Mature Life Features

Cecil Scaglione, Editor

Posts Tagged ‘#stock brokers

Whenever . . .

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. . .you think the world around you is crazy,

just remember those two guys

who tried making everyone believe we could fly.

They were Wright.

Not All Brokers On The Level

Brokers are no different than used-car salespeople — or butchers, baker and candlestick-makers.
They’re in business to make money.

That means they’re more interested in their own welfare than yours. The only way they make money is by selling stock. The more transactions they conduct, the more commissions they earn.

If you run into one with a larcenous heart, you’re in trouble because there also is little chance
that you’ll recoup your money.

A sad New York story is a simple example of what can go wrong.

A father of three in his 20s was paralyzed from the waist down in a traffic accident and received compensation of $2.1 million. He had never invested money before and was referred to a broker who was his brother’s doctor’s son.

The young man’s accountant instructed the broker to invest the money conservatively. The broker
sunk the money into some 20 mutual funds, which resulted in an array of commissions, and then
sold them to purchase high-tech stocks on margin for more commissions.

Ten months later, the brokerage house informed the paraplegic investor that there was less than $63,000 in his account and his broker had disappeared.

Check out your broker and keep in touch with them constantly. It’s your money.

Written by Cecil Scaglione

November 19, 2022 at 2:00 am