Smaller brokerages and investment firms are benefiting from Wall Street’s demise as the article Crisis an opportunity for smaller money firms relates.
It’s an interesting article but only really shows what’s been going on behind the scenes at Wall Street forever. The big brokerages package deals, sell them to suckers, and get rich while pretending to offer authoritative financial advice. Now look where their own lies have got them! And these were the geniuses handling your money?
But as I say, this has gone on “forever”. I knew a man who sold everything his mid sized broker told him to, peddled all their slogans, etc. When that house of cards caved (as houses of cards always do) and his clients lost millions of dollars he realized he’d been duped. He went looking for a franchise to run instead.
But if you represent yourself as an “independent” financial advisor, these may be good marketing times for YOU if your advice is truly independent. Many people with huge portfolios now want to fire their current broker if the brokerages woes haven’t already put them out on the street.
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