Did Steve Prefontaine really say that, or are you just another lazy idiot who can’t proofread your own drivel?

[quote=Bobby Hull] [quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week. She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman? Stocks and mutual funds. What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote] Ferris, I’m assuming that Mrs. retiree bought brokerage cd’s or the equivalent for her $400,000. Which you made about $60 net on… Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you’ll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I’m confident in his ability to make the relationship economically worthwhile.

[quote=Ashland] [quote=Devil'sAdvocate] Did Steve Prefontaine really say that, or are you just another lazy idiot who can't proofread your own drivel?[/quote]

Devil - I found the quote here:

http://www.motivateus.com/rememb-2.htm[/quote]

What does the word proofread to you, moron?

[quote=Devil’sAdvocate]

[quote=Ashland] [quote=Devil’sAdvocate] Did Steve Prefontaine really say that, or are you just another lazy idiot who can’t proofread your own drivel?[/quote] Devil - I found the quote here: http://www.motivateus.com/rememb-2.htm[/quote]

What does the word proofread to you, moron?

[quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I did what is right for this woman.  That's why I manage 110+MM in assets.  How much do you manage, little boy?

QUOTE]Well said and well done, Ferris. It’s idiots like Ashland applying that attitude that cause problems for all of us. You have to do what is right by the client, even if in the short term is isn’t so good for you. Otherwise, how can we expect them to trust us?[/quote]



Most of the time I find myself agreeing w/ you, Joe. In this case if you read the rest of the thread you would have found that I had said that I wouldn’t have accepted the account & that if I had I would have used mmkt’s & floaters. CD’s aren’t even the right thing for this client because she may find a place next week.



By the way - where is she living while she no longer owns a place, Ferris? Does it have a long or short-term lease? Will she use ALL of the money for the new place? Why did she move from the old place? If it was for health reasons, might it not be in her best interest to buy another place? Does she have elderly parents, kids or grandkids who may need her support? Where does she get her retirement income from? Is it a stable source? How is she creating payraises? How recently retired? Is she going to boomerang, or is she really done?



My attitude is fine, Joe. I look out for people. At the same time, I know my limitations in the channel that I am in. It’s not in the best interest of the client, myself, or the bank for me to do something that is short term money.

Joe -



One of the big differences between working at a bank & a wirehouse is that most people I meet are already clients of the bank. I have, therefore, a much higher level of credibility than you with a new client from the word go.



One of the primary reasons I wouldn’t accept this account(again, unless there is more - immediate - opportunity) is that a $400,000 deposit would mean more to a branch manager’s P&L than it would to me. My best customer(the bank) appreciates when I help them grow their assets. In addition I do not lose any ability to follow up with the customer. So, I can create a win-win-win here. The customer wins because she gets into something that she’s very comfortable with - mmkt & a short-term cd special which is darn close to what I’d be offering. The bank wins because they get a big addition to their deposit & I win because I did something for the client that the personal banker wouldn’t have managed to put together.



So, if I was in your world, I would certainly take the account. In mine, it’s not the best choice to.

And you spend all day posting on an internet forum.  Sad.

[quote=Ferris Bueller][quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I did what is right for this woman.  That's why I manage 110+MM in assets.  How much do you manage, little boy?

[quote=Ashland]Joe -

One of the big differences between working at a bank & a wirehouse is that most people I meet are already clients of the bank. I have, therefore, a much higher level of credibility than you with a new client from the word go.

One of the primary reasons I wouldn't accept this account(again, unless there is more - immediate - opportunity) is that a $400,000 deposit would mean more to a branch manager's P&L than it would to me. My best customer(the bank) appreciates when I help them grow their assets. In addition I do not lose any ability to follow up with the customer. So, I can create a win-win-win here. The customer wins because she gets into something that she's very comfortable with - mmkt & a short-term cd special which is darn close to what I'd be offering. The bank wins because they get a big addition to their deposit & I win because I did something for the client that the personal banker wouldn't have managed to put together.

So, if I was in your world, I would certainly take the account. In mine, it's not the best choice to.[/quote]

I used to do the same thing but then I realized the money markets I offered were higher than the bank money markets and there was no "six month teaser rate" involved.   I always look to do best for the client so instead of giving those back to the bank I open the accounts in almost all cases now.

scrim

[quote=scrim67]I used to do the same thing but then I realized the money markets I offered were higher than the bank money markets and there was no “six month teaser rate” involved.   I always look to do best for the client so instead of giving those back to the bank I open the accounts in almost all cases now.

scrim[/quote]

Bingo.  Client first.

