FROM THE STREET ABOUT WALL STREET! DOES ANYONE REALLY HAVE AN ANSWER?
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We have issues to address. We must bring some order.
This is the new mutual fund law that we the members of Wall Street Insight will live by, protect, and enforce from this day forward. It is time we begin to solve some of these problems. Please join us to discuss any and all aspects of the Mutual Fund Constitution.
We welcome input from all members of the financial community as well as the general public alike.
Our research leads us to conclude these un-disclosed fees are not only happening in 401(K) accounts, but is also happening in 403(B), IRA, ROTH IRA, 529 college plans, 457 deferred comp, and many other plans that contain mutual funds.
This is a problem for the small and large investor alike. We must address this problem.
Thank You and God Bless.
It is just protocol son. We must give them this window of time so we will be justified when we finally drop the hammer. There will at that time be nothing to say and no excuses heard. That is when we can start to have some real fun hunting them down.
So lets give them a chance to speak. It is the right thing to do. We must do the right thing even if they many times do not.
Yes Sgt. Major. looks like some body is about to get burned. They have been playing with fire for way too long.
I am a new member of WSI. This constitution is a good way to get the public back to trusting the finance people a little more. Trust in any relationship is critical. Right now trust is really a scarce commodity.
When you take a close look at what the constitution provisions entail you will realize it will help the customer's bottom line as well as the mutual fund companies bottom line as well. How can any one have a problem with that?
I hope and pray we all find our way to the negotiating table.
I like the direction that this is heading. I can sum it up in three words, ACCOUNTABILITY....ACCOUNTABILITY....ACCOUNTABILITY!
At first the mutual fund constitution looks a little harsh. But after I considered what is happening in the NFL this time of year where coaching jobs are on the line because of repeat failures, it only seems right to let the same rule apply to money managers. If they want the big dollars they have to perform. That's the way it is in the big leagues.
As a newly invited member to Wall Street Insight (WSI), I find the Mutual Fund Constitution (MFC) to be a well thought out and fair set of requirements and expectations to govern money managers and mutual fund companies. I agree with many of the financial professionals and WSI members who have replied in this discussion that the requirements to not receive corrective action is extremely generous and should be able to be attained by any money manager who is working diligently at his or her craft. In comparison, if a student in school was allowed to operate at less than a 50% marking on an evaluation, a failing grade would be administered; certainly, a money manager and mutual fund company should be expected to not be forming at a "failing" standard with the investment of someone's hard earned income. As a former financial and wealth management adviser, it is my belief that those mutual fund companies and money managers who are working diligently to provide the best investment options for their clients should welcome a set of standards in the industry such as the Mutual Fund Constitution. Highly effective money managers should welcome a grading system which will allow their efforts to be set apart from those in the industry who are able to fly under the radar with sub-par performances, yet continue to receive compensation based on accumulated assets as opposed to how those assets are being managed.
Because mutual funds are used so extensively throughout the investment portfolios of most investors, the Mutual Fund Constitution (MFC) is a needed standard bearer of what should be expected across the board in the industry. Grades from the MFC could be easily used to address the lack of transparency which is slowly beginning to be uncovered with mutual funds in regard to undisclosed fees, which are fleecing investors unknowingly of their hard earned investment dollars. Consumers come to the financial community with a high level of trepidation in most instances because of a general lack of knowledge and sophistication when it comes to investing. The reality that most mutual funds harbor undisclosed fees that are being unwittingly withdrawn from consumer accounts only adds to the lack of trust that already exists. The MFC will be able to provide an easily understood scoring platform in which the most least savvy investor will be able to look on a point system of 1 to 100 to see how their investments rank, and will be able to at least ask their investment adviser why a certain mutual fund is being used if it does not receive a favorable score, as well as the investment adviser will receive the same scrutiny and then some from Wall Street Insight.
The Mutual Fund Constitution (MFC) is an outstanding tool to create goodwill between the financial community and the investing consumers by providing a starting point for transparency and accountability for money managers, mutual fund companies, and investment advisers. Although it may appear to place a spotlight on poorly performing members of the financial community, the Mutual Fund Constitution is actually going to strengthen the relationship between financial advisers and investors by having a standard where all can be measured fairly by an educational network such as WSI which is designed to aid financial professionals and consumers to have a better financial future, by it's mission statement. Furthermore, the MFC provides a platform to assist and train money managers and mutual fund companies who are under-performing, to help them get back on track to doing what they are designed (and PAID nicely) to do; which is make money for their investors, thus creating a win - win scenario for all involved!
I have never been concerned by this type of talking, but my Brother Johnson you articulated those words in a way in which understanding was evident in each paragraph I read. We are grateful to have someone with your expertise as part of this team. You have created in me a desire to learn more about how money works and the importance of knowing its flow. You are truly a blessing on so many levels. Thank you for sharing your thoughts.
Well your words is definitely not a sign of your name Mr. Little, powerful words that almost exploded with excitement as explained in your dialogue, you made some very valid points concerning the cycle of this perpetual lie. Once again I am blessed to be apart of WSI, I have met nothing but Real People with Real Ideals. You guys rock.
As only a King would say, your ethics concerning your profession is paramount to say the least. Its always a pleasure to see a business with Pillars, Honesty, Teamwork, Commitment, Trust I mean come on man you are the Truth. Great reading for me.
It is time for enforcement. It is time to clean house. It is time to tighten up the screws. All of that and more. I am so ready to go and kick some buts, and I am not alone. No more games. No more foolishness. It is time to drop the hammer.
Do not worry sister my people are getting ready to put in the work. All the run away money mangers will be hunted down in the streets an brought to justice. Get ready.
If you are not with us then you are against us. There is no middle ground or neutral territory.