And, it doesn't go down, like on the TeeVee low buck DIY trading platform advertisements either.
I didn't march into their offices and fire anyone. My adviser was so bad, that the brokerage canned him, while I was away. The brokerage V.P. sent me a "STAY CALM" letter, saying they'd fix me up with a new shyster. Every time a brokerage house gives you a new adviser, the incoming guy pays the old adviser for your book of business. I had months of reading to prepare. Then I started asking friends for the name of their advisers. No one was happy with their's either.
I had come to Jesus meetings with everyone they sent me, knew exactly what the fees were, and heard everything from, "This portfolio is perfectly set up." to "This portfolio is B.S." I asked everyone of them, about brokerages firing advisers, reasons for dismissal, and if they'd ever been fired. Then, I started interviewing for an adviser attached to different brokerages, and they LOVE you, because they don't have to pay your old adviser for your book of business. "Would you like another martini with your CN Tower lunch Ma'am?" "I just happen to have an extra set of show tickets." "Toronto FC Soccer tickets?"
Then, I got back to the VEEP of the brokerage who sent me the STAY CALM letter, and asked him straight up, why the brokerage canned my adviser. He wouldn't answer me no way, no how. So, I fired his brokerage. It took me 7 months to get every bit of money transferred to new accounts. Been swimming in shark free waters ever since.
Guess who's former brokerage sent their private banking division to the NHL Draft to schmoose new money?
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