I'm not too pleased with my stockbroker right now :|

[PAB]

He took over my acccount at the beginning of the month.

First order of business: Sell everything I owned.

I expressed some concern with this because I was taught to sell a mutual fund after distribution so I could take advantage of the capital gains for a year.

Well, he advised against that and I sold everything and bought into a new fund. AT a 5.75% front end load. Not knowing that I qualified to buy into the same fund with no front end load and 12B-1.

I talked to him about it, he asked me not to bust the trade because his boss wanted to dock his paycheck $500 and he'd make it up with discounted IPO offerings.

Today, I find out that the $7000 in mutuals he sold two weeks ago just distributed 70 cents a share in capital gains to their shareholders. The record date was 5 days ago.

This isn't pleasing.

 

[shortspanishguy]

time to let him go.

 

[radioouman]

uhhhhhhh

 

[AbsolutDealage]

Originally posted by: PAB
I talked to him about it, he asked me not to bust the trade because his boss wanted to dock his paycheck $500 and he'd make it up with discounted IPO offerings.

And you listened to this? Don't let him guilt you in to a decision... I'm sure his bank account is fine.

 

[dquan97]

Talk to his boss about it. Sounds like he's churning your acct for the fees.

 

[crystal]

sue him for fault.

 

[dug777]

blame your parents....













Nah, seriously, call his manager and clear it all up.

Much as i dislike you, that's no reason to get reamed for a service you are paying for...

 

[Firebot]

If he's doing this to you and you are somewhat savvy, he is doing it to others. Talk to his supervisor immediatly since this is your money in jeopardy, and he's fooling around trying to get fees for himself at your expense.

 

[Feldenak]

I'm sure it's because he's a racist.

 

[Schfifty Five]

Guys, this is a PAB thread...no need for serious replies.

 

[SP33Demon]

That schmuck shouldn't be telling anyone how to run their portfolio unless you ask for his opinion.

 

[Scouzer]

ask your parents

smash their car when they give you advice (advice: see a psychiatrist they'd say)

 

[boomerang]

Originally posted by: dquan97
Talk to his boss about it. Sounds like he's churning your acct for the fees.

Normally, this would probably be good advice. My guess would be that this was all done at his bosses urging. Company policy anyway. They are in business to sell what their superiors want them to sell.

 

[snoopdoug1]

Originally posted by: dquan97
Talk to his boss about it. Sounds like he's churning your acct for the fees.

 

[MisterJackson]

Are you trying to play grown up again PAB????? What have we told you about that?!

 

[MikeyIs4Dcats]

ok, what forum did you steal that post from???

 

[mugs]

Man you suck at life.

 

[yobarman]

LOL @ stockbrokers. If you're going to mess with stocks, especially mutual funds, just do it yourself.

 

[Turin39789]

Originally posted by: Schfifty Five
Guys, this is a PAB thread...no need for serious replies.

I smell a lawsuit brewing!

 

[Specop 007]

I love PAB threads.

 

[JLGatsby]

Anyone who would hire a stockbroker deserves to lose their money.

 

[Turin39789]

Originally posted by: JLGatsby
Anyone who would hire a stockbroker deserves to lose their money.

The same with mechanics

 

[Miramonti]

Originally posted by: PAB
He took over my acccount at the beginning of the month.

First order of business: Sell everything I owned.

I expressed some concern with this because I was taught to sell a mutual fund after distribution so I could take advantage of the capital gains for a year.

Well, he advised against that and I sold everything and bought into a new fund. AT a 5.75% front end load. Not knowing that I qualified to buy into the same fund with no front end load and 12B-1.

I talked to him about it, he asked me not to bust the trade because his boss wanted to dock his paycheck $500 and he'd make it up with discounted IPO offerings.

Today, I find out that the $7000 in mutuals he sold two weeks ago just distributed 70 cents a share in capital gains to their shareholders. The record date was 5 days ago.

This isn't pleasing.

What a load of sh!t.

Sounds like quite a clown.

 

[Specop 007]

Originally posted by: jjsole

Originally posted by: PAB

Sounds like quite a clown.

 

[MisterJackson]

Originally posted by: jjsole

Originally posted by: PAB
He took over my acccount at the beginning of the month.

First order of business: Sell everything I owned.

I expressed some concern with this because I was taught to sell a mutual fund after distribution so I could take advantage of the capital gains for a year.

Well, he advised against that and I sold everything and bought into a new fund. AT a 5.75% front end load. Not knowing that I qualified to buy into the same fund with no front end load and 12B-1.

I talked to him about it, he asked me not to bust the trade because his boss wanted to dock his paycheck $500 and he'd make it up with discounted IPO offerings.

Today, I find out that the $7000 in mutuals he sold two weeks ago just distributed 70 cents a share in capital gains to their shareholders. The record date was 5 days ago.

This isn't pleasing.

What a load of sh!t.

Sounds like quite a clown.

Okay....first off, are you actually BUYING the sh1t PAB's selling? To reply to his OP with an actual answer means you're either not aware he's a chronic liar and attention whore, or you believe him. If it's the latter, God help you.