[quote=joedabrkr]  I would presume that there is a reasonable chance that at some point in the next few years the bank will eff you sufficiently (lowered payout, too many meetings, splitting territories, etc) that you may want to leave.[/quote]

...having been there and done that, I'd say there's a high likelihood of that.  The senior VP's will get pissed when you're making more coin than they are and they'll find a way to take some of it off the table.  Scrim, this goes for you too...they'll find a way to stick it to you and then you'll have all those proprietary fee-based accounts...

[quote=Ashland]Joe -

One of the big differences between working at a bank & a wirehouse is that most people I meet are already clients of the bank. I have, therefore, a much higher level of credibility than you with a new client from the word go.

One of the primary reasons I wouldn't accept this account(again, unless there is more - immediate - opportunity) is that a $400,000 deposit would mean more to a branch manager's P&L than it would to me. My best customer(the bank) appreciates when I help them grow their assets. In addition I do not lose any ability to follow up with the customer. So, I can create a win-win-win here. The customer wins because she gets into something that she's very comfortable with - mmkt & a short-term cd special which is darn close to what I'd be offering. The bank wins because they get a big addition to their deposit & I win because I did something for the client that the personal banker wouldn't have managed to put together.

So, if I was in your world, I would certainly take the account. In mine, it's not the best choice to.[/quote]

I hate my bank and everyone that works there. They are a bunch of f**king idiots. I'm too lazy to move my accounts and all banks suck, anyway.

Bobby… here’s how you can make the time… post here 4 times on Monday instead of 9… THERE YA GO!

See my AUM below before you judge.  Who gives a $hit how much time I spend posting here if 1.  My clients are happy 2. I'm making way more than you. 3. My AUM keeps growing from referrals.

Put that in your pipe and smoke it, piker.

[quote=Tormented Ulaf]

And you spend all day posting on an internet forum.  Sad.

[quote=Ferris Bueller][quote=Ashland] [quote=Ferris Bueller]

Had a referral in my office last week.  She just sold her house and is moving, so she has about 400K and is going to be looking over the next year for a new house.

So what did the greedy bank broker, whom she met right before me, suggest to this recently retired woman?  Stocks and mutual funds.  What a moron.

So we chuckled about the bank broker not being a real financial advisor as we opened the account.

[/quote]

Ferris, I'm assuming that Mrs. retiree bought brokerage cd's or the equivalent for her $400,000. Which you made about $60 net on... Good job & great account! All you have to do is cold call 5000 more people to get 1000 more of those customers & you'll be at your $150,000 in revenue for the year. Hey, at least your AUM will look good![/quote]

I did what is right for this woman.  That's why I manage 110+MM in assets.  How much do you manage, little boy?

First of all, she's not in CD's.  Money Market is the best solution for her.  And I made sure I knew my facts before making that suggestion.  See below.

I took the account because you never know when that money market will turn into something larger or when she will refer someone to me.  Especially since I did the right thing for her.  Plus the bank lost out and I LOVE taking money away from them.  Especially some bank fc that wanted to put this woman's house money into stocks.

[quote=Ashland]
By the way - where is she living while she no longer owns a place, Ferris? Does it have a long or short-term lease? Moving to a new city, she doesn't know where she will live yet.  Will she use ALL of the money for the new place? Don't know yet.  Will know when she does. Why did she move from the old place? Retirement, moving to a new city. If it was for health reasons, might it not be in her best interest to buy another place? Does she have elderly parents, kids or grandkids who may need her support? Nope Where does she get her retirement income from? Is it a stable source? Very stable pension How is she creating payraises? COLA How recently retired? Last week Is she going to boomerang, or is she really done? Done working
[/quote]

[quote=Ferris Bueller]

First of all, she’s not in CD’s. Money Market is the best solution for her. And I made sure I knew my facts before making that suggestion. See below.

I took the account because you never know when that money market will turn into something larger or when she will refer someone to me. Especially since I did the right thing for her. Plus the bank lost out and I LOVE taking money away from them. Especially some bank fc that wanted to put this woman’s house money into stocks.

[quote=Ashland]By the way - where is she living while she no longer owns a place, Ferris? Does it have a long or short-term lease? Moving to a new city, she doesn’t know where she will live yet. Will she use ALL of the money for the new place? Don’t know yet. Will know when she does. Why did she move from the old place? Retirement, moving to a new city. If it was for health reasons, might it not be in her best interest to buy another place? Does she have elderly parents, kids or grandkids who may need her support? Nope Where does she get her retirement income from? Is it a stable source? Very stable pension How is she creating payraises? COLA How recently retired? Last week Is she going to boomerang, or is she really done? Done working[/quote]