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Sandy and Phil have recently married and are both in their early 20s

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Sandy and Phil have recently married and are both in their early 20s.In establishing their financial? goals, they determine that their three? long-term goals are to purchase a? home, to provide their children with college? education, and to plan for their retirement.
They decide to seek professional assistance in reaching their goals. After considering several financial advisers who charge an annual fee based on the size of their? portfolio, they decide to go to? Sandy's cousin? Larry, who is a stockbroker. Larry tells them that he is happy to help? them, and the only fee he will charge is for transactions. In their initial? meeting, Larry recommends stocks of several? well-known companies that pay high? dividends, which they purchase. Three months? later, Larry tells them that due to changing market? conditions, they need to sell the stocks and buy several others. Three months? later, the same thing happens. At the end of the year Phil and? Sandy, who had sold each of the stocks for more than they had paid for? them, were surprised to see that the total dollar value of their portfolio had declined. After careful? analysis, they found the transaction fees exceeded their capital gains.
Do you think Larry behaved ethically?

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