No. of Recommendations: 12
SUSIQ, you make an excellent point. My parents were excellent savers and had a substantial estate when my father died in 1984.

After 9 years, I became involved in my mother's income taxes and found, to my disbelief, that her trusted broker had destroyed her retirement account. Excessive trades and bad investments had virtually cut her account to 30% of it's prior value.

I complained to the NASD and went to arbitration with the broker. We won, a settlement of under $8000, while the broker was responsible for several hundred thousand dollars of losses. His commissions alone were over $40,000. In other words, even when you have a good case, you will lose if you do not control what is going on. The NASD is not your friend. They are a friend of the brokers also.

It should be a crime for a brokerage house to squander the hard earned savings of trusting people. These scum will justify anything to make a buck for themselves, and they have the regulatory body to help them.

My advice, DO IT FOR YOURSELF, USE A DISCOUNT BROKER AND STUDY, RESEARCH AND CALCULATE FOR YOURSELF. YOU HAVE YOUR BEST INTEREST AT HEART.
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