I had invested my funds (six figures) with a big investment company ("When XY talks, people listen." 1960s t.v. ad). I always managed my own portfolio. Got 10% p.a. returns over 14 years ("The Rule of Seven"), thus quadrupling my principal - despite the Crash of 2008. The ONE time I sneakily asked for advice (on a buy-back offer for Ford Senior Debentures) - even though I actually already knew the right answer - my personal investment advisor - whose children had played on the beaches of Hawaii together with my own children - said that she would have to recuse herself, because her company was advising the counterparty (Ford).
Then, in 2016, the company "kicked me to the curbside" because of anti-money laundering laws and such (fear of "claw-backs" - of course, clients with $5 million plus were probably not harassed). Was given three months to dissolve my account. When I asked for advice on with what new company I could instead invest my funds, was told "look in the Internet."
They slyly "upped" their commissions on my stock trades over the years, never provided any actionable advice, and then kicked me to the curb in 2016 - meaning that I missed out on the "Trump Bump."
Chickensh*t business practices.
Regards,
Different experience than I have had, but as I said in another post, I never traded stocks, beyond one ‘dip’ into that world that ended poorly.
I always have stuck with managed mutual fund portfolios that were diversified and balanced to match my desired level of risk. I contributed with every paycheck and pretty much let the managers watch it ‘cook’.
They (First Command) have personally kept me appraised a few times a year and of course I can see statements or check online at anytime. They also have given me sound advice on tax planning that will save me in the order of 7 figures in tax liability over the next 20 years in retirement.
There is/was an upfront cost to that. When I started investing, Roth’s were not around, and I was late in switching, enjoying the pre-tax dollars being invested. But on the back-end, that costs a bundle. I have spent the last few years converting to all Roth’s. This means paying taxes now on those untaxed dollars, but huge savings in the future as the accounts grow and as tax rates go up.