Background Check

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Bummerific's picture
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Currently I am in the interviewing process with a brokerage firm and had a quick question regarding the background check. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
When I as twenty years old I was arrested for underage drinking, for which I spent four hours in the "drunk tank" (even though I had only had one shot of vodka) and received pre-trial diversion. In addition I had six months of unsupervised probation. It has been approximately 5 years since this situation.
 
I have not withheld this information from the brokerage firm but I was worrying about how it might affect my ability to be hired. I know alone it might be petty but in conjunction with the arrest I have had some credit issues, i.e. automobile repossession, that I am in the process of clearing up. I have never filed bankruptcy nor have I had any judgments filed against me, just immaturity. 
 
For the last couple of years I have been trying to take care of my bad debt as-well-as increase my credit rating but it is a slow process.
 
My question is simply, would the combination of the bad debt (low credit score) and the criminal charge stop me from being hired or only make it that much more difficult?
 
Thanks for your help.

Morphius's picture
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How does your inability to responsibly manage your own money qualify you to manage other people's money?  

captclose's picture
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Morphius wrote:How does your inability to responsibly manage your own money qualify you to manage other people's money?  
Damn, it's always a tough crowd on this board LOL!

troll's picture
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Joined: 2004-11-29

Bummerific wrote:
Currently I am in the interviewing process with a brokerage firm and had a quick question regarding the background check. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
When I as twenty years old I was arrested for underage drinking, for which I spent four hours in the "drunk tank" (even though I had only had one shot of vodka) and received pre-trial diversion. In addition I had six months of unsupervised probation. It has been approximately 5 years since this situation.  This is an issue that can be overcome.  People make mistakes.  However being that it happened so recently does not bode well for you.
 
I have not withheld this information from the brokerage firm but I was worrying about how it might affect my ability to be hired. I know alone it might be petty but in conjunction with the arrest I have had some credit issues, i.e. automobile repossession, that I am in the process of clearing up. I have never filed bankruptcy nor have I had any judgments filed against me, just immaturity. This is a much bigger issue.  Immaturity is not a good excuse as you are still only 25.  I'm not trying to bust on you, but it is a valid question to ask if you can't take care of your own finances, how can you take care of others?  Firms take on a tremendous amount of expense with a trainee and a lot of liability with a broker.  If you interviewed a contractor to build a house for you and he told you his roof on his own house collapsed 5 years ago but he was young and immature, would you hire him?
 
For the last couple of years I have been trying to take care of my bad debt as-well-as increase my credit rating but it is a slow process.
 
My question is simply, would the combination of the bad debt (low credit score) and the criminal charge stop me from being hired or only make it that much more difficult? You would have to make a hell of an impression to overcome your issues, not impossible but very difficult.
 
Thanks for your help.

anonymous's picture
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Joined: 2005-09-29

Be honest an upfront about everything.  Someone will hire you.  It may not be your choice of firms.  Work your ass off.  Become successful and then you can work where you want.

Bummerific's picture
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I greatly appreciate the views that each and everyone of you have shared with me.
 
I completely understand that my past experience coupled with the fact that they have not been so far in my past is going to be a large liability but I never expected it to be easy, it seems that nothing in this industry is easy especially the first few years.
 
I am making great strides to overcome the mistakes in my past, by taking care of the bad debt as-well-as establishing good credit. I currently have a couple of loans that I have been paying on for just shy of 18 months that have been paid as agreed.
 
To answer the question of why I want to be a Financial Advisor, I would by lying if I were to say that the possibility of high earning potential was not a reason for my desire to work as a Financial Advisor. But that is not the only reason. I go to church with a couple FAs and speaking with them about what they do and how they do it is very exciting. Simply put I want to be a teacher. Though I may not make loads of money at first the satisfaction of being able to help someone out, by teaching them how to reach their financial dreams is important to me.
 
Through the conversations I have had with a couple of FA's has cemented my view on the profession, I firmly believe that teaching each client is the core of each FA's responsibility.
 
I hope that explains where I am coming from clearly enough. Again, I would like to thank each of you that have responded for it reaffirmed my thought on how my past history would play a great deciding role in this hiring process.
 

anonymous's picture
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"I firmly believe that teaching each client is the core of each FA's responsibility."
 
Be a teacher instead.   Teaching a client does not get them to take action.  The core of our responsibility is to get the client to take action.  Educating a client does not make this happen.  To steal an old saying, our clients want to know the time; they don't want to know how the clock works.
 
