I Fired My Stock Broker Today.....

First let me say that I have been with Merril Lynch for over 10 years now and only have
has two people in charge of my account in
all that time the new change came two
years ago, and generally have been satisfied, but last week was the straw that
broke the camels back after 4 strait days
of massive declines my wife and I decided
to take a break, it does take 2-3 days to exit the market and put those funds in to
cash after several days of voice mails with
no response, I demanded to talk to a supervisor, after reading her the riot act
I told her we wanted to move are investments to cash right away and that
we had a problem getting ahold of are
Broker ant that we have had tried to
get ahold of him with no success, in the
mean time I lost $7,500
the funny thing about this even after, we
moved are holdings to cash, we still didn’t
get a call from anybody, you think we would have atleast got a follow up phone
call, but no

I will keep the thread posted

 

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I'm sorry you had a bad experience . Please listen to some good music .

 

It has happened to me several times. My representative quits or is promoted and I am not advised. I try to get in touch and there is nobody to talk to. I've moved my funds several times because of that. I had one rep that took me to play golf once each quarter. I wish he had not moved to another job.

 

When they become unreachable and impersonal, it is time to boogedy on and not let the door hit you in the arse.

And the ironic thing is you see several of these brokerage houses adverts that they are good at communicating and attending to your needs.

 

hey mpcusa sorry to hear that you lost your money. that sucks on any day. better luck to ya sir

 

-$7.500? SUE!

 

It has been my experience brokers don't give a damn about you, only your money. Unless you are one of his "Whales" you will be in his queue according to the size of your portfolio. The bigger the fish, the more attention received. After a few years of missed opportunities because my broker didn't return my calls in a reasonable time-frame (within two days), I fired him and took over my modest portfolio and did reasonably well, IMO. Becoming a competent investor requires research like numismatics.

 

I can't fire mine. She would divorce me and I would also be looking for a cook. She has done really well with our stock market stuff. She did it for a large bank for over 30 years so ours is easy for her.

Someone at Merril Lynch should have stepped up and handle the transaction much faster. I'll guess the brokers are working from home. I'm seeing more and more that people are ignoring calls, voicemails, text and emails. That should not happen with those that handle investments.

 

i deal with Merril Lynch myself and understand that when gambling on the stock market anything can happen, getting hold of my stock brokers is hard but i also i know they have dozens of other customers to help and such

i'm the one who knows you win and lose in the stock market, i can take losses and know that i'll make those up sometime down the road and trust me i have lost huge sums of money but yet made those up in the long run

it all comes down to one simple thing called common sense which seems to be lacking here of late in the world, pity you can't sell common sense cause if you could sell it you'd be a billionaire

 

Yikes, I really hope you didn't pull your stocks out during the decline when Covid was starting. Stocks recovered after that and had a REALLY good year. Those that sell during a downturn are locking that downturn in, and not getting to participate in the recovery that always follows.

 

What does this mean???

 

I probably, have not made the kind of money I could have by investing in the stock market. My father was a retired sergeant in the Army. He lived through the depression. He helped bring in money for his family by getting used magazines and taking them with his wagon, selling them door to door. He never invested his money in the stock market because of his background. He taught me that I may never make a lot of money by investing in the stock market. Instead, I bought Money Market accounts. I never feel sorry that I didn't, but I retired from the government with full pension and health care. My wife was a teacher and also retired with full pension and health care. I do feel sorry for those that gamble with the stock market.

 

The stock market has made more millionaires than you could imagine... don't feel sorry for those that "gamble" with it. Feel sorry for those that sell at a low like this guy did.

 

I am doing pretty well with my mix of mutual funds and the odd stock, all within my IRAs. I have recovered all of the money lost since March of last year, and that includes a distribution I took from my IRAs. I simply have a fee paid financial advisor who I meet with once a year to make sure I'm on track.

So I don't panic in market drops.

 

There are many more people that went broke in the stock market than were made millionaires. Let me know when you get your "first" million.

 

I have invested in the stock market for 40 years. Among the many things I have learned:
1. If you liken investing to gambling, stay out.
2. When the market dips, the amateurs bail out - always too late.
3. When you rely on others (brokers) you will be disappointed. Learn to understand stock behaviors and money management. Rely on yourself.

 

We are very happy with Vanguard. 3% per month for 24 years should put me in God's hands before it ends. Oh well, gotta go some time right, might as well go comfortably...

 

Good advice. No one will be more interested in your money and welfare then you. Then if things run off the rails, you only have to look one place for answers, the mirror.

 

Hit the million+ mark 13 years ago. 401k, trad./Roth IRA's and
5-6 individual stocks. I won't sweat the downturns for a few more
years, the Good Lord willin'.

 

I disagree, strongly. Not many people go broke investing in mutual funds, unless they are stupid and sell at a low. Many many people become millionaires with mutual funds. My wife and I have never made over $100,000 combined and should be millionaires because of the stock market in the next decade, conservatively. We are 36. We have religiously maxed out our Roth Ira's in mutual funds with vanguard, and have averaged over 10% a year, and that includes all the bad crashes in the last decade or so.