Please provide the source for your 80% of products placed and your less than 2% are qualified. If these are simply numbers that you picked out of the air then I guess that's a tactic that can be applied to a whole bunch of topics.
Anonymous wrote:Finally, where is all of the outrage surrounding the sale of proprietary product by the banks and brokerages to say nothing of Investors, Edward Jones and all the rest?
good comment, we will try that one in due time. It appears a precedent could be for the others if we can get regulators and judges to recognize here in Canada that some of these deals are misleading and taking advantage of clients. The US is fining and forcing restitution for such self serving advice.That does not inheirently make it evil. If there is proper disclosure of the conflict, compensation and competency
I agree. I have yet to see disclosure (true, plain and clear) when salespersons find a way to generate additional revenue from an account. Most bad salesmen pass this self serving advice on the client under the label of investment advice. The client has no way of knowing what is trusted advice and what is a sales pitch in disguise.
One reason that good advisors are not marching in the streets against such misrepresentation is that greater than 80% of products get sold by methods that produce the highest possible costs to the client, even when less expensive and identical choices exist. Is that trusted advice.
Further, I will say that less than 2% of persons in Canada calling themselves "investment advisors" meets the educational requirements as set out in the Securities Act that is required to be legally registered as an advisor.
cheers
advocate
Finally, where is all of the outrage surrounding the sale of proprietary product by the banks and brokerages to say nothing of all the rest?
That does not inheirently make it evil. If there is proper disclosure of the conflict, compensation and competency
Anonymous wrote:Who's going to finance this fund to help investors? Well I’m not the one who’s suggesting it’s a big problem so it seems to me that the ball is in someone else’s court on this but just to show what a sport I am, I’ve suggested elsewhere that judgments against the wrong doers could easily fund this effort. The bad guys should be assessed damages, costs and extra to go into the pot.
Anonymous wrote: If we could all stand back and let the wheels of justice deal with this case instead of trying it in the court of public opinion I am sure that the results would be fair and enlightening.
admin wrote:sorry. While I appreciate your concerns about stock talk...........stock talk does not fit this site.
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