The Dirty Secret Brokers Don’t Want Seniors to Know
(00:00.696)
Wall Street burning senior citizens. I see this all too often. All too often and quite frankly, there’s little too much that I can do. Oftentimes, get people contacting us. My parents passed away, my grandparents passed away. I don’t know what’s going on with their portfolio. Chris, can you take a look? And I sit down and I take a look and…
Can you understand, like I said, the frustration that I see, the anger that overcomes me because I see these quote unquote so-called advisors, schlock brokers, whatever you want to call them. Basically, basically knowing that their client is getting older, it’s going to pass away soon, all of a sudden taking everything that’s left in their portfolio and putting it into some high commission.
product, oftentimes some untradable real estate investment trust. And there’s little I can do. Little I can do after that, after they pass in again, it becomes difficult at that point time, even if they’re still alive. And I take a look at the portfolio. Do you really want to grab, know, drag people in 95 years old to testify in an arbitration case?
You gotta understand, and this is part of the problem, part of the problem is that there are a lot of people out there that just don’t care. They’ve had an ethical bypass at birth. It is what it is. Most people are not, they’re just not like that.
But again, that’s what makes it easy for them. It’s kind of like I said, it’s like a last, last gasp way that these advisors and brokers are able to take advantage of older people. Again, I know it’s a difficult conversation to have with parents or your grandparents when it comes to money and where they’re at and what they’re doing. But please.
(02:19.694)
Please do it. Do it. Again, I know it’s difficult, but you want them to get ripped off? You want them to get scammed? A lot of crooks out there. You know what I’m seeing a lot of these things coming out from? The little Mickey Mouse, I call Mickey Mouse McDonald’s.
advisory firms out there. you know I’m talking about all the homie, don’t we know, Edward Jones, Ameriprise, all the time. LPL, same crap. Again and again and again. Let’s get grandma, let’s get grandpa. They’re going to die soon anyway. We’ll bang them out for the biggest commission we possibly can. Again.
I have to try to keep my cool here on the program, but you understand my frustration. Watchdog on wallstreet.com.
