August 29, 2010
Brokers, Dealers and Investment Advisers should all fiduciary responsibility. I do about 60 tax returns a year and see that elderly people are taken advantage of by unscrupulous stock brokers. They put widows in inappropriate investments, charge exorbitant trade fees, and I have seen them sell a stock for a profit after holding it for 360 days. Right now it is the wild west and needs to be reigned in. I also think that salesmen that sell equity index annuities should be registered so they would be under the SEC umbrella. This product is being pushed to old people who don't understand the product and that it is loaded with fees that will never be recovered.