 
 

Morphius's picture
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anon, I was going to post the exact same "telling the time" metaphor.  Once again, you post exactly what I would have posted.  Sure does save me some time, but it's a bit scary too.I guess great minds think alike. ( And my mind, too.)

Trapper SS's picture
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Bummerific wrote:
Currently I am in the interviewing process with a brokerage firm and had a quick question regarding the background check. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
When I as twenty years old I was arrested for underage drinking, for which I spent four hours in the "drunk tank" (even though I had only had one shot of vodka) and received pre-trial diversion. In addition I had six months of unsupervised probation. It has been approximately 5 years since this situation.

 
 This won't affect you at all.  It's probably not even on your record, plus nearly every 20 year old drinks.  No big issue....  
 
That 6 months of probation was probably to have it swept off your record after being good for 6 months.

megamonet's picture
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Aside from the good points already made here, may I ask what your motivation is for wanting to be an FA?
 
I mean, if I had 4 at-fault car accidents, 2 speeding tickets, and a DUI in the past year, I certainly wouldn't apply to teach driver's ed. @ my local high school!  Why is there such a glut of people that want to be FAs that have shown nothing less than complete financial stupidity (no offense) to this point in their personal lives?
 
Is it just the allure of the $$$?  If so, I think that's a poor choice - especially since you are going to likely be pretty disappointed for a few years.
 
I vote for c) burb.. 
 
 
As I recall, there was a financial expert (was it Dave Ramsey?) who is now considered a financial expert and who  has written best selling financial books who previously lost everything and had filed bankruptcy...so, just because you have lousy finance skills BEFORE (training) for this career field doesn't mean that you wouldn't be be a great financial advisor AFTER taking this on.  Besides, there are stories of fa's who may do a good job helping others with their finances but perhaps overindulge, overspend and just don't follow their own advice (and their client's never know the difference).   
 
Fact is many jobs are being offshored/outsourced and perhaps the choices for decent jobs are just dwindling, with fewer choices.  Being an FA, teacher or going into the medical field are just a few of the career choices left that aren't being outsourced.
 
I'd research and make sure this is what you want to do and that you would be good at it before you put time, effort and expense in; although, if you're younger, why not give it a try and see if it's for you.  However, as you get older, you may not have the luxury of investigating possible career fields unless you absolutely know it would be a good fit for you.

troll's picture
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megamonet wrote:Aside from the good points already made here, may I ask what your motivation is for wanting to be an FA?
 
I mean, if I had 4 at-fault car accidents, 2 speeding tickets, and a DUI in the past year, I certainly wouldn't apply to teach driver's ed. @ my local high school!  Why is there such a glut of people that want to be FAs that have shown nothing less than complete financial stupidity (no offense) to this point in their personal lives?
 
Is it just the allure of the $$$?  If so, I think that's a poor choice - especially since you are going to likely be pretty disappointed for a few years.
 
I vote for c) burb.. 
 
 
As I recall, there was a financial expert (was it Dave Ramsey?) who is now considered a financial expert and who  has written best selling financial books who previously lost everything and had filed bankruptcy...This is the exception not the rule so, just because you have lousy finance skills BEFORE (training) for this career field doesn't mean that you wouldn't be be a great financial advisor AFTER taking this on.  Besides, there are stories of fa's who may do a good job helping others with their finances but perhaps overindulge, overspend and just don't follow their own advice (and their client's never know the difference).   
 
Fact is many jobs are being offshored/outsourced and perhaps the choices for decent jobs are just dwindling, with fewer choices.  Being an FA, teacher or going into the medical field are just a few of the career choices left that aren't being outsourced.
 
I'd research and make sure this is what you want to do and that you would be good at it before you put time, effort and expense in; although, if you're younger, why not give it a try Why not give it a try!!!!  You have got to be kidding me!  I'm sure retirees would be glad to know you were just seeing if this was the job for you as they collect welfare. and see if it's for you.  However, as you get older, you may not have the luxury of investigating possible career fields unless you absolutely know it would be a good fit for you.

troll's picture
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Mega, you remind me of Paul Abdul.  No matter how bad the sh*t stinks, you always find a way to comment on what a nice shade of brown it is.

Morphius's picture
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Primo wrote:Mega, you remind me of Paul Abdul.  No matter how bad the sh*t stinks, you always find a way to comment on what a nice shade of brown it is.Yeah, but with one huge difference.Paula offers opinions on something she knows about from first hand experience - performing.Mega offers opinions on something for which he has no meaningful first hand experience.

troll's picture
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How true.

