Mom, age 75, is an income investor. Uses Edward Jones (despite my warnings) to buy munis and corporate bonds. Holds them to maturation and spends the coupons.
A few weeks ago, her broker called her out of the blue, and told her that he had sold a CIT bond for her for about 37 cents on the dollar. My mother had not had any contact with him before he sold the security.
This may have been a great move, or perhaps, not so great. Time will tell.
I exclusively am an index mutual fund and ETF investor thru Vanguard, Schwab, and Fidelity and have never used (or been used by) a broker.
Was this all legit? Does this happen all of the time to little old ladies in small Midwest towns? Should my mother take any action?
A few weeks ago, her broker called her out of the blue, and told her that he had sold a CIT bond for her for about 37 cents on the dollar. My mother had not had any contact with him before he sold the security.
This may have been a great move, or perhaps, not so great. Time will tell.
I exclusively am an index mutual fund and ETF investor thru Vanguard, Schwab, and Fidelity and have never used (or been used by) a broker.
Was this all legit? Does this happen all of the time to little old ladies in small Midwest towns? Should my mother take any action?