On old pirate maps, the edges of the navigated and known world would ultimately give way around the border to the places where no ships had yet sailed – or had yet returned alive from. Science being what it was in the 18th century, it became popular for cartographers to print warnings about the sea creatures that sailors fantasized were out lurking. “Here there be monsters” was a popular inscription.
The Wall Street Journal took a look at an extensive database of brokerage complaints and developed a series of maps detailing where the most monstrous registered reps could be found in the highest numbers. You’ll casually notice that these predators tend to cluster around the places with rich retirees.
Head over at the link below for the methodology behind creating this map and the accompanying story.
At Money Magazine, a brief new video of me discussing the difference between brokers (who operate under a “suitability standard”) and advisors (who are held to the more rigorous “fiduciary standard”):