Home Finance Experts Monetary Consultants Can Legally Lie To You Thanks To Republicans

Monetary Consultants Can Legally Lie To You Thanks To Republicans

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If the Home of Representatives will get its method, President Barack Obama will not be capable to crack down on pointless charges that value …

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28 COMMENTS

  1. Holy shit, the lunatics really have taken over the asylum if congress can't even pass a law to stop financial "advisers" knowingly deceiving seniors…..republicans thy name is shit.

  2. My financial broker not only worked for BIG national firm but was a cop and there is no redress. He lost fully half of my retirement, kept pushing AIG which I turned down but found I owned years later. I took the 1/6th that was left and bought GOLD. No atty will help you when you're bitching about an international company so you just survive.

  3. Obama crack down on his financial supporters? Lol Isn't that why he nominated Garland to the Supreme Court so he'd have another corporate friendly ally there to help earmark his dirty deeds after he signs them into law?

  4. To be fair, under FINRA regulations, if I as a broker or any licensed member of the securities industry can be proven to have given advice or used my authority to move money without consultation in a manner that grossly ignored the needs of my client, my license WILL be revoked upon any investigation. Further, under no circumstances can I move the money of my client without their permission. To do so without consulting them, they have to give me that right. If I have a considerable number of these accounts over say, a fifteen year career, it is a necessity that I not need to consult every client who has given me permission to move their money when I need to put it into a 'high-risk' account. While turning money over in a year can be done with quick and safe accounts, most healthy portfolios include a dash of risk to increase profitability, and ALL aggressive growth portfolios include a considerable degree of 'high-risk' accounts, because that is what produces greater growth over a long period of time. I shouldn't have to consult with my client on every trade I make when they have already given me the permission to move their money. That in itself is a show of trust in my abilities and motives, and there are already a myriad of laws on the books in place to punish me if I betray that trust.

    TLDR; There are real questions of logistics involved in instituting this law that make it unfeasible. I'm not saying the securities industry is a bastion of morality that always looks out for you. I'm saying we already have a ton of incentives not to lie to you, even if you don't trust us on moral grounds.

  5. I better not hear people complain about this; because I just heard on the radio that Republican voter turn out is at an all time high per the primaries and caucuses. Much higher than democrats. So if people want to change this shit, go out and fucking vote dammit.

  6. Sometimes it feels like just fighting back and winning isn't enough. If I ever thought that forced sterilization was a good idea, it would be if it was done to these… I can't even find words foul enough to describe how much I despise them right now. Chemical castration, to prevent them from breeding and spawning more of their corrupt kind – and when I say "chemical castration" in this particular case, I'm talking about dipping their balls in fluoroantimonic acid or something similar.

  7. in this scenario we can point out the Republicans who support this. I see myself as more republican and I don't agree with congress. I do support free speech and I think it is what makes America amazing, but congress is full of corruption right now and they are twisting the laws against the people. Blame corruption.

  8. Nothing new! Over 10 years ago, I had a retirement account with John Hancock. It was doing quite well, until two "account advisors" showed up at my house to talk me into a "NEW" plan that would "…substantially increase my earnings." A month later, $3,000 was removed from my account as a commission, that was not verbally or written ANYWHERE in the contracts and over 2 years, my account lost another $10,000.

    I closed the account. It cost me roughly $9,000 in penalties and $8,000 in taxes, all because my account was doing well the way it was set up, 25 years earlier and they wanted money out of it, for themselves! They got rich by robbing me of retirement money, that I had to use to pay down my debt….nothing left for my retirement…

  9. Everything I hear about the financial industry and the stock market makes me want to get all my retirement savings out of the stock market. Unfortunately, that's not really an option. At least as far as employer-based retirement plans are concerned.

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