I was considering setting up a cash management account which pays .25% . I wanted to know how the money was invested and theWealth Managers did not know the answer.
The simple answer was, its not invested. I said they need to get a return from somewhere to give a return of .25%
They had to escalate the query and offered a call back. The failure to answer these simple questions brings their conduct and financial ethics into question in my eyes. It also raises questions about their liquidity.
I am guessing they are investing on the over night money market. Who knows?
I foresee a very dark next 6 months and need to protect my wealth.
MQG Price at posting:
$163.72 Sentiment: Sell Disclosure: Not Held
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