Of particular note from the article:
Sharyn Silverstein, 64, is entitled to out-of-pocket losses she incurred as a result of Fisher Investments liquidating her bond portfolio and investing 100 percent of the proceeds in stocks, according to a copy of the interim arbitration award obtained by Bloomberg News.
Although I've suspected such in the past (see this thread, which brought out some Fisher sock puppets), this is the first hard evidence I've seen that Fisher Investments pushes their investors into 100% equities across the board. Wow, 80% of their clients in all stocks - this is unconscionable!Fisher Investments manages more than $41 billion for almost 40,000 accounts, primarily for individual investors, according to its most recent regulatory filings available on the U.S. Securities and Exchange Commission website.
About 80 percent of Fisher's private clients are invested 100 percent in stocks, according to arbitration testimony from Fisher Vice Chairman Andrew Teufel described in the document. Teufel is a member of the five-person Investment Policy Committee at the firm, according to its website.
I've read some of Ken Fisher's books, and I'll go so far as to say that I truly dislike the man, and I hope that lots of other investors who were unsuitably invested by his firm are able to get similar awards. I once signed up for one of his "free book" deals, and was HOUNDED by his sales team for YEARS, after repeatedly assuring them that I was comfortable managing my own portfolio.