FA Dress Codes

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B24's picture
B24
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http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100131/REG/301319969
 
Interesting article on how FA's dress in the office.

Greenbacks's picture
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I am in my office wearing ski pants and hiking boots. To be fair it is a Colorado  ski town.  
 
If anyone wears a tie and suit in this town everyone knows he does not live here!
 

Spaceman Spiff's picture
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I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?

SometimesNowhere's picture
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“People gave me odd looks and thought I was a salesman,” said Mr.
Smith, who is the managing partner of Islamorada Investment Management,
where he manages two portfolios totaling $7 million in assets.WTF?!?!? What, you couldn't get in touch with some Jones Rep knocking on doors for their opinion?

DD's picture
DD
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Wear a suitIt's our uniformGuys producing less than 500k gross dress downPikers

Moraen's picture
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Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.

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Moraen wrote:
Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million, and he's also a CPA - likely most of his income comes from tax planning.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.I wore jeans and a sweater today for a video conference meeting with one of my bigger clients.  At the end of the call, they gave me the Skype name of one of their wealthier friends.  They gave me three times that I should call.It's not about suits.  It's about results.  No one trusts bankers like DD anymore in their white shirts and ties.

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DD
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Moraen wrote:

Moraen wrote:
Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million, and he's also a CPA - likely most of his income comes from tax planning.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.I wore jeans and a sweater today for a video conference meeting with one of my bigger clients.  At the end of the call, they gave me the Skype name of one of their wealthier friends.  They gave me three times that I should call.It's not about suits.  It's about results.  No one trusts bankers like DD anymore in their white shirts and ties.The $400mm book says differentSkype name ... 

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DD wrote:
Moraen wrote:

Moraen wrote:
Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million, and he's also a CPA - likely most of his income comes from tax planning.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.I wore jeans and a sweater today for a video conference meeting with one of my bigger clients.  At the end of the call, they gave me the Skype name of one of their wealthier friends.  They gave me three times that I should call.It's not about suits.  It's about results.  No one trusts bankers like DD anymore in their white shirts and ties.The $400mm book says differentSkype name ...  Piker, Liar, Sup mel.  Do you still think you are "in the business" when you are managing your mom's $5000 IRA?

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$60 mil, and I wear shorts on Wednesdays.  Mind you, ONLY on Wednesdays.Some people can pull off suits where you don't look like a snake oil salesman.  Some people can't pull off khakis.  "suits are our uniform".  We're not in the military. 

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Moraen wrote: Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.
 
I'd like to the the $400 Million guy.  I'll put a suit on every day for the rest of my life to manage $400 million.  And I'll pay someone to pick it out every day so I don't have to think about it. 
 
I'll give you a break because it's late in the day.  Mr. $7 Million has a TOTAL of $7 Million.  Now, granted he's in the FL keys.  You might look like a salesman if you're wearing anything other than shorts and flip flops. 
 
I spent a few minutes on his website.  He's an RIA who doesn't believe in mutual funds.  It'll be interesting to see how he does over the years.  The timing on the launch of his funds couldn't have been better timed.  Just in time to catch all of the market upswing on his equity fund and just in time to catch the HY bond upswing last year on his income fund.  Gotta give him credit though for putting his money where his mouth is. 
 
As for my own dress code...it's pretty basic.  Shirt and tie most of the time.  Probably 3 out of 5 days a week.  Dress shirt with dress pants and no tie the other days.  I've been to the office in jeans twice.  6 inches of snow on the ground each time.  The banker guys at Rotary wear suits,  ergo so do I. 
 
 

Squash1's picture
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I hate rotary pikers...

Moraen's picture
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Spaceman Spiff wrote:Moraen wrote: Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.
 
I'd like to the the $400 Million guy.  I'll put a suit on every day for the rest of my life to manage $400 million.  And I'll pay someone to pick it out every day so I don't have to think about it. 
 
I'll give you a break because it's late in the day.  Mr. $7 Million has a TOTAL of $7 Million.  Now, granted he's in the FL keys.  You might look like a salesman if you're wearing anything other than shorts and flip flops. 
 
I spent a few minutes on his website.  He's an RIA who doesn't believe in mutual funds.  It'll be interesting to see how he does over the years.  The timing on the launch of his funds couldn't have been better timed.  Just in time to catch all of the market upswing on his equity fund and just in time to catch the HY bond upswing last year on his income fund.  Gotta give him credit though for putting his money where his mouth is. 
 
As for my own dress code...it's pretty basic.  Shirt and tie most of the time.  Probably 3 out of 5 days a week.  Dress shirt with dress pants and no tie the other days.  I've been to the office in jeans twice.  6 inches of snow on the ground each time.  The banker guys at Rotary wear suits,  ergo so do I. 
 