Indyone's picture
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anonymous wrote:"I firmly believe that teaching each client is the core of each FA's responsibility."
 
Be a teacher instead.   Teaching a client does not get them to take action.  The core of our responsibility is to get the client to take action.  Educating a client does not make this happen.  To steal an old saying, our clients want to know the time; they don't want to know how the clock works.
 
Although it can be a satisfying profession, teaching doesn't pay worth a sh*t when compared to even a modestly successful financial advisor. My experience is that teaching a client OFTEN gets them to take action.  There are plenty of clients who don't care how things work, but when it makes sense, I use a teaching style of advising and there are a lot of clients and prospects who seem to really appreciate the information.  I believe it helps them get comfortable with making investment decisions.  Sure, you can overwork the education part, so you should keep it pretty simple, but just pushing a client to take action without telling them why a product or strategy works for them doesn't work for me.  The upside of all of this is that clients who need to be pushed end up with anonymous and clients who want to be educated end up with the likes me.  It really does take all kinds of advisors to serve all kinds of clients.
 
At the same time, teaching is not the core of what we do; understanding the client/prospect's financial situation and recommending appropriate investments and strategies is what we do.  For me, education is a method I use to help the client/prospect become comfortable with what I am recommending.  There are plenty of consumer advocates telling our clients and prospects that they should be able to explain, at least in general, what they are investing in.  Some people are incapable of understanding and for those, yes, we must lead.  However, a little client education can make a client/prospect feel reassured that (1) they are making a good decision and (2) I'm not just feeding them a line of crap to make a quick sale.
 
To the original poster, why not try working as a licensed assistant or junior team member for a successful advisor?  Other than sheer impatience, I can't understand why more 20-somethings don't consider such a path, as it would seem to me to hold a much higher probability of success.  Use the time to get your financial house in order and put your troubles further behind you.  That alone will increase your odds of making it.

anonymous's picture
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Good post, Indyone.  From the volume of my posts, you may be able to tell that I actually like to teach people.   My favorite clients are some of the ones that need to be educated.   If that's what it takes to land the client, that is what I'll do.  Our job is to get the client to take action, not to educate.  If educating the client is the best way to get a particular client to take action, by all means, educate, educate, educate!  The point is that it's education for a specific purpose.  It is not knowledge for knowledge's sake.

megamonet's picture
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have got to be kidding me!  I'm sure retirees would be glad to know you were just seeing if this was the job for you as they collect welfare.
And to this:  I say BUYER BEWARE.  Need to do your homework.  This liability should be placed on the wirehouse the young advisor works for to ensure he/she is properly trained and looks out for best interests of their clients.  (But, the retiree shouldn't count on it!)
 
On another note, I'd like to offer an opinon on a Suzy Orman comment of "finding a good advisor"  that I disagree with.  Suzy says to never use an advisor who works out of their home.  I say:  never judge an advisor by this alone.  This just reflects that the advisor is thrifty, economical, wants to reduce costs and doesn't necessarily mean that they don't have any clients or wouldn't be a good advisor.  All people are different, including fa's, and by Suze unfairly categorizing fa's because some fa's (indy's) may want to work out of their home and save on expenses is just unfair.  I can understand her saying hire CFP's only but this categorization of not using an fa who works out of their own home is just unfair.  Who says that people have to always meet at an office and perhaps an advisor might be better off renting a space to avoid losing business due to Suzie's bad press.  (Just my opinon.) 
 
Re:  PA --Paula Abdul is great at balancing out the very negative (bad for your self-esteem) Simon:  now, if someone goes into the "teaching" profession, I'd offer the opinion to be more like Paula since she is very good at seeing the best in others.  She's positive minded and this of course is a good attribute for an fa to have:  who in the heck would want to hire an fa who says..."yeah...you might make a little...or break even" (glass half-empty) sorta person.  Thanks for the compliment.
 
When the newbie's or people investigating this field log on to ask questions here, some of you might want to follow Paula's example and be a little more "uplifting" and encouraging instead of so negative and making a point of bringing down someone's confidence as well as totally turning them off of this career field. 

troll's picture
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So if you want to "try out being a financial advisor" you can because it is the client and the employer who should take responsibility?  Let me impersonate Paula for you.  What you lack in intelligence, you more than make up for with.... oh crap I got nothing.  Your just stupid. 

megamonet's picture
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oh Dear. Implied--Of course, the young fa should be responsible for their clients or why bother with all of the studying for their licenses.  My point is if you're not sure what you want to do and if you're young, investigate other career fields if you have the interest and inclination.
 
