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Brokerage Houses Really Do Make Mistakes. Big Ones.
Elsewhere on this site are references to financial
institutions making errors. I don't know how many
different ways to say this: The company that handles
your investments is almost certainly making errors. They
may be minor or they may be colossal.
I presently keep most of our assets in a major brand name
brokerage house. You know their name. In the past ten
months they have made four sizeable errors. Not off by ten
dollars, off by tens of thousands. How can this be happening?
Very simple, administrative and bureaucratic screw-ups. They
are so common it's hard to fathom. My latest challenge with this
company is they dropped one of our accounts. The money is still
there but for admin related reasons the account disappeared. Try
telling their staff you had a certain amount in an account but they
can't see it. What do you do?
Copy, at least, the account listings showing the amount in each
account and make sure the date shows up. Then put that in an email
account for safekeeping. I would do it at least twice a week. It can
be done in under two minutes.
Don't trust that their records will prove you right if funds are lost. Don't
trust their systems, they are flawed by a cumbersome bureaucracy.
What about your bank? A different set of problems that require a separate