Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

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mkdk2018
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Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by mkdk2018 » Tue Jun 26, 2018 12:51 pm

Hi everyone:

I invested a little bit of money into Global X Funds ($MILN) via eTrade. So about a month ago I started receiving these letters from them in the mail. They are very insistent too. Here's an example:

Code: Select all

Please Call Us Today

Dear Shareholder:

We have been trying to contact you regarding an important matter pertaining to your investment in Global X Funds. This matter involves an important operating initiative for the Funds requiring your response. The call will only take a few moments of your time.

Please contact us at 1-800-967-5068 (or 212-771-1133 for international callers), blah-blah-blah
Here's a screenshot of the letter I received recently:
Image

I'm wondering if anyone else gets these? Because this is getting annoying. I'm assuming it's about proxy voting.

First they were sending these spammy worded letters in the mail. But then they started calling my cell phone and my work number, asking for me by name, which I believe they could've gotten from eTrade. That's another issue by the way. When eTrade asked for those phone numbers I thought they would keep them confidential, to be used only for my account-related stuff. I had no idea that they will be releasing those phone numbers to all the spammers.

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oldcomputerguy
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by oldcomputerguy » Tue Jun 26, 2018 7:04 pm

It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

mkdk2018
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by mkdk2018 » Fri Jul 20, 2018 4:01 pm

I sold this Global X Millennials Thematic ETF fund today after a barrage of incessant phone calls to my work number and letters like this:

Image

Wow, that's definitely a lesson for me in the future to pick them wisely!

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Pajamas
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by Pajamas » Fri Jul 20, 2018 4:18 pm

That's not spam if you own shares in a fund and the fund manager is contacting you about your proxy vote. You might not want the communications but they aren't spam. Why not just vote your shares and be done with it?

mkdk2018
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by mkdk2018 » Fri Jul 20, 2018 7:14 pm

I DID NOT give anyone permission to call my work number about it. And they did it not once, not twice, they did it so many times that my coworkers already know these guys. How do you call that if not SPAM?

Iridium
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by Iridium » Sat Jul 21, 2018 12:54 am

mkdk2018 wrote:
Fri Jul 20, 2018 7:14 pm
I DID NOT give anyone permission to call my work number about it. And they did it not once, not twice, they did it so many times that my coworkers already know these guys. How do you call that if not SPAM?
Did you identify yourself and tell them to stop calling that number? Then that would actually rise to the level of harassment. If not, how would they have known that you did not wish to speak to them, vs it simply being a bad time or your having incompetent coworkers (depending on how the calls were handled).

To give the other side's perspective: when I worked in a bank debt collection call center (not as a collector) the center had a similar issue. We could not simply leave a voice mail saying their debt was past due because of customer privacy rules. So, we would have our auto dialer call at different times throughout the day to try to reach the customer live. I can only imagine it would have been annoying to the point of seeming malicious to those customers who ignored our calls. If they picked up the phone, even just to tell is to F' off, we would not call more than weekly (less often if there wasn't any reason to, no reason we want to waste our time either). However, when they don't answer, we had no way of knowing whether they truly were not at home or deliberately ignore us, so the auto dialer would go to work multiple times per day.

The most interesting review I ever read about my employer was someone who wrote that when he got behind on his debt we called him so many times he was forced to change his phone number to get some peace (presumably, he ignored our calls so was getting slammed by our auto dialer). What really made him mad though was that we repossessed his car 'without notice.'

On a similar note, I would imagine you would be pretty pissed if you logged into your brokerage account one day to discover that your ETF had been liquidated. Since you did not respond to their letters, it makes sense that they would try to reach out to you via alternate means to give you the 5 minute spiel on what might happen and give you a chance to vote to prevent it. Heck, if you were feeling malicious you could have voted no and still would have been left alone, but at least you had made an informed decision, rather than through misunderstanding or procrastination, allowed a lack of quorum to force a liquidation that presumably neither you nor your fellow shareholders desire.

Edit: BTW: Vanguard went through a very similar thing recently, and they actually did call me. I told them 'oh, I remember getting that letter but procrastinated on getting around to it, I will login and vote right now'). Call lasted less than 2 minutes, I spent less than 5 minutes total on it, was never contacted again, and Vanguard presumably got quorum for whatever thing they needed.

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whodidntante
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by whodidntante » Sat Jul 21, 2018 7:30 am

You are the shareholder of record. I don't see SPAM.

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Pajamas
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Re: Anyone else is getting spam mail & phone calls from Global X fund purchased via eTrade?

Post by Pajamas » Sun Jul 22, 2018 10:22 am

mkdk2018 wrote:
Fri Jul 20, 2018 7:14 pm
I DID NOT give anyone permission to call my work number about it. And they did it not once, not twice, they did it so many times that my coworkers already know these guys. How do you call that if not SPAM?
Because it's not bulk communication. It is not advertising or trying to sell you anything or trying to rip you off. It is directed to you personally as part of a legitimate, existing business relationship. It's not so different than your dentist calling to remind you of an appointment.

They don't need your permission to contact you. If you find it annoying and ask them to stop, they will.

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