c/bank-vs-broker

Had a broker tell me 0.25% doesn't matter on mutual funds

My uncle's broker at a big firm told him not to worry about the expense ratio difference when moving money between funds. After 12 years on that fund, my uncle paid $4,200 more in fees than if he'd picked the cheaper option at a discount broker. Has anyone else had a broker brush off fee differences that added up big over time?

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schmidt.willow•2d ago

My broker friend gave me advice on margin that nearly cost me $2,000

A buddy of mine who works at a big brokerage kept telling me I was dumb for not using margin on my trades. He said I was leaving money on the table by not borrowing against my stocks to buy more. I finally caved and opened a margin account with my current broker about 6 months ago. Everything was fine until the market dipped 8% in a week. I got a margin call and had to sell some positions at a loss just to cover it. Lost about $2,000 in total between the dip and the forced sales. Should have just stuck with my boring bank savings account for the extra cash. Has anyone else had a friend push them into something that backfired like this?

c/bank-vs-broker

Had a broker tell me 0.25% doesn't matter on mutual funds

My broker friend gave me advice on margin that nearly cost me $2,000

Drove 45 minutes to a credit union only to pick the broker down the street

Talked to a retiree at the DMV who switched from a bank to a broker 20 years ago

Overheard a banker say brokers are just middlemen at a coffee shop in Portland

Bank locked my account for 10 days, broker moved my money same day

My realtor finally admitted a broker gave her a better rate on my deal

TIL my broker's settlement account isn't the same as my bank savings account

Warning: my online brokerage locked my account for 10 days during a volatile week

Broker gave me a 15-minute window to sign docs or lose the rate

Realized I was overpaying after a broker visit in Denver

Hired a day trader friend for $300 and it backfired hard

Vent: my bank rep told me I was 'overcomplicating' investing

Shoutout to the guy who argued a local credit union beats my big broker account

Tried a discount broker after 20 years with a big bank and it actually saved me $400

Appreciation post: that random teller who caught a wire transfer typo

Switched to a broker after my bank lost a wire transfer for 2 weeks

Had a chat with my banker yesterday that made me rethink everything

Why do people always say banks are safer than brokers? I think that's outdated

Tried to flip a CD ladder at my credit union and it backfired spectacularly

Tried a local credit union for my savings after 10 years with a big bank

My buddy at the credit union made me rethink my whole savings setup

Transferred $300 to a brokerage account just to test the waters

The $35 wire transfer fee that changed my mind about credit unions

Switched to a discount broker after 8 years with a big bank