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Old 10-21-2015, 11:04 AM   #61
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Three out of four U.S. investors mistakenly think that financial advisers at brokerage firms are required to put clients’ interests first.
But the ads imply otherwise, and the salient details are put well down into the document. It should be right up front and clear as day: "I will be suggesting investments that maximize the amount our firm earns, they will usually not be investments that will be the very best ones for you. They are only "suitable", which means "not criminally negligent to sell to you." I am a salesman.
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Old 10-21-2015, 12:21 PM   #62
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But the ads imply otherwise, and the salient details are put well down into the document. It should be right up front and clear as day: "I will be suggesting investments that maximize the amount our firm earns, they will usually not be investments that will be the very best ones for you. They are only "suitable", which means "not criminally negligent to sell to you." I am a salesman.
Yes. 3 out of 4 fall for the bait.
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Old 10-21-2015, 05:50 PM   #63
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Looks like OP is MIA.
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Old 10-21-2015, 06:53 PM   #64
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He'll probably be back in two years.
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Old 10-21-2015, 07:14 PM   #65
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He'll probably be back in two years.
Maybe he will be back to work by then.
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Old 10-21-2015, 07:32 PM   #66
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Maybe he will be back to work by then.
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He'll probably be back in two years.
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Looks like OP is MIA.
Reubenray will probably be fine. The fact that he's come here twice puts him ahead of e majority. The fact that he has questioned his costs/ fees is also a good sign. Taking action can be difficult, and maintaining the status quo is easy and natural. But he knows there's an alternative, and where to get more information from people who are actually doing it for themselves, and who aren't out to enrich themselves at his expense. That puts him ahead of many.
But, if he does nothing, stays with the high priced "advisor",' goes with a "safe" investment that guarantees an annual loss to inflation, etc. then there's still good news: the 1% fee will be less and less.
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Old 10-22-2015, 10:24 AM   #67
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In Canada, they are enabling legislation that requires client disclosure of how much the firm/salesman is costing them each year. It will be interesting to watch the dance.
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Old 10-22-2015, 04:12 PM   #68
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In Canada, they are enabling legislation that requires client disclosure of how much the firm/salesman is costing them each year. It will be interesting to watch the dance squirming, crying, moaning.
fify
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Old 10-22-2015, 04:27 PM   #69
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I think the OP left his receipt in the ATM machine I used yesterday
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Old 10-23-2015, 11:59 AM   #70
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That's some serious money under the mattress in a non-interest-paying account. Or perhaps some banks pay 2% and I don't know about?

PS. Oops. My stinkin' I bonds are earning me the same: 0.
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Old 10-23-2015, 12:15 PM   #71
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Looks like Michael got the decimal point in the wrong place again. Lumbergh's gonna freak!
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Old 10-23-2015, 12:19 PM   #72
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That's some serious money under the mattress in a non-interest-paying account. Or perhaps some banks pay 2% and I don't know about?

PS. Oops. My stinkin' I bonds are earning me the same: 0.
I know, it was crazy to see it (my balance was in the very low four figures). And only a $200 withdrawal--I hope they are enjoying life! No interest paid on this little bank's checking accounts. Likely that it's a business account or a deposit from a house sale or refi that will soon get moved into other instruments, but I couldn't help but think of this thread.
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