Red35
Dryer sheet wannabe
- Joined
- Aug 6, 2011
- Messages
- 21
I didn't start trying to educate myself on investing until last year. I foolishly trusted my Ameriprise Broker.
I would send him 2 checks every year totaling $7,000. I would tell him to put $5,000 in my ROTH IRA and $2,000 in my SEP IRA. Everything else I left up to him and trusted him.
I have looked at my past statements and how he was investing my money.
For example he has me in a couple Open End Mutual Funds and one is Small Cap World Fund B (SCWBX).
Every month he would purchase a very small quantity. It would be weird stock quantities like 1.799, 1.846, 1.851, 1.799, etc.
The only reason I can think of to make so many small stock purchases is to get the COMMISSION CHARGE every time.
I noticed it is also a LOAD FUND!
Does anyone have an explanation as to why he would make so many small purchases?
I would send him 2 checks every year totaling $7,000. I would tell him to put $5,000 in my ROTH IRA and $2,000 in my SEP IRA. Everything else I left up to him and trusted him.
I have looked at my past statements and how he was investing my money.
For example he has me in a couple Open End Mutual Funds and one is Small Cap World Fund B (SCWBX).
Every month he would purchase a very small quantity. It would be weird stock quantities like 1.799, 1.846, 1.851, 1.799, etc.
The only reason I can think of to make so many small stock purchases is to get the COMMISSION CHARGE every time.
I noticed it is also a LOAD FUND!
Does anyone have an explanation as to why he would make so many small purchases?