Consumer Complaints about Banking Services and Investments Growing Rapidly
Consumer Complaints About Banking Services And Investments Growing Rapidly
A couple in their sixties first met an advisor at an investment seminar. He arranged a meeting and recommended that they borrow $450,000 to invest. Although uncertain, the clients signed the loan documents. A week later, the advisor found out that the clients only qualified for a lesser $300,000 loan. He authorized the amendment to the loan and the money was invested a few days later. After receiving a loan acknowledgement and investment confirmation in the mail, the clients immediately called the advisor to complain as they believed they had just signed an application.
A couple in their 40s deposited $100,000 with a mutual fund dealer, obtained a “2 for 1" loan, and invested a total of $250,000 in mutual funds.
A client with about $1,000,000 in GICs and a number of real estate investments met with an advisor. His account application said that he had an investment time horizon of 15+ years and objectives of balanced capital growth. He was quite knowledgeable and worked in real estate development.
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