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Brokers Still Recommending Investments without Sufficient Knowledge
A recent study by Prophet Market Research & Consulting shows that brokers don't have sufficient knowledge of the following before they make their recommendation to invest:
Tax Situation, 42%
Financial Status, 32%
Securities Currently Owned, 25%
Investment Objectives, 21%
Prophet conducts these kinds of studies by sending "customers" to the various firms. The customers posed as conservative investors simply wanting to obtain a better yield than their bank deposit accounts with $35,000. This study covered 300 brokers from the nation's largest 21 firms.
Source: On Wall Street, February, 1998
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