Quote from dsq:
BINGO...
It always has been a scam.
How come 98% of these extremely wise,genius,educated experts cannot beat the market averages?Why do you need an mba on wall st?Why is it that 90% of ipos languish below and never rise again above their ipo price?Funny money?
And this cycle repeats itself decade in and out.Its more about human behavior(greed of investor and broker) and psychology than any math or biz models.Ive seen it repeat itself 3 times now(1991,2000,2008).
Rinse,lather,repeat.
Valid point on the MBA's on Wall Street! Lol! Why??? Why not a degree called MCS? (Master's of Common Sense.)
Also, to the original poster. I'm a retail Advisor. I'll have to say that I've never seen such a disaster with 401(k)'s! Ever! "Here are your choices of funds Sir/Mam. Yes, we know the funds suck, and since your employer has their qualified plan with us, there's nothing you can do about it. Good luck."
Yes, it will be some time before the dumb money comes back into the markets by majority. When they do, they'll have missed the majority of the gains on the way up, panic and sell when there's a pullback, selling at the low.
Last, as for being an Advisor right now, this is what I would call a great depression for us.
I couldn't imagine being a rookie again, and cold calling people in 2008-2009!!! OUCH!!!! "Stocks???? Well you go and ____, _____, and _____ yourself!!!! Click."
I had a new Broker call me over the weekend, telling me about cold calling. Yes, ouch! However, I did mention to him that people (not you guys on here lol) really are lost in what they should be doing with their $$$$, and with the right approach even a rookie could do well planting seeds in this environment. The average 401(k), IRA investor has no clue, and needs COMPETENT advice. NOT a snake oil product.