T. Rowe Price

T. Rowe Price Reviews

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Overall Rating1.7 out of 5
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T. Rowe Price Reviews

ConsumerAffairs has collected 59 reviews and 184 ratings.

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Reviewed Sept. 1, 2023

If you have $$ with this company get it out as fast as possible. They have dishonest & horrible customer service. They also intentionally make it difficult to access your money. I work with several other investment firms and had never dealt with them before an old 401k was transferred to them. If you are interested in losing money while they play games with account access just invest with these yahoos.

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Reviewed Aug. 12, 2023

Upon my mother's passing, 3 years ago, I inherited a couple of IRA accounts...or should have. It has taken all of the past 3 years of back and forth with various representatives there, and still do not have access to any of it. They finally created a "Life Events" department, which is supposed to be a single representative to assist in properly getting funds transferred to beneficiaries. I have had to go as far as sending my mother's ORIGINAL trust to them, which was done in 2021, then told recently (2023) I needed to send another one this year, that has been certified in the past 6 months. What?! She passed 3 years ago. The trust hasn't changed.

How this company continues (based on other reviews I'm reading) to be allowed to hold onto assets legally belonging to beneficiaries, is beyond me. I will never ever continue with any accounts with them, nor recommend them to anyone else. They are the ONLY company that held up this process like this, which completely adds insult to injury in a time one is grieving. Horrible. Horrible.

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    Reviewed May 10, 2023

    My former employer set up a 401K with T. Rowe. During the 4 years or so I was there the return on the funds was lower than those in the Rollover IRA I maintain with another provider due to higher expense loading. Where things got really shaky was when I left the firm and had to roll over a substantial amount to my IRA. T. Rowe had an online rollover form that I completed. I have gone through this process with maybe eight prior employers, so I know what is required. T. Rowe's online request form did not have a field in the request to provide the account number into which the rollover would be deposited.

    A month later, a conversation with my current provider reveals that the check had been received, was processed, could not be deposited, and was returned to T. Rowe Price. I get on the phone with T. Rowe, whose CSR tries to convince me it's my fault, that the deposit account number should have been entered 'in the address line 2 field', and refuses to accept any accountability for the failure of its process. I could not even convince them that their form was a critical process failure that they needed to fix.

    I was able to get the check reissued -- with the required account number -- and sent to me to deposit, just to make sure this does not happen a second time. I asked, given that my money has now been out of the market for a month -- that they send the check via FedEx with a tracking number. They refused, unless I gave them my FedEx account to bill against. (FWIW, I don't have one.) When I asked that they escalate, the request was sent 'to a senior manager', who then also flatly refused. I do business with companies that are accountable for both their successes and their failures. T. Rowe Price behaved in a manner that makes me pay for their mistakes. I would never invest a single dollar with T. Rowe Price, ever.

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    Reviewed March 17, 2023

    My father created an account for my son at birth and named me as the beneficiary. After my son passed away, they made it extremely difficult for me to liquidate the funds. It was awful to go through that with them, especially while I was in mourning. The people on the phone were extremely unhelpful and kept me on hold for up to an hour. I had to keep on calling back because no one was helping me. The on hold music was the worst, almost torturous. My dealings with them literally went on for weeks until I finally got on the phone with the right person and threatened to get an attorney (which I was really about to do). Finally, a young woman took it to her supervisor, and I am appreciate of that. I can’t remember her name. They finally sent me my money.

    Then recently, my father told me they wouldn’t let him transfer payments he was making to another granddaughter to a different account without her authorization. He is the source of the money, so not sure what that’s about. He ended up withdrawing all his money at that time. I don’t recommend this company. I’d say about the worst customer service I’ve ever experienced.

