Comments on: Merrill Lynch is Full of Bull… http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 02:50:51 +0000 hourly 1 http://wordpress.org/?v= By: Bill http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-378782 Bill Fri, 14 Nov 2008 17:52:59 +0000 http://allfinancialmatters.com/?p=2159#comment-378782 Ernesto is right. I hate not getting paid to work with 90% of the people out there who need a broker. Ernesto is right. I hate not getting paid to work with 90% of the people out there who need a broker.

]]> By: Ernesto http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-183756 Ernesto Mon, 03 Dec 2007 16:06:32 +0000 http://allfinancialmatters.com/?p=2159#comment-183756 I think it's getting to the point where Wall Street ONLY cares about it's largest investors. Anyone with less than $10M to invest are considered 'background noise'. We provide a pool where the sharks get to swim (and feed). I think it’s getting to the point where Wall Street ONLY cares about it’s largest investors. Anyone with less than $10M to invest are considered ‘background noise’. We provide a pool where the sharks get to swim (and feed).

]]> By: » Weekly Roundup - Christmas Tree Edition @ fivecentnickel.com http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-183452 » Weekly Roundup - Christmas Tree Edition @ fivecentnickel.com Mon, 03 Dec 2007 03:42:14 +0000 http://allfinancialmatters.com/?p=2159#comment-183452 [...] JLP thinks Merrill Lynch is full of bull. [...] [...] JLP thinks Merrill Lynch is full of bull. [...]

]]> By: » Weekly Roundup - Christmas Tree Edition @ fivecentnickel.com http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-183453 » Weekly Roundup - Christmas Tree Edition @ fivecentnickel.com Mon, 03 Dec 2007 03:42:14 +0000 http://allfinancialmatters.com/?p=2159#comment-183453 [...] JLP thinks Merrill Lynch is full of bull. [...] [...] JLP thinks Merrill Lynch is full of bull. [...]

]]> By: Free Money Finance http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-182117 Free Money Finance Fri, 30 Nov 2007 11:19:54 +0000 http://allfinancialmatters.com/?p=2159#comment-182117 <strong>Star Money Articles for the Week of November 26</strong> Here are some recent interesting posts from the MoneyBlogNetwork and beyond: MightyBargainHunter wonders if retailers will take it on the chin. Five Cent Nickel got a credit from the Dish Network. Blueprint for Financial Prosperity gives thoughts on a ... Star Money Articles for the Week of November 26

Here are some recent interesting posts from the MoneyBlogNetwork and beyond: MightyBargainHunter wonders if retailers will take it on the chin. Five Cent Nickel got a credit from the Dish Network. Blueprint for Financial Prosperity gives thoughts on a …

]]> By: Swim Upstream to Wealth http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-181519 Swim Upstream to Wealth Thu, 29 Nov 2007 16:05:52 +0000 http://allfinancialmatters.com/?p=2159#comment-181519 Two worlds of financial planning exist: the world of the fiduciary and the world of suitability. A fiduciary has a legal obligation to put their client's interests first whereas the suitability standard only requires the product being sold is suitable for the client considering his/her situation. Merrill Lynch brokers are not fiduciaries. Merrill brokers do not have any legal obligation to put their client's interests first. When looking for a financial advisor or planner, the first question should be, "are you a fiduciary?" If the answer is no, then you need to move on to someone else. Your financial future is too important to entrust to someone who has no legal obligation to put your interests first. For full disclosure, I am a fee-only advisor who does uphold a fiduciary standard. Two worlds of financial planning exist: the world of the fiduciary and the world of suitability. A fiduciary has a legal obligation to put their client’s interests first whereas the suitability standard only requires the product being sold is suitable for the client considering his/her situation.

Merrill Lynch brokers are not fiduciaries. Merrill brokers do not have any legal obligation to put their client’s interests first. When looking for a financial advisor or planner, the first question should be, “are you a fiduciary?” If the answer is no, then you need to move on to someone else. Your financial future is too important to entrust to someone who has no legal obligation to put your interests first.

For full disclosure, I am a fee-only advisor who does uphold a fiduciary standard.

]]> By: eraser’s blog » Blog Archive » Merrill Lynch is Full of Bull… http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-181276 eraser’s blog » Blog Archive » Merrill Lynch is Full of Bull… Thu, 29 Nov 2007 09:11:07 +0000 http://allfinancialmatters.com/?p=2159#comment-181276 [...] By JLP Flipping through the WSJ tonight, I came across a full-page ad for Merrill Lynch (page A7 in the paper if you’re interested). The ad says this:. In 1915, Charlie Merrill said,. “The interests of our clients always come first.” … allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/ AllFinancialMatters allfinancialmatters.com [...] [...] By JLP Flipping through the WSJ tonight, I came across a full-page ad for Merrill Lynch (page A7 in the paper if you’re interested). The ad says this:. In 1915, Charlie Merrill said,. “The interests of our clients always come first.” … allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/ AllFinancialMatters allfinancialmatters.com [...]

]]> By: Dylan http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-180875 Dylan Wed, 28 Nov 2007 23:19:13 +0000 http://allfinancialmatters.com/?p=2159#comment-180875 Q: Why don’t brokers recommend the no-load versions of the exact same mutual funds or 529 plans as the loaded versions they sell? A: Because it would not be in the broker’s best interest, or the best interest of the brokerage firm, or the firm’s shareholders. Q: But wouldn’t not paying a load or other ongoing fees like 12b1 for exactly the same underlying investments be in the client’s best interest? A: Yes. Q: So, whose interests are coming first? Q: Why don’t brokers recommend the no-load versions of the exact same mutual funds or 529 plans as the loaded versions they sell?

A: Because it would not be in the broker’s best interest, or the best interest of the brokerage firm, or the firm’s shareholders.

Q: But wouldn’t not paying a load or other ongoing fees like 12b1 for exactly the same underlying investments be in the client’s best interest?

A: Yes.

Q: So, whose interests are coming first?

]]> By: Beth http://allfinancialmatters.com/2007/11/27/merrill-lynch-is-full-of-bull/comment-page-1/#comment-180548 Beth Wed, 28 Nov 2007 13:40:51 +0000 http://allfinancialmatters.com/?p=2159#comment-180548 Regarding ML, as Suze Orman once stated...it's not ML as a whole that has wronged its clients, it's a few of their advisors that don't put their client's best interests first. I believe that, like with any other investment, you need to invest your time into finding an advisor that you can trust and really work with to achieve your goals. You can't just accept the first advisor that falls on your doorstep. Be careful....it's your money and your future....you can't rely on just anybody to help you. Regarding ML, as Suze Orman once stated…it’s not ML as a whole that has wronged its clients, it’s a few of their advisors that don’t put their client’s best interests first. I believe that, like with any other investment, you need to invest your time into finding an advisor that you can trust and really work with to achieve your goals. You can’t just accept the first advisor that falls on your doorstep. Be careful….it’s your money and your future….you can’t rely on just anybody to help you.

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