Call me stupid...whatever makes you feel better about yourself.  I pity you since you seem to feel better putting others down.  Sad. 

troll's picture
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And to this:  I say BUYER BEWARE.  Need to do your homework.  This liability should be placed on the wirehouse the young advisor works for to ensure he/she is properly trained and looks out for best interests of their clients.  (But, the retiree shouldn't count on it!)
 
Failing to see where you implied the FA should be responsible.  Seems to me you said buyer beware and wirehouse should be responsible.

megamonet's picture
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Well, hon, I didn't think I needed to draw you a picture.
It's both:  The FA should, of course, be responsible (why wouldn't they) (i.g. if they entered the career field, took all of the time to study, etc. etc.) and the person using their services should take into account that the fa is inexperienced, may suck at his job or not be near as good as more experienced fa's and should do their homework (thus, buyer beware) to ensure they found a good fa.  There, more clear, DEAR? 
 
OOPS:  CORRECTION: all three.  The company hiring the fa has an accountability in this, too, as mentioned.
 

Morphius's picture
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Megamet, why do you bother to open your mouth on a topic you know nothing about when all you do is insert your foot?  Just because you may feel something in this industry is, or ought to be, a certain way does not make it so.  Grow up.  This is NOT all about you, "hon," or what you want when you grow up.  If you want to test out careers and pretend to be something while you're growing up, experiment with jobs that don't have the very real danger of screwing up clients' lives.  

megamonet's picture
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ah, you're just upset that I've made some valid points and all you can do is personally attack me.  The admins here promptly delete entire threads that turn into an "attack fest".  So shut your piehole and move on.  Whether I'm interested in the career field or not is none of your business and remember boys and girls: Don't let the "simons" on this site discourage you.  
 
And that's all I have to say on this topic.  Attack away if you can't find anything more constructive to do.

Morphius's picture
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megamonet wrote:ah, you're just upset that I've made some valid points and all you can do is personally attack me.  The admins here promptly delete entire threads that turn into an "attack fest".  So shut your piehole and move on.  Whether I'm interested in the career field or not is none of your business and remember boys and girls: Don't let the "simons" on this site discourage you.  
 
And that's all I have to say on this topic.  Attack away if you can't find anything more constructive to do."Shut my piehole?"  Is that one of your "valid points" you mention?Spoken with all the maturity and intelligence of the child you seem to be. 

troll's picture
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megamonet wrote:
Well, hon, I didn't think I needed to draw you a picture.
It's both:  The FA should, of course, be responsible (why wouldn't they) (i.g. if they entered the career field, took all of the time to study, etc. etc.) and the person using their services should take into account that the fa is inexperienced, may suck at his job or not be near as good as more experienced fa's and should do their homework (thus, buyer beware) to ensure they found a good fa.  There, more clear, DEAR? 
 
OOPS:  CORRECTION: all three.  The company hiring the fa has an accountability in this, too, as mentioned.
 
 
 
Nowhere in your previous posts did you say the FA is responsible.  I do not need a picture drawn, just need you to write what you mean.  This is not an industry you should "try out".  We manage peoples money for God's sake.  Try out selling cars.  Try out flipping burgers. 
Do not "try out" managing something as important as someone's retirement.  That is an offensive statement and marginalizes those of us who are "all in" in this  industry.  How exactly are you in this industry Mega, curious to know.

troll's picture
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Nevermind found where you posted you work in a call center.  That explains it.  Working in a call center is also a career you can "try out".  Your posts make much more sense now.

Moneyman13's picture
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Morphius wrote:How does your inability to responsibly manage your own money qualify you to manage other people's money?  
 
This guy is a moron!  Bad things happen to good people.  It is not always clear cut as you may think when it come to financial problems and/or credit issues.  Actually the best Investment advisors usually have the worst personal financial issues.  The ability to invest your clients assets in solid investments and get them the returns they need has absolutely NOTHING to do with an advisors personal financial situation.  You must be better than everyone else...A God, Go back to israel.

Moneyman13's picture
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I actually take the moron part back.   I'm not normally a foul person, sorry.  But I respectfully disagree with Morphius.  No hard feelings

Morphius's picture
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So based on your hostile reaction apparently you can't manage YOUR money responsibly either, Moneyman?  Stating the patently obvious hardly makes me a "god."  If you actually believe the rank foolishness you just spouted, you should be comfortable disclosing this personal failure to your prospects and/or clients, if you are really in the business, and let them decide if what you claim is true. 

