Rating: 
Summary: Fire your Merrill Lynch and Morgan Stanley brokers!
Review: This book shows a lot of tricks your broker is probably using
to take advantage of you.
Your broker may act like you best friend but he may just be
really interested in gaining your trust so he can get away with
a lot of hidden fees in those ridiculously statesments they
send you.It's well know that Mogan Stanley and Merrill Lynch have been
fined repeatly for "not acting in the best interest of their
clients" But this but revals some of the methods these full service
brokers use to rip off their client's money.<..... The book gives plenty . examples of how a ruthless brokers
takes your money. .... Read this book and his new book too,it's your money don't be a sucker.
Rating:
Summary: Fire your Merrill Lynch and Morgan Stanley brokers sucker!
Review: This book shows a lot of tricks your broker is probably using
to take advantage of you. Your broker may act like you best friend but he may just be
really interested in gaining your trust so he can get away with
a lot of hidden fees in those ridiculously statesments they
send you. It's well know that Mogan Stanley and Merrill Lynch have been
fined repeatly for "not acting in the best interest of their
clients" But this but revals some of the methods these full service brokers use to rip off their client's money. One example in the book of how you broker makes money by
trading (and trading) your account is by not going out in to
the market to find the best price for a stock, instead they
fill your stock order from their internal market orders (from
their customers only), even when there are better prices out
in the external market. Another way brokers make money is by trading on margin.
Ask your broker in writing not to use margin (borrowed money)
in your account and have him sign it. And if your broker sends you a letter stating you are happy with
his service do NOT sign it. If he want to know if your happy he
can just call you and ask. Your broker may want this letter
signed by you just in case you take him to court for losing your
money in the future. The book gives plenty other examples of how a ruthless brokers
takes your money. And how the culture and competiton at houses
like Morgan Stanley and Merrill Lynch force their brokers to constantly buy and sell stocks in your account just to make
commissions and earn the difference on the bid and offer spread. One good bit of advice is to have you broker give you the total
sum of any all fees you paid for the year. And have him give
you in writing how he is compensated by his firm. And if your broker is trading stock (you know by the confirms
you must receive in mail) serval times a month or more ask him
to show how much he made or lost every month. And compare the
return your broker made on his trading with what the NASDAQ or
DOW returned. And don't be glad if you account went up for the year, you
should compare how much your account went up when compared to
the NASDAQ or DOW or S&P500 or other index that has the same
risk as your portfolio. Read this book and his new book too,it's your money don't be a sucker.
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