Commission based stockbrokers need "velocity" of clients assets. As in the infamous words of the friend who hired me in the securities business way back in 1982, brokers need to "make the book sing". The hundreds of millions of auction-rate securities that duped retail investors into thinking they were safe, after being told by their brokers that they were "safe" shows precisely how Wall Street needs to operate. You see, cash is king and often enough as a money manager, doing absolutley nothing with a clients assets except sit in a cash fund or money-market fund is the proper and prudent course of action.
Unfortunately brokers need to twirl some commissions to pay THEIR bills. Very seldom will a broker ever recommend a client go to cash with a huge percentage of a clients assets because cash doesn't pay commissions. If you are tired of being "twirled" for commissions give us a call.
It may be the smartest call you will ever make for your retirement money.
Retired CEO of CHIPPEWA PARTNERS, Native American Advisors, Inc., now managing the Parisian Family Office. A White Earth Chippewa, raised conservative, growing up in the poorest county in the U.S. on the Pine Ridge Indian Reservation, he began a Wall Street career in 1982. Always been, will always be, an optimist. In a world on a dopamine binge, this is his take on life from Ghost Ranch in MT, Pamelot, his TN farm or their home in San Jose del Cabo, Mexico.
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