Indyone's picture
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Moneyman13 wrote:Actually the best Investment advisors usually have the worst personal financial issues.
 
mmmmmm...I'd espectfully disagree with this assertion.  Perhaps some top producers are driven to produce to service a mountain of debt, but I would hardly call such a person a best in class advisor.  I'd bet that a vet like Bond Guy, while having some toys, has little or no debt and a good-size balance in his retirement account.  If an established advisor would make a poor prospect, he/she'd also make a poor advisor in my opinion.

Morphius's picture
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Indyone wrote:Moneyman13 wrote:Actually the best Investment advisors usually have the worst personal financial issues.
 
mmmmmm...I'd espectfully disagree with this assertion.  The best investment advisers usually have the worst personal financial issues?!?!  Usually?!?!B.S.That's pulled right out from your ass.  Cite one credible source that supports this ridiculous claim.  Just one.

Trapper SS's picture
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I would say that good sales people in general have a habit to overspend as a side effect of the ego.  However, the best investment advisors are fans of discipline and proper planning.  The maturity level needed for the role should be at a level where you pay your bills.
 
Trust is very important as an advisor.  When you fail to repay a debt or forget to make your payments on time, that also says "don't rely on me, because I might not do what I say."
 

megamonet's picture
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In general, most clients would prefer fa's who are good at managing their own money, too, but not making money at their expense, that is, if they are not looking out for customer's best interests and EARNING their money.  (If a client got wind of their fa not being good at their own finances (unless they are doing a super job for them), my bet is that they would move on and find another fA.)  But I still stand by the statement: you can still do a good job with opm's and not necessarily your own.
 
Clients probably prefer fa's who follow their own advice...Suzie Orman, for example. (No CC debt.)

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Trapper SS wrote:I would say that good sales people in general have a habit to overspend as a side effect of the ego.  However, the best investment advisors are fans of discipline and proper planning.  The maturity level needed for the role should be at a level where you pay your bills.
 
Trust is very important as an advisor.  When you fail to repay a debt or forget to make your payments on time, that also says "don't rely on me, because I might not do what I say."
 
 
It's been my experience that salesmen who overspend and don't plan for the down spurts don't make it.  So while a majority of salesmen might over spend, I would say a majority of salesmen who 'make it' probably don't overspend.

ExPropTrader's picture
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megamonet wrote:
 
Clients probably prefer fa's who follow their own advice...Suzie Orman, for example. (No CC debt.)Only an idiot or simpleton would agree with Orman, she has proven time after time she has no clue about estate planning, protection, or investments.

BondGuy's picture
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Indyone wrote:Moneyman13 wrote:Actually the best Investment advisors usually have the worst personal financial issues.
 
mmmmmm...I'd espectfully disagree with this assertion.  Perhaps some top producers are driven to produce to service a mountain of debt, but I would hardly call such a person a best in class advisor.  I'd bet that a vet like Bond Guy, while having some toys, has little or no debt and a good-size balance in his retirement account.  If an established advisor would make a poor prospect, he/she'd also make a poor advisor in my opinion.
 
Indy, while my financial situation is close to what you discribe I can't say i agree with your conclusion. My view is shaded by the fact that when i started in this biz I probably had the worst credit rating in the history of brokerage trainees. It didn't impede my progress of becoming a top muni bond salesman. In fact it motivated me. This business gave me a way to come back.
 
Today, I see many excellent financial advisors who have big debt and horrible credit. One such advisor, a million dollar plus advisor is one of the few i would trust my own money to, yet personally, financially he is a train wreck. Another is one of the best stock pickers I've ever seen, yet doesn't have two dimes to his own name. It takes a special talent to blow through almost $400k a year with little or nothing to show for it. Life happens!
 
For some advisors it's the big lifestyle. Then there's the IRS and matrimony attorneys. For others, its outside business interests that bring them to the brink. And for others it's the front money deal. They take a big check that comes with big taxes attached, the market drops as it did in 01/02, and all of a sudden there's a huge crimp in the cash flow. Production is down and taxes on the front money take a huge chunk of the net leaving the advisor with too much much month and not enough paycheck. From there, the new Jag becomes a cement weight wrapped around the guy's neck. It's ugly.
 
There are many traps that good advisors can fall into. That they do doesn't mean they are poor advisors, only that they are human. The future is unknowable. What makes sense today can trip an advisor tomorrow. The question of whether or not they are good advisors is answered by the fact that they make big money. Bad advisors don't make big money. They don't make it long enough in the biz for that to happen.
 
