“This obsession with 'protecting' millionaires — potentially at the cost of hindering the wildly successful and critically important private markets — strains logic and reason,” said SEC member Daniel Gallagher Jr. "Millionaires can fend for themselves.”
Can millionaires fend for themselves? Nope. I see too many brokerage statements that tell me otherwise, hear too many stories to the contrary, have met too many financial salespeople and have seen them in action.
I don’t care if we’re talking about doctors, lawyers, real estate professionals or rocket scientists – in the end, there will be very little fending and very much abuse of trust. So long as the worst products pay financial intermediaries the highest commissions to sell them, I can promise you that.
I literally wrote the book on it.
“Millionaires can fend for themselves”
http://t.co/v81m383JSd
RT @ReformedBroker: “Millionaires can fend for themselves”
http://t.co/v81m383JSd
QOTD: Caveat Emptor, Millionaires http://t.co/DypEbtxoaS
RT @ReformedBroker: QOTD: Caveat Emptor, Millionaires http://t.co/DypEbtxoaS
“wildly sucessful” is a selective view of history
QOTD: Caveat Emptor, Millionaires by @ReformedBroker http://t.co/VnucH2oCF9
Accredited test meaningless re product knowledge/sophistication “@ReformedBroker: QOTD: Caveat Emptor, Millionaires http://t.co/deCYwNGdZ0”
RT @ReformedBroker: “Millionaires can fend for themselves”
http://t.co/v81m383JSd
RT @ReformedBroker: QOTD: Caveat Emptor, Millionaires http://t.co/DypEbtxoaS
RT @abnormalreturns: Can millionaires really fend for themselves? No way. (via @reformedbroker) http://t.co/IWCwEL6IDh $STUDY
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QOTD: Caveat Emptor, Millionaires http://t.co/RvD13ztc37
@ReformedBroker It’s every Millionaire for them self. Govt won’t help much. Make it your business (big fan) http://t.co/iedOkJu9Kk