I'm new to the board and was hoping someone could help me with this question. My self directed account at Schwab has lost 75% of it's value since January 1st and despite the fact that I have made the trades independent of any advice, would Schawab have any fiduciary duty or negligence requirement in not contacting me or closing the account once it lost say...the first 100,000? The majority of the loss happened within the past two months.
I appologize for winning and sounding like a sore loser, but any ethical business that is looking out for their clients should have something like their own "Circuit breakers" (ie. the SEC) set up for individual accounts. Thanks in advance for your help.
Give sybs your remaining $25k and we'll call it even and done.... Thank you for your initial $75k deposit to Sybil's School of Hard Knox. Remember it is a $3k/ year tax break for your life long learning credit.
You are kidding right? I have a Schwab account for many years and have done quite well with NO ADVICE. They are not negligent for your poor trades. If you want "hand holding/Circuit breakers' then open an account with Morgan Stanley/Smith Barney and trade with a broker/financial advisor. You will pay a lot for each trade, but will get advice and hand holding. Good Luck.