 My point was that there wasn't enough of a sample to conclude whether wearing a suit or not meant greater assets.

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Moraen wrote:
Spaceman Spiff wrote:Moraen wrote: Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.
 
I'd like to the the $400 Million guy.  I'll put a suit on every day for the rest of my life to manage $400 million.  And I'll pay someone to pick it out every day so I don't have to think about it. 
 
I'll give you a break because it's late in the day.  Mr. $7 Million has a TOTAL of $7 Million.  Now, granted he's in the FL keys.  You might look like a salesman if you're wearing anything other than shorts and flip flops. 
 
I spent a few minutes on his website.  He's an RIA who doesn't believe in mutual funds.  It'll be interesting to see how he does over the years.  The timing on the launch of his funds couldn't have been better timed.  Just in time to catch all of the market upswing on his equity fund and just in time to catch the HY bond upswing last year on his income fund.  Gotta give him credit though for putting his money where his mouth is. 
 
As for my own dress code...it's pretty basic.  Shirt and tie most of the time.  Probably 3 out of 5 days a week.  Dress shirt with dress pants and no tie the other days.  I've been to the office in jeans twice.  6 inches of snow on the ground each time.  The banker guys at Rotary wear suits,  ergo so do I. 
 
 My point was that there wasn't enough of a sample to conclude whether wearing a suit or not meant greater assets.BSThose that work with the ultra rich wear suitsBillionaires don't work with pikers in flipidy flopitysYour point is proven wrong againPlenty of evidence

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I live in a really wealthy state.  The real wealth managers in my area wear really nice suits.  Everyone in their offices wear suits.  They have professionally done pictures on their websites.  They have nice offices.  They manage hundreds of millions (some close to $1B) The little indies in my area wear slacks and sweaters.  Most of the small indies and RIA's manage between 15-25mm.  I am sure they do just fine.  They would not look appropriate in front of the clients of the big firms in my area.  Most of the wealth in my area expects a suit, or at least really nice dress/casual clothes.  Wearing khaki's in my area would get you the $82,374 rollovers.  Khaki's will NOT get you multi-million dollar accounts (generally).  There is too big a divide between the image of the "real" wealth managers and the one-offs.
Now, some of those little indies I am referring to are not working too hard to grow their businesses, and are pretty content bringing home $125K-175K with a small client base and a simple business model.  These are not the guys working with the major estate planning attorneys in our area, or the major foundations, or the regional trust departments.  The "wealth management" firms ARE.  You know, the guys in the suits.  If I were to meet with any of those attorneys, I would look like a chump. 
 
So I guess it all depends what arena you want to play in, and what the expectations are in your area.
 
Also, I think it depends on what your focus is. 

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DD wrote:
Moraen wrote:
Spaceman Spiff wrote:Moraen wrote: Spaceman Spiff wrote:I find it funny/interesting that they've got the one guy who's managing $400 million wearing a suit and tie and the others managing $25 million or under dressing down.  Correlation?Wrong.  One guy who wears a suit manages $25 million.  One guy who dresses down manages $20 million.  One guy wears a suit and manages $400 million.  And then the guy who has two portfolios at $7 million each.  I want to be that guy.  Say he gets one client a year.  Nice.
 
I'd like to the the $400 Million guy.  I'll put a suit on every day for the rest of my life to manage $400 million.  And I'll pay someone to pick it out every day so I don't have to think about it. 
 
I'll give you a break because it's late in the day.  Mr. $7 Million has a TOTAL of $7 Million.  Now, granted he's in the FL keys.  You might look like a salesman if you're wearing anything other than shorts and flip flops. 
 
I spent a few minutes on his website.  He's an RIA who doesn't believe in mutual funds.  It'll be interesting to see how he does over the years.  The timing on the launch of his funds couldn't have been better timed.  Just in time to catch all of the market upswing on his equity fund and just in time to catch the HY bond upswing last year on his income fund.  Gotta give him credit though for putting his money where his mouth is. 
 
As for my own dress code...it's pretty basic.  Shirt and tie most of the time.  Probably 3 out of 5 days a week.  Dress shirt with dress pants and no tie the other days.  I've been to the office in jeans twice.  6 inches of snow on the ground each time.  The banker guys at Rotary wear suits,  ergo so do I. 
 
 My point was that there wasn't enough of a sample to conclude whether wearing a suit or not meant greater assets.BSThose that work with the ultra rich wear suitsBillionaires don't work with pikers in flipidy flopitysYour point is proven wrong againPlenty of evidenceSup mel.  Prove it.

B24's picture
B24
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Moraen wears a skirt and clogs to work.

