About T. Rowe Price
A link has directed you to this review. Its location on this page may change next time you visit.
- 3,827,988 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
I tried to sell a fund to get money to pay my income taxes. I started a month before and set up a transfer account with our bank. That took 2 weeks. Then, they did not explain that the fund we had selected had a hold until April 18th! They made it sound as though this was a procedural hold, so changing the fund would not have mattered. I finally got the transaction completed on April 20th because I called at 3 PDT. Further, I have had difficulty with their website and had to call customer service twice! I do not recommend them.
We’ve been handled by multiple customer representatives with a different requirement given each time. My aunt died and my father has been trying to access the account, he’s her last living close relatives. We provided necessary documentation Yet each time they request something else. There’s no end to the forms nor ever a clear answer to what’s needed and this has been going on for over a year.
There’s no direct contact with the person who keeps asking for something different only someone who sends a message and has you on hold waiting for a reply to their in-house messaging. You would think that a company that deals with over 1.5 trillion dollars wouldn’t put you on hold for 30-50 minutes each time and that they’d have a better system for grieving families. From my family’s experience, I can say that they only Care about themselves personally Maybe that’s what happens when holding onto money becomes more important than customer service.
Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.
As a beneficiary, T Rowe Price by far has the most complicated, burdensome, lengthy process for getting my family member's money. Between hold times for customer service, complicated claim forms, required signatures and documentation, I have already spent well over eight hours on this with at least two more hours to go. ETrade? 5-10 minutes. Everyone else? 1-2 hours. I would not leave money here even if it were the only option!
I am not unhappy with their mutual funds. I have invested with them for over 20 years and have approaching 3 million dollars invested. This significant amount allows me to be enrolled in T. Price Preferred Services. If I need to call though, either the supposedly enhanced service number or the regular number, the hold times are terrible. Often the representative does not know anything about my problem and then transfers me again. If I am unlucky, it can take an hour or two to address something simple. Finally, I am asking myself why I don't find a better company; one that's rated better in customer service as well as having good fund selections, etc.
My account was inherited from my parents. Unfortunately, my experience has been something less than good. Price has a very high opinion of themselves, and a very low opinion of us----the clients. To them we are sheep and we need herding. They do not believe we have brains. Price's web page is extremely confusing and totally unfriendly and difficult to navigate. Price makes you wait on hold interminably for help either online or thru a broker. The brokers will make recommendations that are unwise and money-losers and foolish just because they have quotas to fulfill. Price has high fees that reduce your return, and if you leave, they keep a portion of your money just to be spiteful. DO NOT INVEST WITH TR PRICE. ANYWHERE ELSE IS BETTER, THIS PLACE IS A RIP-OFF!!!!
Requested a withdrawal from my 401K on 13 April 2021. Total amount requested was withheld for taxes, plus 20% for Federal taxes, despite my paying for express delivery. Told that it would take two to three weeks for me to receive my proceeds. Have not seen proceeds or heard from T.RowePrice. Sent letter to CEO and filed a complaint with BBB.
I recently paid off a loan. The money was debited from my bank 7 days prior to my 401k account being credited. Where was the money for 7 days? That's 7 days I'm losing making money on that amount. That is wrong. In today's world of electronic money handling, there is absolutely NO reason to hang onto my money, or anyone's, for 7 days. SO disappointed.
I have a 401k loan with T. Rowe Price. They've been deducting money from my pay check but the balance that I owe has not changed. I called and they told me that the money is going toward interest. I asked for loan amortization schedule, but I was told that that's not going to be provided for me. So much for transparency. So I have no idea how are my money being applied toward the loan, how is the interest calculated, how is the monthly payment determined. I'm not supposed to know any of that. As long as I work for the current employee they have complete access to my paycheck and they can do with my money whatever they want to. I believe that's unacceptable.
This is the second time in a year I tried to transfer an inherited IRA account From T.Rowe to another Inherited IRA account at a different broker. I gave up the last time due to significant roadblocks from T.Rowe. The reason... they are totally inept and offer nothing but interference. I called today (1/21/21) to ask a few simple questions about scheduling ongoing RMD distributions at 2:01 pm and waited 53+ minutes on hold to get to an 'agent'. After telling her my situation she had to put me on hold again so she could do some research. After another 15 minutes on hold, she hung up on me. Pissed to no end, I immediately went into my other broker's inherited IRA account and submitted a request to transferred my entire T.Rowe IRA account to them. Enough is enough! Let's see if they try to run interference again on this transfer. I will surely consider harsher actions to get my money out of T.Rowe.
I have an inherited IRA account at T. Rowe Price. Can't get away from this company soon enough. Took several hours and 3 or 4 phone calls in an attempt to exchange from a money market fund into an equity fund. I am an experienced investor and have accounts at other much more user friendly companies where I trade and invest without issue. I have spent endless minutes on hold listening to the same 20 notes of music torture without any sign of help. Every person who answered transferred me to someone else where the music torture on hold started all over again. Avoid this company. I gave up and am moving the funds to another company.
T. Rowe Price author review by ConsumerAffairs Research Team
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.
T. Rowe Price Company Information
- Company Name:
- T. Rowe Price
You’re signed up
We’ll start sending you the news you need delivered straight to you. We value your privacy. Unsubscribe easily.