Posts Tagged ‘bank’
When a Million Is Not Enough — Part II ( Margin is not the Answer)
Everyone saw it coming except my client. Big Dan pulled up stakes and left. My client had backed him until her million dollar nest egg was severely depleted and her own well being in jeopardy. The margin loan (See Part I) was not being repaid. It was on the books at a rate of 8.50%.…
Read MoreInflation Persists as a Concern for Folks in Retirement on a Fixed Income.
I worked in the financial services industry for over 40 years, the last fifteen of which as a Financial Advisor for Merrill Lynch in Winston-Salem, NC. My novel, Deadly Portfolio, builds a story around Matthew Wirth, a retiring financial advisor who, in preparing for his own retirement, is turning his practice over to junior partner,…
Read MoreHow Much Should the Middle-Income Household Risk in the Market?
Middle-income families often do not have the resources to employ financial advisors. Yahoo Finance states that middle-income households have an average of approximately $110,000 set aside for their retired years. Financial advisors and brokers at major firms like Merrill Lynch, Morgan Stanley, and UBS Paine Webber are looking for mega buck accounts—accounts with $250,000 or…
Read MoreBanks – appearances count. Honesty not so much.
Someone wrote that the public tended to trust bankers even when they didn’t think that bankers were very bright. I don’t agree. Mediocrity is the goal at banks. Appearances, however, are of overriding important. I was with a large bank in the Southeast for nearly ten years. A couple of stories make my point. The…
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