Years ago, my financial adviser at Grim Reaper Financial called me in order to tell me that I should sell all of the shares from various spinoffs, as they were meaningless in quantity. I took her for her word and sold them.
I later noticed a fee in my next statement from Grim Reaper concerning the sell order.
I called her and asked why.
She told me that I have to pay for all sell orders ($40 per sell order). Here's the kicker: I only received about $30 in total from this sell-off of shares while her company billed me for $150. In other words, I lost more than $100 from this.
I asked her: Why would I would sell these meaningless shares if I was going to lose money on the transaction?
She told me, "It was a mental thing." I asked her what this meant -- I am a physician, so I know about mental. She said it would be less of an emotional drag on me to see these few shares in my portfolio.
I dropped her and Grim Reaper Financial soon after.
-- Gary Spector, Westport, Conn.