I think he is a broker. He handles our investments in a large investment company. We decided we wanted to pull our investments because we are seriously worried about them as they are literally our only savings. Our broker tried talking to us and saying he's been in the business a long time and he's seen this before in 2022 and etc but we are really worried about a tariff war and recession/depression. We would be totally cool with letting the money sit in the bank and not make money rather than lose it. I've lost 5k since Friday. Yes things will get better but how long will it take and how low will we go and how many years to recover before making a profit again? I had a really good year last year but the new government down south will be in power for 4 years and this is the only money we have. Mom is retired and I work but not much above minimum wage.
He got very upset, aggressive (i felt) and angry almost. He said it was his job to help us make the right decision and this was the wrong decision. That he is telling us, like everyone is being told, to be patient and wait, things will get back to normal. He said when it comes to investing there are two types of people, those who are afraid and those that are greedy. I didn't like him putting it as greed vs fear, though i agree with the fear. My mom was terrified about losing the money and she has bad nerves. We look back and think my brother pressured us to invest because getting lump of money was too tempting and could easily be blown. My mom is not the investing type. She's 79, should she really be playing the long game?
To compromise i said I'd keep my investments going and she can take.hers but he was still pushing pushing pushing. Talking about trends and blah, blah, blah.
He said mom's investment is low risk and that she only lost 1% and if she invested 50k or 1m it would still be 1% but if she cashed 1m less 1% she would had a heck of a lot more money than 1% of 50k (he investment is closer to the 50k definitely not the 1m) and 1% of 50k would hurt a hell of a lot more so I don't think his comparison is valid.
I don't like how pushy he was. Even if it's a bad decision investment wise, it's still our money and our decision. We agreed to wait a week and he seemed happy. He sould not be happy or angry or disappointed, this is business but I know it affects him with his income (how exactly I'm not sure but I'm sure it does). He wanted us to Google to see what experts are saying and read and think and i think we are more convinced we aren't comfortable with him. I can totally see him going to my brother since he recommended him and he's like next of kin to take over if mom dies.
I don't know if i trust the media as i see how biased they are. Can I trust the news to tell me the truth? Are business experts trying to keep the market from getting worse with people like us wanting to take our money and run? If the tariff war is going to lead to a recession would the news or the experts really tell us before it's too late?
So thoughts on the behaviour of this broker? Or financial advisor though broker is easier to type.