Charles Schwab, Don Macdonald, Corcoran discussed on Lori and Julia
Radio. Really great. Talking real money. And let me tell you the way this is okay. Don MacDonald has gone this week. He is not available gave them a day off. But if you don't call and be part of the program next week, I'm going to have to hear from him about how he does a better job and more of you call so please call this week. I believe we're already. No, we're not on the air next week doodoo, husky football because you know, a seven hour pregame shows not enough when you could do nine hours. Why not there's a lot of things to talk about. So ring us up eight five five nine three five eight to five five anything financial related could even ask a legal question because we have Lawrence kacoos of council. Corcoran and yes for the record were related shockingly enough. He's he's my brother. You're older. Right. I always forget because you look a lot older, but I dunno biologically, maybe not so much. But anyway, you're here we're talking about Ponte's game. We're talking about rip offs. You're talking about how people get taken advantage of. And you make a great point, by the way, it's a fascinating part of human nature. No one wants to talk about this until it's happened. Right. Right. And it's not gonna happen to me because that happens to somebody else. Right. I think it's true victims of fraud and victims of crime there. Shame in it. And people don't wanna talk about it. And so a certain number of people don't even go and seek legal advice to see whether they might have some recourse, exactly. And let's talk about things more pedestrian because that is I mean Ponzi schemes and promissory no fraud that is more the exception in this industry. The other part of the whole industry is when you might have been convinced to do something bias security, or mutual whatever it is that you didn't. I think you were buying or the account was I mean, there's more of those sort of things around security, and so part of that is knowing what you own and we're just talking about this a bit having third party custodian that can't really protect you from that. But at least, you know, the money still there, correct, right? A third party custodian is an independent organization that actually holds title to the securities. And that's why for example, when you have an investment adviser, you might get one quarterly statement from your investment advisor. And then every month or every quarter. You also get a statement from the custodian such as Charles Schwab. Or whatever the custodian is and part of what you need to do is look at the statements when they come and make sure that in fact, what the financial professional is telling you is it coincides with what the report is from the custodian, and there's even bid cases, though, even right here where somebody doctor I can't remember what she did. Hard actually created. She the allegation was that. She had created false statements. That looked like they were coming from the third party custodian, and she would send those to the customers that that's just shocking in many ways I had so elaborate, right? But I guess Bernie Madoff was making up statements to write seventy four they're up there typing away. Hey, you made one point two percent. Again this month. That's the nineteen month and row you made that much congratulations. Ironically fraudsters do seem to have a lot of energy. Yeah. I mean, there's a lot of statements a lot of work to come up with all that and. Wow. Wow. So I mean, but part of this goes back to third party custodian who the third party we happen to use Charles Schwab for our client. So we don't have access to their money. Other than to do the things we've agreed to write Bill portfolios trade portfolios. You can authorize us to have Schwab send your money. We can't do that. Is that the kind of thing people should be aware of when it comes to hiring a third party custodian well. People should be aware of what these relationships are. And how they work, and it is a substantial protection for investors. When there is a third party custodian because they send you a report and that actually tells you here's here's what's in your account. Other names would include fidelity vanguard. I mean, the TD Ameritrade. I mean, there's big companies that hold people's money. Correct. If you could kind of trust that if they tell you the money's there, then it's really there. Well, it is really there. And then the only question is whether the investment itself has value, right? Another tire because right because they could cause an adviser or a broker could put you into something that was a horrible investment. Right. And it could lose a substantial amount. But then if it's a publicly traded security, the third party custodian.