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Brokers Still Recommending Investments without Sufficient Knowledge
A recent study by Prophet Market Research & Consulting shows that brokers don't have sufficient knowledge of the following before they make their recommendation to invest:
Tax Situation, 42%
Financial Status, 32%
Securities Currently Owned, 25%
Investment Objectives, 21%
Prophet conducts these kinds of studies by sending "customers' to the various firms. The customers posed as conservative investors simply wanting to obtain a better yield than their bank deposit accounts with $35,000. This study covered 300 brokers from the nation's largest 21 firms.
Source: On Wall Street, February, 1998
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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Telephone: 312-621-4400 | Fax: 312-621-0268
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