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My experience
 
Old 05-20-2018, 11:51 AM
thetruth thetruth is online now
Senior Member
 
Join Date: Mar 2018
Posts: 392
Default My experience

Quote:
Originally Posted by TimeForChange View Post
knowing it may be moved but there is nothing on the Financial planning board. I retired just over ten years ago and have been here for six. When I retired I rolled my 401K from Fidelity to another company with the advice of my CPA into an IRA. The guy who handles my account has been forced to change large investment companies three times due to mergers or etc. I really like him and as conservative as I am he managed my money well. This week he calls and says he is going independent after 20 years with large institutions and he will have a broker dealer assigned to his accounts. I trust him but I am a bit concerned that he will not have the full backing of a large company like Mass Mutual or New England Financial and be making the decisions him self. Has this happened to anyone else where you have ten years working with a guy you like and he goes independent. I may be looking at leaving him and going with a large investment firm like he is leaving. Any suggestions?
An old story. I was buying Tax free bonds from RBC Dain.
Many people are not aware but depending on where you buy bonds the yield is different. The difference is mostly the commission that is hidden in the price of the bond.
The guy I was dealing with, like what you have posted, sent me a letter that he was moving to another firm.

IMPORTANT-if your FORMER SALESPERSON was able to contact you, he STOLE the files from the firm he left. I WOULD NOT DO BUSINESS WITH HIM OR THE FIRM HE HAS LEFT. Clearly your PERSONAL INFORMATION has not been properly protected.

Aside-RBC would regularly try to charge fees for holding my bonds. If, you have bonds, they are no longer bearer bonds. They are just dots and dashes on a computer so you have to hold them with a brokerage firm. My guy used to waive the fees. RBC refused to do it unless I bought ----. I moved my bonds to Fidelity NO FEES, NO SERVICE CHARGE.

Years ago I was hounded by a small firm. I'm talking they would call about every month. A story on the radio-it was a fraud and they were marched off to jail. There was a similar story in the villages.

MY VIEW-I would go with a large firm.
 

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