and a great mutual funds service for my retirement portfolio especially for the long haul till retirement. I would like the company to offer more higher yielding stocks and higher yielding bonds to give more of choices to choose. The more choices more municipal bonds for people like me retired. I have a broker that uses T. Rowe Price and has bought many shares for my portfolio of course with my permission, been satisfied with the yields and for the long haul perfect for my retirement portfolio.
The process of purchasing and maintaining my mutual funds is easy and it can all be done online. Their mutual funds have a wide selection and their website is easy to use when making transfers between funds, especially for couch potato investors like me. The fees are reasonable too. The lower risk of using mutual funds instead of individual stocks is a feature I like. Overall I have been satisfied with them. T. Rowe Price is a good choice to use.
T. Rowe Price has fast and effective processes that help me to streamline my transactions and perform them in the safest and most effective way, giving me the confidence to carry out any process with this institution. It is financially stable and guarantees the security of my investments and is very useful for me therefore it is a quite complete service that any entrepreneur would be happy to use. However it is ideal to seek continuous improvement and devise efficient and faster ways of performing operations.
I like the fact that T. Rowe Price's expenses are low. I also like their past performance and while I acknowledge that their past performance is no indication of future performance it gives me a comfortable feeling in a market downturns. But when I get their annual report, I have a hard time dissecting it. They tend to group other funds in their reporting. I work with Hefren-Tillotson in their managed account program and they have directed money into several of their funds and get multiple reports. They tend to put my money to work in different companies with low overall fees. I really like this feature as I believe it boosts performance. I have money in the new income fund and am very happy with the returns so far. I better yield without stretching for high yield.
It was easy to set up a balance to my risks. With taking into the account that certain funds weren't acceptable to me because of holdings in certain countries or industries. The profile of investments is easy to upkeep and they keep me advised of other funds they are watching. Enjoyable and to this day profitable. I like their personalized recommendations to me for funds, they're acceptable. This includes funds I ask to be offered because of political or social reasons. But I worry sometimes that they are pushing funds that they have standings in as their personal recommendations. The costs are a little higher than at some discount brokers also.
T. Rowe Price expert review by ConsumerAffairs
T. Rowe Price offers a wide variety of financial products, including mutual funds, to investors. Its mutual funds are all actively managed, and many have low fees. The company was founded in 1937 and is headquartered in Baltimore.
Financial services: T. Rowe Price offers financial services and products to meet many investors’ needs. In addition to mutual funds, its products include college savings plans, non-retirement accounts, traditional IRAs, Roth IRAs and more.
Fund costs: T. Rowe Price prides itself on providing investors with low-cost mutual fund options. The company manages over 120 no-load mutual funds, and many of its funds have an expense ratio below that of similar funds managed by other investment firms.
Information: Interested investors can easily find information about all T. Rowe Price’s mutual funds. They can search for funds and compare them to find one that meets their goals. The website also makes it easy to download prospectuses, shareholder reports and fact sheets.
Client education: Consumers who want to learn more about investing can find several tools on T. Rowe Price’s website. The site has articles about retirement, college, tax and estate planning as well as charitable giving.
ActivePlus Portfolios: Investors looking to broaden their portfolio may be interested in T. Rowe Price’s ActivePlus Portfolios. After answering a few questions online, investors are matched to one of 10 portfolio types based on their financial goals. Portfolios consist of investments in 8-13 of the company’s mutual funds, helping to give investors additional diversification. The minimum investment for an ActivePlus Portfolio is $50,000.
Best for: busy investors.
T. Rowe Price Company Information
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- T. Rowe Price