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Dumb 60 something taken advantage of by Financial Ad--- uh, Salesperson
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2022 Sep 23, 6:11pm 150 views 2 comments
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1
Patrick
2022 Sep 23, 9:12pm
Patrick
2022 Sep 23, 9:12pm
I worked for Schwab Institutional Management for a few years, now apparently named https://advisorservices.schwab.com/ It's services for financial advisors, not for the retail public.
I was just a programmer, but learned a bit about the financial advisor business and decided that the whole thing is basically a scam where they take 1% every year whether they win or lose in their gambles with your money. All that really matters to them is the number of dollars under their management so that their 1% is as big as possible.
Sure, they'd prefer not to lose your money, but win or lose, they still get paid more or less the same.
I was just a programmer, but learned a bit about the financial advisor business and decided that the whole thing is basically a scam where they take 1% every year whether they win or lose in their gambles with your money. All that really matters to them is the number of dollars under their management so that their 1% is as big as possible.
Sure, they'd prefer not to lose your money, but win or lose, they still get paid more or less the same.
2
Misc
2022 Sep 24, 10:05am
The advisors can also get kickbacks from the folks selling the investments. Quite a large percentage of them put people into really crappy investments because of the kickbacks.
It is kinda like trusting a Realtor.
It is kinda like trusting a Realtor.
The best part, this genius thought a stop loss order should have been issued on all the holdings in his portfolio, to stop him from losing any money over the past year!
Comedy gold:
https://www.marketwatch.com/story/she-never-explained-anything-im-a-senior-citizen-and-i-lost-100-000-in-the-stock-market-this-year-can-i-sue-my-financial-adviser-11663719152?siteid=yhoof2