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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: NYTimes: Beware of Fancy Financial Advisers Date: 7/7/2012 10:50 PM
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Apparently they'll 'pick you clean'.

http://www.nytimes.com/2012/07/07/your-money/beware-of-fancy...

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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intercst
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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70814 of 76421
Subject: Re: NYTimes: Beware of Fancy Financial Advisers Date: 7/8/2012 11:49 AM
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There was a time with every investment firm or brokerage out there had their own private label mutual funds. Many copied the objectives of the most popular funds of the day, and seemed to be equivalent. But often their management and performance were mediocre. That made them highly profitable for the firms to promote, but to the disadvantage of investors.

In recent times, many have sold off their private label mutual funds. I thought those days were over. But caveat emptor seems to apply. Some are apparently still out there.

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Author: joelxwil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 70815 of 76421
Subject: Re: NYTimes: Beware of Fancy Financial Advisers Date: 7/8/2012 1:33 PM
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I do not know what the situation is now, but Merrill Lynch used to have contests among its "salesman" (OOPS! "financial advisers") to see who could sell the most shares of some of their mutual funds.

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