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My father invested in T. Rowe Price believing it would help me when I went to college. Unfortunately this company makes it impossible to withdraw money from your own account by coming up with various reasons that they cannot release it to you. They got my siblings and I social security number mixed up and then wouldn't release money until we filled out 4 different forms. They said they would send the forms but they never come. When you call to try and find out why you always speak to a different person who never understands what is going on and then when you try and use the automated service to just check the account balance it simply hangs up on you. Do not invest money here unless you want to lose it.
Their service is very different than their fancy name. One of the other reviewers mentioned that their helpline is a joke and provides a standard response for everything. I can confirm that this is true. At one time they provided value added free membership to Morningstar.com. However, it never worked properly and they were never able to help me with that problem. Then at some point I suddenly found that I no longer had the free membership because they had raised the balance threshold for receiving the service. I wrote them an email and ask them if they could grandfather me because I was a long-term customer. They gave me a stock answer: unfortunately no. The only reason I am still with them is that my account is a few dollars up and I don’t want to liquidate my investment and get stuck with a capital gain.
If I had a choice of investing my 410K with another company, then I will be the first to move out of T. Rowe Price. Here are a few things that this company needs to improve:
• When you call their help line, the voice recognition system is a joke. ‘She’ does not want to hear what you say, ‘she’ is rigid and inflexible, ‘she’ just keeps saying things over and over (ANNOYING af!). Basically, ‘she’ is dumb. At this day and age, in 2019 for god shake, this system, in a company that is profitable, is really unacceptable. It is obvious that T. Rowe Price does not want to invest in this.
• When you email a question or a complaint, what you get is a standard reply with the same old saying “we regret…blah blah blah,” and “call a retirement plan representative at…”. They do not even try to answer your question/complaint. This is another joke!
• Lastly, when you actually speak to a representative, most of them are acting exactly like the email and the voice recognition system; generic answers and never give any definitive solution. This is the overall joke.
Simply, put, T. Rowe Price customer support; electronically or personally, is a total joke.
My husband has had mutual fund investments with T. Rowe Price for years. Now that he is a year away from retirement, he contacted them to see about setting them up to manage his accounts, and to "run the numbers" to make sure he is on track to fund his retirement before he stops working. All was well - they sent a risk assessment questionnaire, asked for all kinds of financial information from both of us, then set up a telephone consult to discuss everything. The gentleman on the phone was cordial, seemed competent, and told us he would analyze everything and come up with investment recommendations and get back to us in about a week. That was MONTHS ago... Nothing! No call, no email, NOTHING! Let me just say this... You have one chance to make a good impression and you blew it, big time! Myself, I've been with Vanguard for years, with no problems whatsoever.
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!
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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.
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.
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