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|Subject: NYTimes: Beware of Fancy Financial Advisers||Date: 7/7/2012 10:50 PM|
|Author: intercst||Number: 70813 of 82741|
Apparently they'll 'pick you clean'.
The issue came up again earlier this week in an article by my colleagues at The New York Times, who quoted former JPMorgan Chase brokers as saying they were encouraged to promote the firm’s own funds to customers even when more competitive investments were available. Not only were the funds expensive, but the bank also exaggerated at least one investment portfolio’s returns.
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