July 12, 2008
I have seen countless Seniors and Widows, whose life savings have been eroded by SEC licensed agents, putting their clients life savings in the stock market.
Yes they were given long, long Disclosures a prospectus. They are rarely read or understood by the client. Just because they are handed or mailed to a client, that makes their losses acceptable????
Brokers get paid on selling buying stock...and that is what they do...that is how they can generate income.
They should not make money on advice that looses the client money. Why dont they get paid on performance?....Because very few would bet $1.00 on their own advice.
Annuities have offered some guarantees, and the Investment World is just trying to block competition.
Many of my clients complain: my broker wont call me back, he doesnt listen to me, he intimidates me, he wont explain things, I pay him for good advice, and I pay him for poor advice.
SEC PLEASE FIX THESE PROBLEMS FIRST.