As I approached retirement 10 years ago, Wells Fargo was my bank so I figured that I would use their investment arm to manage a portion of my money for a 1% fee. I planned to check their results against mine for a year to see if they performed any better. Well. I handed over $1million. Within hours they showed me the 30 funds into which they distributed my money. How can that be anything but cookie cutter? My 2 advisers were really eager to get me invested into a company called Four Square(?), one that was completely computer-driven and claimed to have never lost money, even during the recession of 2008. Shortly thereafter, the company was found to be fraudulent. So much for their expertise. I was out of there pronto.
Comments
As I approached retirement 10 years ago, Wells Fargo was my bank so I figured that I would use their investment arm to manage a portion of my money for a 1% fee. I planned to check their results against mine for a year to see if they performed any better. Well. I handed over $1million. Within hours they showed me the 30 funds into which they distributed my money. How can that be anything but cookie cutter? My 2 advisers were really eager to get me invested into a company called Four Square(?), one that was completely computer-driven and claimed to have never lost money, even during the recession of 2008. Shortly thereafter, the company was found to be fraudulent. So much for their expertise. I was out of there pronto.
Post: Fishing for Feedback
Link to comment from April 21, 2025