The financial industry is highly regulated, and for good reason. People entrust their stockbrokers and financial planners with some of the most important decisions in their lives, namely, what to do with their hard earned life savings. Money is important, and especially for the elderly and retired, it cannot always be replaced. If money is lost in bad investments, there might not be time to earn more money back.
When brokers and planners go bad.
And let’s face it, some brokers go bad. Sometimes, brokers steal money from their clients. Sometimes, brokers make foolish or unwise recommendations. The broker might do this because he or she is struggling to meet a sales quota, or maybe he or she is just no good at his or her job.