Stockbrokers love switching mutual funds. They don't love it for the client, they love it for the commissions. The beat still goes in fine fashion. With such large mutual fund complex's that offer such a wide variety of asset classes and diversified funds there is nearly ZERO reasons for switching out of one fund family and moving to another. Don't believe the brokers pitch when he/she calls giving you a variety of reasons why your money should be moved to a "better" fund.
Wall Steet has scant interest in fixing this mess. In theory, we should be entering a golden age of investment advice, with stockbrokers helping all of the baby boomers to manage their retirement money. Yet, rather than helping investors, Wall Street is more intent on profiting from them. The brokers aren't fiduciaries, they aren't looking out for the best interests of the clients with a fiduciary duty.
As an arbitrator for the NASD and the NYSE for over a decade you can take that to the bank.
Parisian Family Office, Founder & CEO. Started Wall Street, '82. Drexel Burnham alum in LaJolla, CA. Founded Native American Advisors, Chippewa Partners. '95. Chippewa. Conservative. Raised on reservations. Was NYSE/FINRA arbitrator. Trading O'Neil/CANSLIM methodology at PAMELOT, TN farm, GHOST RANCH, MT, on the Yellowstone River, or CASA TULE', their winter camp in Los Cabos, Mexico. Will always be, a relentless optimist with radical gratitude.
Parisian Family Office, Founder & CEO. Started Wall Street, '82. Drexel Burnham alum in LaJolla, CA. Founded Native American Advisors, Chippewa Partners. '95. Chippewa. Conservative. Raised on reservations. Was NYSE/FINRA arbitrator. Trading O'Neil/CANSLIM methodology at PAMELOT, TN farm, GHOST RANCH, MT, on the Yellowstone River, or CASA TULE', their winter camp in Los Cabos, Mexico. Will always be, a relentless optimist with radical gratitude.
No comments:
Post a Comment