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Over the past 30 or 40 years, stockbrokers have progressed from customer’s men to account executives to wealth managers. But in reality, it’s the same nonsense; they are commission salespeople masquerading as “financial professionals”. To give you the true picture, many years ago, in a moment of temporary stupidity, I had a job interview with one of the household name brokerage firms. I asked my prospective boss a question, the substance of which I do not recall, but his response was: “We don’t give a fuck if the customer makes money, so long as we make money”. This is the real mindset of the “wealth manager”. They live and die by one word: COMMISSION.
In order to avoid legal problems with the Securities and Exchange Commission and the other regulatory agencies, the “wealth managers” are told what they can and cannot push. The job has about as much creativity to it is as being a check out clerk in a supermarket. And if you have a problem with these shits, forget about suing them because when you opened your account, you probably did not notice that there is an arbitration clause in the agreement that you signed. That’s right boys and girls: you signed away your right to sue! That’s because many years ago the brokerage industry went to Congress and got them to pass a law requiring that all disputes between brokerage companies and customers must be settled by binding arbitration. And guess who is on the arbitration board? Right again boys and girls! People from the industry. It’s a stacked deck and loaded dice.
Featured Image Courtesy financialmentor.com
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