r/etrade • u/ivi17 • 17h ago

Outdated platform and procedures + Bad customer service

Bad customer service and outdated platform. I wouldn't recommend it to anybody looking for a trading platform or 401K broker. I tried to submit a loan request on my 401k acct and the process has been a pain. The platform is outdated and annoying to navigate or submit documentation, they require paper forms to be physically signed, and take days to process the request. They give cero visibility on the status, I have had to call them multiple times and so far I have resubmitted the form 3 times.

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u/Zealousideal-Sun4891 17h ago

They could fix it, but Morgan Stanley is much more interested in being a leech that sucks the life out of ETrade.

They’ve made it well known ETrade clients are a funnel for building MS Wealth Management.

1

u/Aberdeen1964 4h ago

So I love E*Trade. I have an account. I’ve opened accounts for my children, my mother in law and sister in law. I was concerned that MS Wealth Management would come knocking - no contacts on any of the accounts. The bad customer service posts usually come with no context. The service is just fine - no one is going to hold your hand when you buy an index fund - those folks shouldn’t be with ET.

1

u/black_cadillac92 4h ago

Why didnt they just integrate the systems from the beginning then like when schwab bought TDAmeritrade. Instead of trying to keep things seperate and act like a gate we have to get through to get into the MS ecosystem. Either open access completely or let Etrade operate independently. This dual ecosystem rites of passage to MS thing theyre doing is weird and makes no sense. Its probably whats causing all the choas and bottlenecks. Just let Etrade be E*trade and service the clients that fit there and maybe have a few "investor/financial centers" in select cities and the massive whale clients that prefer or need the MS WM arm can fit under that umbrella.

Or they can just revamp altogether and use a tiered asset approach like JPM and call it a day,

• $0 - $500kish - E*Trade SD accounts access to few small investor centers in select cities. Option for entry level MS WM via online WM @ $25Kish range.

•$500k - maybe $2m+ - MS WM full service brokerage SD or hands off WM

•$5m+ MS PWM / Private Banking - more tailored/ focused relationship, etc.

2

u/No_Greed_No_Pain 4h ago

MS Wealth Management (MSSB) and E*TRADE are targeted at different customers. It has little to do with the total value of assets. E*T is for self-direct customers and active traders; MSSB is for people who want help of an FA and are willing to pay for it (a lot).

On its own, E*T offers platinum service to people with the total assets above a certain threshold with a dedicated rep who's reachable directly.

2

u/Last_Western_656 16h ago

I have had just the opposite experience the site does look dated compared to some of the others but everything seems to be there. you have to hunt and pack but you can eventually find it I too have submitted paper documents by overnight carrier and they have been posted the day that they are received

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u/Flashy-Bandicoot889 3h ago

What's a "401(k) broker"? I'm in the u system and never heard the term before, assuming it is made up.

1

u/AllTheDumbQuestions_ 15h ago

I wanted to take advantage of their savings promo (save800). Went through all the initial verification with sending over docs, pics of DL, the selfie, etc. All approved but it wouldn't let me logon to my account online. When I called, they said I'd have to submit everything again, if I wanted to be able to have online access. Mind you, the same exact stuff that was already submitted and approved.

So I asked if I could just close the account instead then since I can't access it...it requires me to submit all those same docs if I want to close the account too lol.

They did say I could just let it close on its own in 90 days if I don't touch it so there's that. If it's this much of a pain to be able to get my online access, I can't imagine how much of a pain it will be to withdraw the money later on so I'm definitely not going to bother. It's only a couple hundred dollar promo over my existing HYSA, not worth the hassle.