June 5, 2017
When my 80 year old wife went to the Rolling Meadows bank, she met with a banker to roll over her CD into another CD. The banker turned her over to an "account specialist" who put her into a mutual fund instead. Not a sophisticated investor she agreed. When she returned home & told me what the "account specialist" did I immediately returned to the Bank to get it changed. We DID NOT want to invest our savings in any stock market venture. The manager was quite willing to rescind the original transaction but then tried to convince me that we should invest in gold! It is difficult for me to think that old people who did not want to risk money in a stock market fund would be interested in investing in GOLD! Unconscionable!
Please join with the Labor Department in requiring investment bankers & all others who describe themselves as investment advisers to hold fiduciary responsibility when serving people young or old.