Milking Canada Dry | Unpublished
Hello!

Unpublished Opinions

elford's picture
Larry Elford
Lethbridge, Alberta
About the author

His 2018 Book "About Your Financial Murder..." is found on Lulu.com  http://www.lulu.com/shop/http://www.lulu.com/shop/larry-elford/about-you...

Investment Misconduct and Malpractice Analyst

Larry Elford is acclaimed as a qualified expert on the subject of White Collar Crime as it relates to the investment selling industry. He is a retired CFP, (Chartered Financial Planner), a CIM, (Certified Investment Manager) by the Canadian Securities Institute, a FCSI, (Fellow of the Canadian Securities Institute), the highest designation awarded by the Canadian Securities Institute to those for top achievements in educational and industry accomplishments. He is also an Associate Portfolio Manager and Director of the Canadian Justice Review Board of Canada. 

Larry worked inside the largest financial institutions in Canada for twenty years until his retirement in 2004. He works today writing, speaking and coaching Canadians on how to create safe and honest treatment for investors. 

Larry Elford is also an author. He was included in John Lawrence Reynolds’ second edition bestselling book, The Naked Investor, Why Almost Everybody But You Gets Rich On Your RRSP and Bruce Livesey's  2012 book, Thieves of Bay Street, How Banks, Brokerages and the Wealthy Steal Billions from Canadians. He self-produced a documentary film, Breach of Trust, The Unique Violence of White Collar Crime, to benefit investors, legislators and those who investigate financial crime.  It can be viewed on Youtube.  https://youtu.be/k2K6pzFtyTU     

 

Twitter:    @RecoveredBroker

lelford@shaw.ca

Facebook group for Fraud victims 

https://www.facebook.com/groups/albertafraud/

Facebook group for Fraud victims across Canada (Small Investors Protection Association of Canada, 1998)

https://www.facebook.com/groups/240100382792373/

Video site for victims of investment malpractice    

http://www.youtube.com/user/investoradvocate?feature=mhe

www.investoradvocates.ca    research site

His first book is Titled "ABOUT YOUR FINANCIAL MURDER..." detailing the extent of financial abuse of the public attributable to a "self" regulated investment industry.

His second book, published in April of 2020, is "Farming Humans"   and is about "How to quietly strip America bare of the truth "all men are created equal”, found in the U.S. Declaration of Independence, in less than 250 years….http://www.lulu.com/shop/larry-elford/farming-humans/paperback/product-2...

 

Like it

Have your say!

Milking Canada Dry

October 28, 2018

The image shows the increase in sales of mutual fund assets since the invention of the Deferred Sales Charge purchase option.

 

The Deferred Sales Charge (DSC) was (and still is) the perfect invention ( circa 1987,)  to allow mutual fund salespersons to tell their clients with a straight face that “You don’t pay a thing for this investment, the fund company pays me to offer this product to you…..” or other clever words to that effect. They are also told that advice is free.

There are many clever ways that information is  “disclosed”  to clients behind closed doors and many products no one would ever knowingly purchase if facts  were presented " fairly, honestly and in good faith" to them. 

The  vast majority of clients aren't  clearly told about the DSC and only find out about DSC's when they need to access some of their money or see the poor performance of the fund that was recommended to them and want out. 

It is  unfair to pin the mistake on the clients , since in most cases what they were told likely omitted essential information.

DSC sold mutual funds are an effective way for a fund salesperson  to make a quick buck and handcuff their clients to them for 6 or 7 years. The loser, as usual, is the trusting investor.

 

Comments

Be the first to comment