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CONTACT: Bruce Fleet
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Bruce.Fleet@comcast.net               

The Book Wall Street Doesn’t Want You To Read

 

Author Exposes Wall Street’s Drive for Commissions, With New Investor Survival Guide on Avoiding Scams

 

FRISCO, CO – January 3, 2008 - As a top-producing Wall Street stockbroker for 20 years, Bruce Fleet had the opportunity to see firsthand how brokerage firms operate – the enticing sales bonuses, the junkets and the rich commissions paid for selling their product-of-the-day, week or month—all sales programs designed to pad Wall Street’s own revenues, rather than benefit the investor’s bottom line. Part memoir, part investment primer, Fleet’s new book, Demystifying Wall Street: Shedding a little light on the BULL! (published by AuthorHouse) will empower and entertain readers and investors alike with its inside look at how Wall Street operates.

“My goal with this book is to give investors the tools and information they need to get a fair deal and avoid the often unnecessary sales pressures Wall Street foists on them when they invest,” said Fleet.  “I want to create a national dialogue that will eventually result in driving commissions, and Wall Street’s sales methods for maximizing the brokerage firm revenues, out of the securities business,” added Fleet, who maintains that many brokers are decent people trapped in a bad system that hurts investors.

His past experience as a car salesman gave Fleet valuable insight into the many similarities between the two industries, especially the role that forceful sales tactics, incentives and bonuses play. The book reveals a perspective that is often lost on consumers: Salesmen are paid to sell products, not worry about what is the best fit for consumers. At the end of the day, brokers like most salespeople, work for the manufacturers of those products they sell, and that’s where their loyalties lie.

A cautionary tale that sheds light on Wall Street’s deceptive sales practices, Demystifying Wall Street, will show readers how big brokers’ business model is designed to exploit, rather than enhance their investment goals. Wall Street’s system is broken and investors must protect themselves, Fleet writes in this insider’s story about the enticing riches firms pay brokers who carry out their sales mission:

Despite the bull, the advertisements and all of the lip service about doing the right thing by investors, stockbrokers can never be the trusted advisers they pretend to be. If they were, and put clients’ interests ahead of their own, they’d be broke. Yet, the average income of stockbrokers is several hundred thousand dollars and can stretch into the millions.

I explain how this then translates into a lifestyle trap for Wall Street stockbrokers, how they have to produce, produce, produce to maintain their lifestyles.… Managers want brokers to get nicer cars, buy bigger houses. They hold out carrots at the office too – corner offices, secretaries, trips – all in a design to keep brokers in the firm’s nest, doing their bidding.

Rife with information, including charts, tables and graphs explaining how “the street” and brokers work to cost investors more money, Demystifying Wall Street is both a meaningful narrative about life on Wall Street, as well as a vital resource guide and necessary how-to manual for investors who want to gain the upper hand. From avoiding disingenuous sales pitches to finding the best investments at the best price, the book serves as an investor’s survival guide for those who have to fend for themselves in the investment jungle.

To request more information or to speak with Bruce Fleet, please contact Bruce Fleet at bruce.fleet@comcast.net.  You can also visit www.brucefleet.com.

About Bruce Fleet

Bruce Fleet is a veteran of Wall Street firms who worked in the investment industry for over two decades, training hundreds of financial advisors and lecturing to thousands of investors. Today, he runs his own independent, fee-only asset management firm, Fleet Capital Management. He earned his Certified Investment Management Analyst designation and Investment Strategist Certificate at the University of Pennsylvania, via the Investment Management Consultants Association. Demystifying Wall Street is his first book.

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