If your broker drives a nicer car than you, Fire him!

5/14/2013

We have had great interest and feedback from readers of the blog over the last four months. That makes me very excited. Why?

Because my partner and I started this website, billionairesportfolio.com, and our flagship investment research service, The Billionaires Portfolio, to even the odds between Wall Street and Main Street.

I want to put the lazy, unqualified people that have been giving you bad advice, and skimming your investment accounts for big fees, out of business. If you are bad at what you do, you should be forced to find another line of work. The model set up by Wall Street, though, has taken performance out of the equation. These people are bad at what they do, yet you keep giving them your money.

Listen, I am sick and tired, and frankly pissed-off, at the way average investors are treated. And I’m appalled at the quality of advice they receive from their financial advisors, their crummy mutual funds and their rigged 401Ks .

Tonight, I want you to look at your investments: your 401K, your trading account … and ask yourself the following questions:

1) Am I making money?

2) Is my account averaging 30%-50% a year annualized? If not, fire your broker and sell your mutual funds. My service The Billionaires Portfolio is up almost 20% in less than 9 months, while taking on less risk than investing in the stock market. And guess what? I don’t watch CNBC OR read the Wall Street Journal. That does absolutely nothing to help you make money. Next question …

3) What kind of fees is my broker charging me? First, what is the “load” (or sales fee) on the mutual fund I’ve been steered into? My guess is you are paying around 2.5% to 3%. That means if you have a $100,000 account you are being charged $3000 a year by your broker. And I would also guess that they are nailing you for another 2% or so by coercing you into an annuity or just soaking you on up-front sales fees or spreads on trades. My service, The Billionaires Portfolio costs $999 for one year or $297 a quarter (and it’s up nearly 20% in less than 9 months). Again, if you’re paying exorbitant fees, call your broker up and fire him. He is ripping you off. Same with your mutual fund. Also, look at the commissions your broker is charging you. My guess, he is charging you a $100 a trade, while most online brokers charge you $5 a trade. Again, your broker is ripping you off, fire him.

4) Does your broker drive a nicer car or live in a better house than you? If yes, fire him. Why? How do you think he is paying for all those fancy things? With your money. He is ripping off his hundreds of clients (most of them average middle class people) to the tune of $5,000 a year/ per client on average. And I bet your performance still is mediocre. In fact, I bet you haven’t made a dime in your investment account over the past year.

5) Has your broker tried to sell you an annuity? If your broker tries to sell you an annuity or a mutual fund with a load he is crook! Just Google “annuities” and “sales loads on mutual funds” and you will find hundreds, if not thousands of class action lawsuits against companies that sell annuities. If you are paying a sales load on anything, you are an idiot. And you are letting your family and kids down. If your broker or financial planner has sold you any product with a sales load, don’t just fire him, sue him … no joke.

If you don’t understand how to find out what your broker is charging you in fees and commissions, or in sales loads, pick up the phone and ask him. By law he has to tell you what he is charging you.

Let me repeat: Call your broker and ask him these questions:

What is the management fee you are charging me? How much are you charging me in commissions or to make a trade? Have you sold me a mutual fund or annuity with a sales load? Folks he has to tell you.

Again, if you are not up 30%-50% a year, fire your broker and mutual fund. But you need his help, you say. Believe me, he is not there to help you. He is there to figure out how much money he can make on you. I can help you. If you can read, I can help you.

I am writing this blog and running The Billionaires Portfolio to help and educate you, the retail investor.

I don’t care what people think about me. I don’t care what the industry would think about this? I don’t care.

I want you to get the same tools that I provide to my rich clients. I want you to make 30% to 50% a year and be able to retire and send your kids to college.

That’s why I am doing this. I don’t need the money. But I like to make money. It’s fun. And the internet is an amazing tool to communicate with the world. Believe me, if I can destroy the business model that has been ripping off investors for a very long time, I will make a lot of money from it. And that’s what I intend to do.

I want to even the playing field between the rich and the middle class and I also want to expose the abuse that is going on in the brokerage and mutual fund industry. And I want to help you use the markets to make money. It’s not that hard, despite what all of these charlatans will tell you. I tell you almost every day in this blog how to make money.

So keep reading, and if you want to join me, subscribe to the The Billionaires Portfolio here at https://www.fxtraderprofessional.com/order/billionaireport/

Thanks

Will Meade

President, The Billionaires Portfolio