livingalmostlarge
Recycles dryer sheets
- Joined
- Feb 8, 2014
- Messages
- 334
my parents were fleeced by their broker at merrill lynch who then moved to raymond james. I was fortunate enough that this financial advisor finally retired, but the damage is excessive. We're talking they stole money from my parents, churned the account, bought 1 share of home depot, 1 share of apple to make money.
The stealing? Their broker from Merrill Lynch was kickec out of the SEC, fined, and sanctioned, but they "knew she was from a good family" so they went with her assistant who moved to Raymond James. She was "just looking out for them" and from "good family". So they have been paying her like $10k/year for the privilege of sitting in money market account losing money over the bull market of the last 10 years.
If my parents had literally dumped it into VOO/BND they would be so far ahead it's sad. That and if they hadn't had $100k stolen in 2013. I have the sheets in front of me and you can see the crazy trades, and they signed papers I found later that they wouldn't sue.
I also saw my in his "managed" ira account with whole life insurance. Yep whole life in an IRA. That is on top of the C shares of MF they had since 2002.
My mom has always told me that some of her friends wanted to work with these "shysters" but they didn't have enough money so it was fortunate they had so much. Yeah i wish they had never been gotten ahold of it. We'd have done better with CDs or just a money market.
The stealing? Their broker from Merrill Lynch was kickec out of the SEC, fined, and sanctioned, but they "knew she was from a good family" so they went with her assistant who moved to Raymond James. She was "just looking out for them" and from "good family". So they have been paying her like $10k/year for the privilege of sitting in money market account losing money over the bull market of the last 10 years.
If my parents had literally dumped it into VOO/BND they would be so far ahead it's sad. That and if they hadn't had $100k stolen in 2013. I have the sheets in front of me and you can see the crazy trades, and they signed papers I found later that they wouldn't sue.
I also saw my in his "managed" ira account with whole life insurance. Yep whole life in an IRA. That is on top of the C shares of MF they had since 2002.
My mom has always told me that some of her friends wanted to work with these "shysters" but they didn't have enough money so it was fortunate they had so much. Yeah i wish they had never been gotten ahold of it. We'd have done better with CDs or just a money market.