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    Reviewed Feb. 7, 2023

    I'd give zero stars if I could. My company changed to this provider and you can't change your address on their website. You need to wait for your employer to transmit a file that they only update once per week. My company transmitted the file and my apartment number is cut off. I took out a loan and my check is in town but the company can't be bothered with just updating the apartment number. Nope. They have to stop and reissue the check and charge me another 30 dollar express fee. But the best part is I have to until they get the file they only update once per week. Sounds like price gouging to me. Terrible change by my company. I hope they seriously explore a new 401k provider because this place seems unethical. I plan to complain as much as I can until something changes. Avoid this company. They have horrible customer service.

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    Reviewed Nov. 13, 2022

    They changed my address after 6 months of trying to get it changed and two days later changed it back to the old address 1500 miles away and because the address is wrong, will not let me withdraw my funds. I’ve got complaints now with multiple Federal regulators and intend to sue them for a lot more than they’re blocking me from withdrawing. Very, very corrupt and illegal company. Typical American financial company: thieves and criminals.

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    Reviewed Nov. 4, 2022

    I have dealt with T. Rowe Price for over 5 years now and all I get is hell and misinformation that has cost me thousands. Don’t invest your time or money with them because they will only screw you over. And then just apologize that they will work on getting their employees all on the same page. When it’s funny that I spoken with more than 4 different representatives and they then all give me the same information but it’s only wrong once the company has already screwed you over. It ridiculous and I will never invest with them ever again and neither should you.

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    Reviewed Sept. 23, 2022

    What a shady company. Had an old 401k with them and they decide to liquidate my investments and move them to a random 3rd party broker that I've never heard of without my consent. To top it all off - that 3rd party charged a $40 fee for setting up an account that I did not authorize. They did NOT notify me in writing prior to doing this. They claim some nonsense about "plan provisions" which even if it were true, IF they were an ethical company then they should notify customers in writing at least 60 days in advance. They should send multiple alerts via multiple channels (email, phone, mail) for major transactions that a customer doesn't authorize. They clearly have unethical practices and I suspect this is only the tip of the iceberg. Avoid.

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    Reviewed Sept. 19, 2022

    I am forced to use them because that's where my Dad set up the inherited IRA. I called on 9/6/2022 and asked to have a distribution sent express. Not only did they not send it express, I finally found out that they didn't even mail the check out until 9/14/2022. You'd think they would have expressed it after not mailing it for a week, but nope. So now it's 9/19/2022 and I'm still waiting for a distribution dated 9/6/2022. I was told I can't set up electronic payments without a voided check.

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    Reviewed Sept. 13, 2022

    DO NOT sign up for a 529 savings account with this company. The only reason I registered for a 529 account here as opposed to my state/other was the Online Gifting Portal functionality so my friends and family could easily send money and not have to write a check and send in the mail. My son's first birthday came in July and all of my family members notified me it wasn't working! I reached out to T. Rowe support and they have not resolved this issue as of 9/13/2022. No communication, no sense of urgency. I keep following up and they "make a note" that I called. None of my family members are able to contribute to my son's savings plan on their website. As a result, he has missed out on thousands of dollars in gifts. I have called several times and as of 9/13/2022 (OVER A MONTH broken) they still can not give me a timeline of when it will be fixed.

    In the financial services industry especially, this slow resolution time is unheard of. To any reader, I'd be hesitant to use any services from a company with this slow of a response time for a technical issue. I'm looking at alternatives now. I urge any reader to consider another company for a 529 savings plan. You've been warned!

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    T. Rowe Price author review by Ashley Eneriz

    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.

    by Ashley Eneriz Senior Staff Writer, Personal Finance

    Ashley is an expert finance writer who worked for 12 years with top names in the industry, including Discover, The Hartford, ScotiaBank, Chime and Synchrony. She joined ConsumerAffairs in 2022, and specializes in coverage of banking, credit repair and debt management. Her writing has also been featured in Forbes, Time, Yahoo, MSN and Reader’s Digest. In her personal life, she enjoys homeschooling her three daughters and writing children's books.

    T. Rowe Price Company Information

    Company Name:
    T. Rowe Price