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re: Bernie Madoff or Other Ponzi Scheme Question
Posted on 1/15/24 at 10:28 am to FinleyStreet
Posted on 1/15/24 at 10:28 am to FinleyStreet
quote:
They probably only gave them the option to move cash
Thank you for the responses. Moving to my first question , if I use a Financial Advisor with a large , pretty well known institution, should I have confidence the investments are invested accordingly? Do any of you ever worry about this? How do you feel more secured?
Once again, I have no reason to think the investments have not been invested accordingly, it is just a natural worry of mine trusting someone with a large sum of money.
3
Posted on 1/15/24 at 10:40 am to tigerforever7
quote:
Thank you for the responses. Moving to my first question , if I use a Financial Advisor with a large , pretty well known institution, should I have confidence the investments are invested accordingly? Do any of you ever worry about this? How do you feel more secured?
You would hope so
Madoff had a bs auditor single client office probably getting paid off
Bigger office should have controls on place
Posted on 1/16/24 at 10:25 pm to tigerforever7
quote:
Thank you for the responses. Moving to my first question , if I use a Financial Advisor with a large , pretty well known institution, should I have confidence the investments are invested accordingly? Do any of you ever worry about this? How do you feel more secured?
No, I can go into any of my accounts online and see everything. Should also be sending you account statements if you haven’t gone paperless.
Idk I feel like if it was a large company they would be doing this or have online account access.
This post was edited on 1/16/24 at 10:26 pm
Posted on 1/18/24 at 3:24 pm to tigerforever7
quote:
Thank you for the responses. Moving to my first question , if I use a Financial Advisor with a large , pretty well known institution, should I have confidence the investments are invested accordingly? Do any of you ever worry about this? How do you feel more secured?
Yes. 1st off a lot of firms don't self custody.
The ones that do are highly regulated and generally have pretty good scale. Madoff was unique in that.
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