Quote:
Originally posted by fotze@Dec 6 2004, 04:22 PM
Ya I really dislike mutual fund sales from the ***holes at the banks. They give you the whole speil about risk and all that CRAP, but the whole time they keep saying 'IT'S A LONG TERM INVESTMENT' like they absolutely do not want you to question whether they are managing your money correctly.
"Ignore the 20 percent loss last year, look at the long term results." Which is just bullcrap, you are a ###### to ignore things like that. The attitude of 'give us you money and don't ask questions' really bothers me.
This reminds me that I have to phone Clarica to pull my money out of there because they will not stop pestering me about buying insurance.
Anyone around here a financial planner or anything, bad place to be asking but a lot better odds on finding someone better here then phoning a big bank.
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A close relative of mine was a financial planner with a good company, and he quit because he couldn't take it anymore. Couldn't take what, you ask? The people complaining about their short term losses when they have a long-term plan. Everyday he would get a call by someone reaming him out because their portfolio dropped a certain amount within a day, a week, or a month. If you want a gain right away, a mutual fund is not for you. My relative just told them to take their money elsewhere and try day trading if they want it that way.
Best part is when these people come to my relative and tell him to put their money into a certain mutual fund, against his recommendation. Turns out the fund is crap and they blame the financial planner. And the bad part is, the planner can be sued.
The "give us your money and don't ask questions" attitude is for a good reason. A planner might have hundreds, if not thousands of clients to look after, and with everyone asking questions, nothing would get done. There has to be a certain amount of trust between planner and client, and reputation is a key part in choosing one.
Never go to a bank and get one for that very reason. All they know is how to sell them to you.