The Financial Services Modernization Act of 1999...
(See THIS LINKY.) AND See ESPECIALLY THIS LINKY.
...has produced a new breed of "Financial Advisor" with unparalleled incompetence.
The Bank Employee Financial Advisor (BEFA)
Mr. Leo Turco at bankrupt Washington Mutual now J.P. Morgan Chase is one such Super Star Incompetent Bank Employee Financial Advisor.
Just look at his business cards... he's a:
#1) Personal Banker;
#2) Licensed Banker;
#3) Licensed Insurance Agent;
#4) Registered Representative AND
#5) Insurance Agent.
Wow!!! He's knows EVERYTHING about the banking industry AND EVERYTHING about the insurance industry AND EVERYTHING about investing in Stocks, Bonds and Mutual Funds!!!!
He is also an incompetant buffoon.
When I asked him if he knew what *fiat money is he replied with, "No, I don't remember that being on the test."
People do yourselves a favor...DO NOT GET FINANCIAL ADVICE FROM A BANK EMPLOYEE...they are rule of thumb incompetent.
* Fiat money is money declared by a government to be legal tender. The term derives from the Latin fiat, meaning "let it be done". Fiat money achieves value because a government accepts it in payment of taxes and says it can be used within the country as a "tender" (offering) to pay all debts. In effect, this allows it to be used to buy goods and services and to pay tax. Where fiat money is used as currency, the term fiat currency is used. The most widely-held reserve currency, the US dollar, is a fiat currency, as are other widely held currencies like the Euro, Pound Sterling and the Yen.