Personal Brokers – Now Just for the Wealthy?

Thanks to Mike Reese for sharing this article with me…(email me to train with him at our next IRA College June 27-29th!) As if brokerage houses needed another knock against them, now it seems that unless investors have enough money, they may not even be able to have access to a broker at all!

Many of the big names on Wall Street have started to adopt a call center system for those investors that may not have a big enough portfolio balance to make speaking with financial advisors profitable enough to be worth their while. For those of you independent advisors out there that are meeting with these type of prospects (some with accounts up to $750k!), I don’t know if there is a more powerful article to be sharing with them! Excerpts and full link to article below.

It was tough enough to get your broker on the phone during the financial crisis. Now, unless you have a sizeable chunk of cash, you may not be able to get a broker at all. Some say the moves create a different class of investors. “It will be challenging for them to get good financial advice,” says Bing Waldert, director of the research firm Cerulli Associates. Investors who complain can sometimes get a brokerage to back down, but some experts say clients might want to take their business elsewhere. “If they are trying to show you the door, maybe it’s not such a good idea to hang on,” Palaveev says.

Full Article

MJN

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