I got that uneasy feeling
By savypat
@savypat (20216)
United States
October 18, 2011 4:34am CST
Yesterday I went to see my stock broker, I know that sounds like I am really into the money but that is not so. I have a retirement account that has to be kept with a third party and it's not very much but these days every little bit helps. When I sat down with this young man we talked a bit and then he asked me if I liked the company he worked for, he then proceeded to tell me they were overcharging me and that I should pull my money from them. Gee just writing about this makes me uneasy.
Anyway he did have a point and what he then offered me was a much better deal. Well being an easy sell I agreed with him, but then I started thinking about it, in fact it kept me up all night, what I finally decieded was that if that man worked for me I'd fire him in a minuete. So I will investigate the charges and see if I can find a better place for my IRA but it sure won't be with him. Waht do you think?
4 people like this
12 responses
@JenInTN (27514)
• United States
19 Oct 11
OMG..no savypat! That guy sounds like a snake in the grass. If you are working for a company...it might be one thing to direct you to another company or give you some info about it but to suggest HE should take that account....snake in the grass. There is always someone out there trying to take advantage. I would investigate that guy for sure. The company might need to be aware as well. I'm sure your not the first one he tried this with and if something isn't done, you might not be the last.
2 people like this
@paula27661 (15811)
• Australia
19 Oct 11
I appreciate how you feel Pat. The young man you were talking to may have helped you by making you aware of the overcharging but I have to wonder what he would gain if you pulled your money out and reinvested elsewhere. He may have dealing s with another business, who knows? I would not trust him either and I would do my own researching for another worthy company.
2 people like this
@GardenGerty (160996)
• United States
18 Oct 11
I think he is slicker than a pool of oil on a driveway, and it may be true that you need to move your account, but he is not the person to put it with. I say go with that uneasy gut feeling as it is often right.
2 people like this
@kareng (62072)
• United States
18 Oct 11
I wouldn't trust this guy at all if he is not loyal to the company he is currently working for. I bet he would be fired if you turned him in. Was he trying to get you to sign with him as an independent? I'd be very leary of that. Good luck and best wishes to you.
2 people like this
@sirnose (2436)
• United States
18 Oct 11
savypat, are you a fan of Clark Howard he's a whiz at this kind of stuff you should try
contacting him for some free and solid advice about your IRA account. He has a radio talk show that you can call into or you can go to his website and post your questions or comments: www.clarkhoward.com/
Hopes this helps he's one of the best out there for helping every day folks "Save Money and not get Ripped off." Good Luck
2 people like this
@lelin1123 (15595)
• Puerto Rico
18 Oct 11
I wouldn't have slept easy either after that conversation. I agree with you that person is not in my opinion a trustworthy person and who knows he may be trying to scam you. I would definitely pull my money out of that company and go with someone that is reliable. Talk to friends and shop around but whatever you do don't go along with that guy. In my opinion Fidelity and Charles Schwab are excellent companies that you can rely on. have an IRA with Fidelity and my dad had one with Charles Schwab and we have had no problems at all. Good luck!
2 people like this
@Pose123 (21635)
• Canada
20 Oct 11
Hi savypat, Something is definitely wrong here. I think you had better do some investigating and talk to someone else. This young man seems like a real schemer. If he believed what he told you, why is he still working for the company? If he is going to continue working for them, he has to tow the company line, otherwise leave and find work elsewhere. Blessings.
1 person likes this
@dragon54u (31634)
• United States
18 Oct 11
I can understand your feelings--someone disloyal to their company is no trustworthy. What does he get out of directing you to another company?
Are you associated with a credit union? If not, do so. I transferred most of my investments to a broker that has his offices in the CU and they would not sponsor him if he was dishonest. I've done better with him than the years I was with Chase. I had expected to lose much more this quarter than my statement said and I'm really pleased with his management.
2 people like this
@tigeraunt (6326)
• Philippines
18 Oct 11
hi pat,
maybe he has sweet talked you.
but then investigating and asking around will be the best option.
i hope you get your answer soon.
have a nice day.
ann
but then investigating and asking around will be the best option.
i hope you get your answer soon.
have a nice day.
ann1 person likes this
@inertia4 (27960)
• United States
21 Oct 11
I don't think he was saying that against the company he worked for. I think that was an up-sell of sorts. Let me explain, he saw that you were concerned about your IRA account, so he seized the moment and got you to change you account from what seems to be an older version to a newer account. Thats was a ploy of the bank he works for, not him. Anything that invokes my money always makes me feel uneasy. What you should do is just look into some other banks and see what they have. But some friendly advice would be to stay away from those banks that were involved in the bailouts. Such as Bank of America, Citi Bank, Wells Fargo, etc... I use TD bank and I love them. They are very nice and they make you feel at home and comfortable. So, if you're going to change, check them out. They are a Canadian bank, they are real good. Always keep an eye on your money.
@bagarad (14283)
• Paso Robles, California
19 Oct 11
i concur with all the observations so far and think JeninTen summed it up very well. This guy may be a Bernie Madoff wanna be (without the jail term). He will probably find a few suckers. You can be sure he doesn't have your best interests as heart -- just his own. I would report him. There are probably plenty of other qualified people who would love his job.
1 person likes this
@romscabs (310)
• Philippines
18 Oct 11
I think you have to look for other investment options for your retirement money. It is so difficult to trust any financial companies these days. Even banks, run out of funds. Banks closures is everywhere nowadays.
You need to safeguard your money. I have a friend who spent all his retirement money and now he is dependent on his monthly checks. I wish he had invested something better than just giving out his money for no reason.
2 people like this