EDJ4now's picture
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B24 wrote:
I live in a really wealthy state.  The real wealth managers in my area wear really nice suits.  Everyone in their offices wear suits.  They have professionally done pictures on their websites.  They have nice offices.  They manage hundreds of millions (some close to $1B) The little indies in my area wear slacks and sweaters.  Most of the small indies and RIA's manage between 15-25mm.  I am sure they do just fine.  They would not look appropriate in front of the clients of the big firms in my area.  Most of the wealth in my area expects a suit, or at least really nice dress/casual clothes.  Wearing khaki's in my area would get you the $82,374 rollovers.  Khaki's will NOT get you multi-million dollar accounts (generally).  There is too big a divide between the image of the "real" wealth managers and the one-offs.
Now, some of those little indies I am referring to are not working too hard to grow their businesses, and are pretty content bringing home $125K-175K with a small client base and a simple business model.  These are not the guys working with the major estate planning attorneys in our area, or the major foundations, or the regional trust departments.  The "wealth management" firms ARE.  You know, the guys in the suits.  If I were to meet with any of those attorneys, I would look like a chump. 
 
So I guess it all depends what arena you want to play in, and what the expectations are in your area.
 
Also, I think it depends on what your focus is. 

Disclaimer -- I have lots of smaller accounts and would take the $80,000 rollover happily (check my thread on the Indy tab).  However, I think you are right about the area making a difference.  I think 3 of my 4 $1mm plus accounts would trust me more if I wore jeans and had cow s=== on my boots.  I used to work in NYC a lifetime ago, and if I was still there I would be in a suit everyday.  But here not many people wear suits, and the real money is the ranchers and business owners who own 1 tie for funerals and weddings that have the real money.  And I'm not joking when I say they trust you more if you smell faintly of cow s===.

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Spaceman Spiff wrote:
 
I'd like to the the $400 Million guy.  I'll put a suit on every day for the rest of my life to manage $400 million. 
 
I'd wear my 7 year old's purple dance outfit if I could wrap $400mm at 1%.

SometimesNowhere's picture
Joined: 2008-12-22

DD wears short spandex shorts, a mesh tank top and a whistle to fit in with his clients.

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DD
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SometimesNowhere wrote:DD wears short spandex shorts, a mesh tank top and a whistle to fit in with his clients.
Why did you want to sign up for my gym class so bad then?

chief123's picture
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I think it depends on a lot of factors as people have said.
Firm Type: Probably can't wear jeans to a wire any day of the week
Location: Downtown vs suburbia vs country
Population: Larger the population more likely to wear a suit
Competition: Jones always had a thing that I never understood "dress like the local bankers... " But don't I want to set my self apart from them?
Practice: Small profitable practice(most likely indy) vs larger practice (wire/regional)
 
 
For example today(indy): I am wearing jeans and a long sleeve shirt(no buttons).. However I have no appointments, and have never had a walkin... So I am simply making calls today, so I want to be comfortable when doing so.. 

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Squash1 wrote:I hate rotary pikers...
 
What's up with the Rotary crack? 

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B24 wrote:Moraen wears a skirt and clogs to work. Except I don't wear clogs.  Sling-backs all the way baby.

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Spaceman Spiff wrote:Squash1 wrote:I hate rotary pikers...
 
What's up with the Rotary crack? 

Because most there are 4 advisors in every rotary club.. MS/SB, EDJ and Wells(formerly AGE)..

Maybe some are there for the cause but most are there for the prospecting.. So that is why..

Moraen's picture
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I agree.  I don't ever talk business at Rotary. There are a ton of advisor pikers there.  I think DD is there. 

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B24
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I think this depends on your area.  In my area, there are a few advisors in Rotary (including myself), but we very rarely talk business.  A couple of them have been around so long, they could care less about getting business from it.  They are honestly in it because they are charitably inclined.  I think there is a big difference between "prospecting" at Rotary (Lions, etc.) and it being used simply as exposure.  I think it's important to many people that clietns and potential clients view you as "good citizens".  These organizations (IMHO) are one way of showing that you are a good corporate citizen.  And to be honest, if it were not for professionals and business owners, not much would get done in my town.  Most everyone else is too busy at "work" (the 9-5 grind) to get involved.

Squash1's picture
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On a side note, my favorite company to get suits from(because I buy suit separates) has now discontinued selling suit separates.. I am screwed..

B24's picture
B24
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Is that Jos. A. Bank?  I know they sell separates.

Squash1's picture
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No a region shop that provided great value for the price...

Spaceman Spiff's picture
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B24 wrote:
Is that Jos. A. Bank?  I know they sell separates.
 
I have one suit from them.  It's a piece of crap.  Did I just happen to get a bad suit or are all of their suits not worth the money?  I've gotten better wear out of the 3 suits I bought off of ebay for $200.  I get emails every day from Jos. A. Bank telling me about their wonderful specials, but I just can't make myself go back and buy more suits if they're going to be as bad as the first one. 

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My store was bachrach... great quality good value..

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