Das Brain
My wife signed up for her works retirement savings plan a few months back through her company’s investment brokers “Dundee Securities Corporation”, and she began contributing into a Stock Growth fund.
Well recently, she called the broker to move her assets from Stock Growth Fund into a mutual fund that invest in Money Market instead of stocks to reduce exposure to a downward or volatile market, and the broker tried and succeeded in talking her out of moving it.
I was not around when my wife made the call to the broker, but this peeves me off, because my wife is the client and the broker is suppose to be there to service the customer. She knows what she is doing, and this broker was trying to convince her otherwise. My wife is not an aggressive person so, she just told the broker that she will consult with her husband before calling him back again.
If a client wanted to switch mutual funds to reduce exposure to the stock market, and the stock market tanks or drops significantly reducing the total value of the client’s investment, is this investment advisor / broker going to pay up the losses for convincing the customer to do otherwise. Hmmm………I don’t think the broker will. So I think that the broker at Dundee Securities in Newmarket , Ontario should have kept his advise and do what the client wanted. After all it is the client’s money and in the end the broker is suppose to do what the customer request by law.
So needless to say, that my wife is going to be calling back again, this time making sure that this broker makes the necessary switches to her retirement mutual fund investments. My guess, is that this investment advisor with initials P.C was too lazy to do the paper work, and instead found it easier to talk his way out of it. Whatever the reason was, he did not provide the right level of service to his client.
Don’t get me wrong, the majority of investment advisors might be good, but it seems that we just got a dud here who may cost my wife some losses going forward into the March and the volatile summer of 2007 if he hinders the mutual fund switch.
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