New FINRA Commercials
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Have you guys seen these? They make me think that everybody is gonna start screaming and filing complaints to FINRA about their brokers. "My account lost 40% last year, I just know its illegal practices!!!!" or even worse "FINRA commercials say I can sue you for my losses!!!!"ugg, its gonna be worse than everybody with a stubbed toe running to the ER saying they have the Swine Flu!
Oh God. They’re everywhere. I’ve seen them on several major cable networks. I’ve probably seen them 6-8 times in the last 7 days. News networks, tbs, tnt, com central, they’re everywhere.At first they just feel like a Wells Fargo commercial, or some big bank or wire. Then they start talking about how your broker should always do whats in your best interest. And that if your concerned about it, to call or go online to the FINRA website. Also talks about how long they've been "Protecting" investors from bad brokers. scary stuff, you know how crazy hypocondriacs can be.
I viewed the commercials more as an attempt by FINRA to polish their own image than as encouragement to clients to file complaints.
As more and more Ponzi schemes are uncovered, I expect that consumers and legislators are questioning the actual worth of SROs.
“If these guys are so effective, then where were they when [insert name of indicted party here] was stealing [insert extremely large number here]?”
Perhaps, but up until last week when these things started airing 95% of American investors didn't know FINRA existed. I'm lucky if half my clients know who the SEC is. They certainly arent encouraging complaints, HOWEVER, not that people know where they can go file every complaint about performance, fees, trades.... I just think this may do more harm than good. I don't think that FINRA needs to advertise, people don't pay them for products or services.
Wow I just saw one for the first time. They make it sound like we are a bunch of crooks.WTF is up with that?????
Speaking of commercials, does anyone think that maybe it is just a little disigenuous for MSSB to say, “We brought together the two most powerful names in the industry” to answer your questions on Wealth Management. That is the reason they brought themselves together?Maybe FINRA ought to start policing some false advertising rather than advertising their own services.
Good point Moraen - they got together becuase MS couldnt survive without the scale it gives them and wanted to stop paying SB brokers that were 4th quintile, 250% to come over, and becasue Citi desparately needed the money and wanted out of the business.Marketing is a wonderful thing.