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Should I trust the investment broker at my bank? |
I have decided to switch my CDs over to mutual funds. My bank has set me up with a broker that works for the investment side of the bank. To me, he seems like a salesman. I dont know much about stocks, etc. How much should I trust this type of broker with my life savings? Do these guys really know what theyre talking about? Do they take their jobs seriously or do they just try to sign up as many customers as possible? He seems to listen to my needs pretty attentively, but I cant tell if its an act because he wants my account. Usually these guys genuinely care about their customers...there are some who only care about their sales quotas. It is going to be that way any investment firm you go to. Shop around some, find someone you are comfortable, but I will suggest that you find someone you don't have to pay an annual fee to go to...it is ridiculus to pay someone to manage your money, they get a big cut from the investment companies they sell your investment to. There are some out there that charge large fees (Amex investments) and your bank probably doesn't. He's a bank employee, right? Who signs his paychecks? Ask your friends who they deal with. One quick suggestion. If you don't feel comfortable with this guy, find someone else. Ask someone you can trust before you follow his advise. You can bring the material home and compare it with other banks online before you buy too. These types of guys ARE salesmen they make commissions. They are good at it so it may seem that they are looking after you but they are looking after themselves. He is a salesman. That doesn't mean he's a crook. Just because he might be honest doesn't mean he knows what he's doing. You need to do some reading until you know enough to figure out some of the basics yourself. |
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