About victor mader Expertise I`m not a broker therefore I can assure that I earn no monies from my unbiased advice. I usually don`t comment on specific stocks but rather how to avoid getting "taken" by any unethical brokers, financial advisors, etc. I have 35 years of personal experience and stay well informed. My goal is to make you a better informed investor. I`ve been told by several stock brokers that I know more than many registered brokers.
Experience I spend an average of 1-2 hours per day reading about investments and have since 1965. I now have accounts at DLJ and Goldman Sachs, two very fine firms.
Expert: victor mader Date: 4/23/2002 Subject: Financial Advisor responsibilities
Question Hello Mr. Mader:
My question concerns my Advisor with Merrill Lynch. He took my money (Retirement rollover, an insurance settlement check, and some savings) and I haven't seen him since, excepting once when he met with me and other investors to change with him from A. G. Edwards to Merrill Lynch. As far as I can tell, he bought mutuals funds with my money and considered that the end of his duties. He has not been to my home or called me concerning any investment matters in the 2 1/2 yrs. he has been my consultant.
I thought I was paying someone to manage my retirement account and keep me informed as to what is happening with it. Of couse I get the mutual funds literature and Merrill Lynch statements, etc. But no interaction at all with my consultant. I could train a chimpanzee to do what he has done. I called him and requested he keep me informed but no response six months later.
My specific question is "do you think he is fulfilling his obligations as my consultant?". Also, if you agree with me that he isn't, what recourse do I have?
Answer Dear Bill:
Brokers make money for themselves first, you second.
He put you into some funds, got his commissions, and can't get any more out of you unless you sell those funds and buy some others. He's not your friend, you were merely a source of income to him.
You're not going to get any more unless you allow someone to buy and sell stocks for you on a regular basis, and that is NOT smart.
Either stay where you are or talk to Fidelity Investments and learn if you can move your funds to Fidelity Spartan Total Market Index Fund wihout paying any penalties or exit fees from the funds you're in. You'll still get no attention but at least you'll be in a solid fund that will best 80% of all others over a long period. And, you can stay in it for life.
Victor
PS: Sorry I took so long to reply, but I could not access your question due to a problem at the site.
