I’m going to sue all of you

372 shares, 819 points

Like it? Share with your friends!

372 shares, 819 points


Your email address will not be published.

  1. I feel *bad* for this person, but not *horribly*. Why? Well, also from the same article:

    **Client:** “I understand the dynamics of the market as far as its ups and downs, and have ridden them out before.”

    **Reasonable Interpretation:** “My risk tolerance is high. If the market drops 20% and I lose $100k in a year, I’ll ride it out and not go ape-shit and threaten to sue my financial advisor.”

    **Client:** “The only time we had contact was when I contacted her about buying into different stocks.”

    **Reasonable Interpretation:** “Okay, I’m not telling you the truth and the whole truth because, yea, I *just* said I contacted her and advised her I was retiring in months, then made the conflicting statement that I *never* had any contact with her except to instruct her to ‘buy into’ individual stocks”.

    **Client:** “However, it’s been different with the market in this timeframe insofar as tech stocks are taking a major hit…”

    **Reasonable Interpretation:** Given they’ve been caught in a lie, they are probably leaving out some other key details like they had push-back on the individual tech stocks they insisted their advisor buy, played it cool like their risk tolerance was high and they can roll with ups/downs, but clearly they can’t. Yea, this is pure speculation, but they specifically mention “tech” here, so there’s something going on here with tech that they’re not elaborating on… 🤔

    **Verdict:** I have to place some blame on them and don’t think we’re getting all the important details. I still feel bad for them to some extent though. Almost all financial advisors suck, including you degenerates, but at least your advice is “free”, doesn’t tack on expenses beyond the loss porn, and is not masquerading as anything other than this being a casino.

  2. If you’re heading into retirement and a $100,000 loss is significant enough to get your panties in a knot, you should be on WSB trying to get regarded, not paying some Mens Warehouse suit-wearing “financial adviser” with an “office” in a Florida strip mall to lie to you about your financial future.

  3. I just lost 5 bucks on a scratch off, the state didn’t “explain” to me I could lose my money gambling. Can I sue??

  4. Tbh once you retire you still have a 20+ year investment horizon…and the market declined like what..20%? So its a pretty stupid article tbh unless the financial advisor stole money.

  5. The size of the portfolio is important.

    Just because you’re near retirement doesn’t mean you sell out of all equities as chances are you’re still invested for 10+ years based on life expectancy.

    This article would be stupid and pointless if it was a 100k loss on $2 million dollars or more. Fixed income/bonds funds have also been going down in value with rising interest rates too.

  6. Safest passive portfolio I could find, the ‘permanent portfolio’ lost ~10% this year.

    60/40 bond split did worse.

    Bonds alone did worse than stocks, depending on duration.

    When fed tightens, cash is king.

    Sucks, donut?

  7. The profession of financial advisor will die with the boomers.

    The unlimited money well is drying up and I can only say fuck you guys!

    Get a real fucking job.

  8. Need more info here. If she lost $100k of $500k because she put all of gramps money into the stock market then then yes we might have a case. But if $100k of $1mil or if lost in “lower risk” investment classes like fixed income/bonds then probably hard to make any case.

  9. Honestly this old bat might have a case. If she told the advisor she was planning on retiring soon and they put her money in risky assets, I could see it. If it’s some hag whining about a $100k loss on $2mill in a dividend fund then fuck her.

  10. I’m down, can I sue myself for the losses? I got a plain cheeseburger from Wendy’s, it wasn’t made plain. Can I sue?

  11. This lady literally told her financial advisor “I’m going to retire soon”.

    The adviser should have bought her some bonds. I actually side with this lady that the adviser messed up.

  12. I know people say invest at your own risk but this makes me sad. With prices going up she’s going to need every penny. She worked hard to save the way she did and one wrong mistake caused a huge loss. If she has a large medical emergency or a huge bill in the next year or two she’s going to be in big trouble.

  13. I work in banking on the wealth management and financial services side of things. You’d be shocked at how little most CFP/CFAs know about markets or actual investing. Many of these people just push products and services that benefit the advisors fees and commissions and they try to push products that the broker dealer creates for additional pay. For example, where I work we use Cambridge as the BD and there’s currently a big lawsuit against them for breach of duty against its clients. I can also assure you the same non disclosure of recommendation in products still happens on a regular basis. Never just trust a CFA/CFP. Always do your own research into what they advise you to do.