Comments on: Don’t Let Your Retirement Get Scammed http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/ 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. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: stano http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-422395 stano Tue, 26 May 2009 06:10:37 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-422395 The number rule everyone should note is never trust anyone from merrill lynch, they are greedy incompetent scum who will leave you poor. The number rule everyone should note is never trust anyone from merrill lynch, they are greedy incompetent scum who will leave you poor.

]]> By: Mrs. Micah http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-206270 Mrs. Micah Tue, 08 Jan 2008 18:46:26 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-206270 That's good, JLP. It seems like if I paid someone to paint my house and he painted my neighbor's house instead...there would be some kind of legal recourse or settlement. I suppose $100-200k that they lost (not including potential earnings) wouldn't be too hard for Merrill Lynch to cough up. Especially if they fired the scammer. That’s good, JLP. It seems like if I paid someone to paint my house and he painted my neighbor’s house instead…there would be some kind of legal recourse or settlement. I suppose $100-200k that they lost (not including potential earnings) wouldn’t be too hard for Merrill Lynch to cough up. Especially if they fired the scammer.

]]> By: JLP http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-205760 JLP Tue, 08 Jan 2008 04:35:49 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-205760 Mrs. Micah, If I'm remembering correctly, the couple in the post did settle with Merrill Lynch. Mrs. Micah,

If I’m remembering correctly, the couple in the post did settle with Merrill Lynch.

]]> By: Mrs. Micah http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-205754 Mrs. Micah Tue, 08 Jan 2008 04:24:22 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-205754 Not that I'm gung-ho about suing, but if he gave instructions for them to go into low-risk investments could he sue for having them misplaced? It seems like giving someone your money and telling them to buy one thing and having them buy another is a legal matter. Not that I’m gung-ho about suing, but if he gave instructions for them to go into low-risk investments could he sue for having them misplaced? It seems like giving someone your money and telling them to buy one thing and having them buy another is a legal matter.

]]> By: Brooke http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-205621 Brooke Tue, 08 Jan 2008 00:33:29 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-205621 I think I would cry if someone did that to me. Imagine all the hard work that guy put in to be there. I think I would cry if someone did that to me. Imagine all the hard work that guy put in to be there.

]]> By: Ernesto http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-205511 Ernesto Mon, 07 Jan 2008 20:44:54 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-205511 This is a story I've heard over and over with different 'bad guys' - Primerica, Dean Witter (now Morgan Stanley); pick the Wall St. investment house. Two words missing are from the investment industry vocabulary: fiduciary responsibility. In the late 90's I was working at the Teachers Retirement System of Ohio. There were 'investment gurus' like these Merrill Lynch scum who were convincing people to cash out of their pension plans (and the pension-paid health insurance) to invest in the then high flying stock market. No telling how many people are Wal-Mart greeters due to some well dressed sales rep. At 6% commission (typical for the industry) someone earned $19,200 from Mr. Wolfe's rollover. This is a story I’ve heard over and over with different ‘bad guys’ – Primerica, Dean Witter (now Morgan Stanley); pick the Wall St. investment house.

Two words missing are from the investment industry vocabulary: fiduciary responsibility.

In the late 90′s I was working at the Teachers Retirement System of Ohio. There were ‘investment gurus’ like these Merrill Lynch scum who were convincing people to cash out of their pension plans (and the pension-paid health insurance) to invest in the then high flying stock market.

No telling how many people are Wal-Mart greeters due to some well dressed sales rep. At 6% commission (typical for the industry) someone earned $19,200 from Mr. Wolfe’s rollover.

]]> By: Amanda http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-205449 Amanda Mon, 07 Jan 2008 18:35:53 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-205449 Sad. I think this is an especially difficult issue for seniors in the US right now. Many of them feel overwhelmed by new things like the Internet and managing their investments online and perhaps figure that handing their finances over to someone else to manage is the best bet, and ultimately many get taken advantage of. Sad. I think this is an especially difficult issue for seniors in the US right now. Many of them feel overwhelmed by new things like the Internet and managing their investments online and perhaps figure that handing their finances over to someone else to manage is the best bet, and ultimately many get taken advantage of.

]]> By: Tim http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/comment-page-1/#comment-205444 Tim Mon, 07 Jan 2008 18:23:22 +0000 http://allfinancialmatters.com/2008/01/07/dont-let-your-retirement-get-scammed/#comment-205444 This is definitely why you have to actively manage your own finances. It sounds like they gave the broker free license to invest, rather than controlling what the broker was doing. Feel bad for them, but at the same time, you simply cannot give money to anyone and let them manage without your oversight. This is definitely why you have to actively manage your own finances. It sounds like they gave the broker free license to invest, rather than controlling what the broker was doing. Feel bad for them, but at the same time, you simply cannot give money to anyone and let them manage without your oversight.

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