Stockbroker:IRREVOCACABLE on form they sent me. Any brokersREVOCABLE?

[oscar111]

merrill lynch sent me a form for them to do stock trading for me.

It is titled IRREVOCABLE stock power.

Sounds crazy to me. I am to let them trade my shares for eternity? That is what it says.

They say 'all brokers use this form".

I dont belive that. Anyone know the name of a broker with a sensible, REVOCABLE form?

Thanks a bunch,
oscar

[no name no slogan]

1. A lot of it is legal-ese-- what is the name of the form?

In a past life, I was a Registered Representative (Series 7), licensed by the NASD. What is the form about, and what are you attempting to do?

It probably isn't a big deal, but it depends on what you're trying to do with your account.

[CountAllVotes]

2. do NOT sign this and return it

until you understand exactly what it means. I've heard Merrill Lynch is in it up to their eyeballs and being investigated right now. Try another broker, or better yet, be your own broker!

P.S. On edit: The word "irrevocable" means you cannot revoke this agreement with them. I'd be saying :wtf: big time btw.

:kick:

[oscar111]

3. Did ML get convicted of churning the STATE OF CA account?

How can one be one's own broker?

If i scratch out Irrevocable, do they have to accept that? Is it binding if i do that?

[CountAllVotes]

4. you can be your own broker

by opening up an online trading account with Scottrade, Ameritrade, etc.

I don't think scratching the word out would help. It would likely invalidate the plan they have in their minds for you.

I'd get another opinion before you sign anything.

Try another firm like T. Rowe Price for example.

:kick:

[oscar111]

5. Hi Count:How Scottrade work? Thanks!

THanks for the great ideas and facts!

Any other good honest Brokerages besides T rowe? {isnt he the one who is enthusiastic about some RX pill and got into trouble for giving it to everyone?}

What about that fund/brokerage which was originally a teachers fund? i forget the name. Had some initials as the firsst part of the name.

So glad you are giving me some help!
oscar the ignoramus