You weren't "tricked." Rather, you signed up for something without understanding what you were doing. You didn't ask questions. You didn't read the paperwork. Don't worry though. If you wait long enough, the government will bail you out.

1. Make sure you UNDERSTAND the vehicle. The first time, you listened to a salesguy. The second time, you listened to friends. This time, read it yourself till you understand.

2. Go to the Chase branch and demand to see the branch manager. Explain to him that you consider it unethical for a reputable company to sell exploitative crap like the funds you were pressured into. Tell him that you are giving him one last chance to make this right before you contact Chase HQ and tell them that the particular branch is unethical. As well as report them to the state AG.

Also explain that you don't appreciate doing business with an unethical company and will yank all your funds from Chase and go to a competitor.

NOTE: All these threats are hot air. They simply establish that you are upset and that you will do something about it, albeit ineffectual. If you're VERY lucky, the manager will make some kind of offer to calm you down. If he/she does, take it.

3. Educate yourself on finances. It is very easy to get a basic understanding of how these things work. With your level of education, it would take less than a day to do it.

Sorry about your situation. I'm a former financial consultant. Couple things went wrong here.

At Chase if you come in with a large check then tellers and bankers are required to inform the bank's financial advisor. That person is licensed to give you proper financial advice. If you inform the bank manager it doesn't do anything because technically you are not investing you money with Chase Bank you are now investing your money with Chase Financial Services or Whatever they call themselves these days.

A good financial advisor will make you feel warm and fuzzy about your investment to the extent that you'd be able to sell the positive points and give give the reasons why you got into the fund to your family and friends. That person did not. Just be sure you really research what your getting out of before you break out of it.

**Do only if you want your money back by any means necessary (best chance to get back at no fees if you have no scruples). There should be a phone number at the top of the paperwork. Or if you call the advisors office after hours there should be an alternate phone number to get to the operations desk. Call the operations desk Monday through Friday. Ask to speak to the COMPLIANCE dept.that you have a complaint. If the advisor did anything that breaks the 'know your customer rule' they can break you out of the funds and swallow the fees internally. It's like a fund for broker mistakes.

Statements that will help get you out with no fees will be:

-I didn't understand the fee structure on this account. The broker didn't review it with me throughly. I'm reading my paperwork now and he/she didn't say anything about these fees.

-It's actually 10X better if you do it in writing because this is a heavily regulated industry that takes these complaints very seriously.

-Any response you give that shows you didn't understand the investment or it's not in line with your investment goals waves red flags and gets you out of your investment in a hurry.

-You'll hear from my attorney is also a plus.

_Other responses
-Tell them the source of the funds is a home equity loan.
-The money is used to take care of a sick relative
-You depend on these funds to pay your bills a mortgage for $6000 a month and because of this investment you don't feel you have appropriate reserves.
-I can't lose any principle on this money because it's for a new home purchase wasn't aware you could lose principle.

A letter will be held in your advisors file for about 3 yrs.

This happens a lot to doctors (I'm currently a med student).

Here is why I think it happens:

a) Doctors are taught to be team players. We are taught to rely on information that other professionals give us. Salesmen are really good at exploiting this.

b) Even though doctors don't necessarily make lots of money, we fairly quickly become comfortable (or too careless) with large amounts, just because they deal with high cashflow, high expense situations.

A missing course in medical school is:

"You have a financial target on your back"

The first lesson should be banks are for banking, insurance companies are for insurance, and full service brokers are for themselves.

Do not use any of the above for investments. Also, when I say insurance I mean pure insurance. Do buy anything from an insurance company that has an investment component (any life insurance other than term).

Apply some of what you used to get thru med school and get educated about investments. Don't be "sold" anything by anybody. Educate yourself and search out and "buy" low cost investment vehicles thru discount brokers and fund companies.

Don't let other people get rich on your hard work.

1. The problem is that you have convinced yourself that he tricked you...when infact you simply did this to yourself.

2. Being in the medical field myself I have realized that the environment does not lend itself to be favorable to properly investing since so many people have high cash flows they never really need to make the most of their money.

3. Fundamental lack of understanding of how financial markets work, how financing works, how compounding works...pretty much a lack of understanding of the basic economic principles.

4. Not having enough time, energy, or desire to follow up and educate ourselves on these matters.

*If all doctors read FWF they would probably be better off..but then again we would probably end up spending a lot of time chasing AOR deals and banking bonuses