Lies Your Broker Tells You: What to Watch for and Still Achieve Financial Security

Thomas D. Saler, Author
Thomas D. Saler, Author Walker & Company $19.95 (251p) ISBN 978-0-8027-1075-8
Reviewed on: 06/01/1989
Release date: 06/01/1989
Shaler, a former stockbroker, here indicts his past profession. Brokers in general, claims the author, are supersalespeople with little knowledge of investing, who buy and sell on a customer's behalf purely for the sake of commissions, making minimal gains along the way, and at times completely wiping out a client's margin account. The author also cites instances of ``misappropriation, unauthorized trading, forgery and theft''--such misconduct only rarely resulting in arbitration or lawsuits. As alternatives to brokers' services, Saler analyzes top-performing, commission-free mutual funds and offers brief interviews with financial advisers (his own field) who provide individually tailored investment programs. The author argues a convincing case but, as with any matter involving the pocketbook, readers will make their own determinations. (June)
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