 As we do with our clients, we must be careful not to make snap judgements based on a person's credit score. For example, prudent money management standards tell us we need to have enough cash to survive six months without a paycheck. I know one advisor who went almost two years without a paycheck because of a internal fight he was involved with with his company. He had to sit on the sidelines while his lawyers hashed it out and freed him up to move. He completely depleted his savings and by his own admission his credit score went into the tank. I wouldn't call him a poor advisor because he has a low credit score. I'd call him a genius for surviving two years without any income. Yet a snap judgement shows us a loser with a 400 FICO. By the way, he was teamed and his partner ran his business for almost one and a half years.
 
As for whether a credit score should impact a candidate's consideration, I don't think it should. Most money problems are cash flow problems, not intelligence problems or in many cases not even financial judgement problems. Maybe someone with these types of problems would make a poor credit councellor, but IMO not a poor financial advisor. The people we advise have discretionary income, too much income. It's the opposite problem. My own experience shows me that the two, my personal financial situation, and my ability to advise clients, are disconnected. Other than my financial situation motivating me to work hard one has no bearing on the other. Additionally, having a car repo'd isn't a criminal or moral offense. When my business failed 30 years ago, I had two cars repo'd. It's embarrassing and a problem in that you are left without a vital tool, transportation. But that's as far as it goes. It doesn't make you a bad person, only a carless one. IMO, my financial adversity made me a smarter person and certainly a stronger one. It didn't hurt my motivation either. Money motivated? Yeah, I got that!
 
Well, that's a long post. Home with the stomach flu  that i tried desperately not to catch over the past week as it tore through my house. When i'm feeling Ok, man am I bored!
 
 

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Well, BG, I'm not going to dissect and counter every point you made, bacause many of them were good ones and show that there are exceptions to every rule.  In general, I'll respectfully disagree only to the degree of the assertion.  While your friend may be a great stock picker, I still have a hard time reconciling his personal flaws with his professional skills.  It's the height of hypocracy to suggest that a client maintain a 6-month cash reserve when you are personally behind on your mortgage.  It's no different than a doctor coming into the examining room puffing on a cigarette and telling the man in the backless gown that he needs to stop smoking (yes, kiddies, this actually used to happen).  While the doctor may be a fine doctor, on principal, he would come down a couple of notches in my estimation for simply being too foolish to follow his own advice.
 
I recall your story and it clearly indicates the need to consider each situation on it's own merits.  I also tried to emphasize that my criticism is mostly on established veterans who still don't have their act together.  I may have an entirely different opinion of your friend if I met him, but just knowing that he's a financial train wreck would cause me to listen to his stock picks, but be a bit skeptical of his overall financial advice since it's obviously not working for him personally.  The way I am wired causes me to lose a lot of respect for people who make a tremendous amount of money and spend every nickel when they're in a business that says they should know better.  Your personal turnaround gives me plenty of personal respect for you and is a template for what SHOULD happen when a person starts making money in this industry.

BondGuy's picture
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Joined: 2006-09-21

 
My post points to the exception to the rule. It says don't judge by this one parameter.
 
Judging people in our industry by their bank account is problematic. It's a very slippery slope. For those of us recommending equities, and that's most of us, whether in funds or otherwise,  the question isn't whether or not we can pay our mortgages. That's way too low a hoop. It's more like "why do we even have mortgages?" If we are so good at what we do that we can hold ourselves out to give that advice to others, why aren't we multi-millionaires ourselves? The old question "If you are so good at picking investments why are you still working?" becomes a fair question.
 
Everyone on this board who responded that someone with poor credit has no place in this business did so from perspective that places them above that person financially. Yet, from a true wealth perspective, none of these posters, most likely, is anywhere near the top of the wealth mountain. Using one's own bank account as a guide, how can anyone who is not wealthy advise others on how to become wealthy? Or, if already wealth, how to manage and maintain that wealth? I know it may seem a stretch of logic, but for those who judge our abilty using our own financial wherewithal as a guide, it's legitimate. Most of the people on this board are not wealthy and are themselves one unexpected event from a 400 FICO and late charges on the mortgage. Yet from that perch, one step above survival mode, we can judge others? I can't and i consider myself well above survival mode.
 
It would take a lot to knock me off the wealth mountain, but I don't take any of that for granted. It could happen tomorrow. So for me, I won't judge.
 
 
 
 

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