When I retired, I put my 401K in the hands of Ric Edelman for safekeeping. He sounded good on the
radio. He seemed to know what he was talking about. And considering my investment decisions to date, I figured he couldn’t do worse than I have in the past.
To hear him talk on the radio, he sounded like many other investment advisers. It’s the cards we are dealt with; we need to play the hand as best we can. (These are my words, not his.)
One day, I heard him talk about the new health care Bill. He was fawning over it. That gave me cause for concern. After some investigation, I found out that he had contributed money to the Obama campaign, the DNC and even to Carl Levin! I felt like I just found out my child was using his allowance to buy drugs (No, that never happened, but that was how I felt.)
I was paying him to manage my account (which has lost money). He, in turn, was using it (fees to him) to support people that I am diametrically opposed to. So, the guy telling me how to play my hand was helping to stack the deck, giving the dealer winks & nods, plus marking the cards.
I immediately called the firm and expressed my concern. I was told that they don’t get into politics. “Huh?”, was my response. I went on to explain that I wasn’t comfortable with a financial advisor that believed it was good policy to spend more money than you have. I went on to explain that anyone that believed in “spreading the wealth” wasn’t going to handle my money.
Needless to say, Ric has used me as a bad example on numerous occasions. I’m probably taking it far too personally. There were probably many others that felt the same way that I did.That malles me feel better.
I also closed 2 accounts a couple of years ago at Bank of America when I found out they were soliciting illegal aliens to open accounts.That’s a whole ‘nother story.
Thank you for letting me to vent.