Quote:
Originally Posted by Lovetocamp2
I wouldn’t work with an independent broker because if they do anything fraudulent there’s no oversight and there is no one to repay you if your broker goes to prison. Look at Bernie Madoff he was a Fiduciary who stole millions from people and their was no one watching over him or backing him up when it was discovered. Go with a big company like Edward Jones, Fidelity, Vanguard and they have compliance officers watching for unscrupulous transactions and as someone said earlier when a mistake was made Edward Jones made sure he didn’t lose any money.
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You are 100% WRONG……. Individual brokers still have broker dealers and clearing companies that they work with. They have to follow SEC and FINRA rules just like ALL brokers. Bernie was is his own dealer and clearing company that’s where Ponzi scheme come in to place.
If all you out there who keep pushing Fidelity, Edward Jones and others like it…….KNOW they to have had plenty of complaints and judgements against them.
Individual brokers also have compliance officers they have to go through, they get audited by SEC and FINRA They big difference between an individual broker and a Fidelity broker is an individual one has a mind of their own and still HAVE TO FOLLOW THE LAW.
lastly remember this there are 3 sides to every story in this case the OP, the broker(which no one has heard) and the truth(again which no one has heard)