Coaching from the Branch Manager

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bankrep1's picture
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lawsucks wrote:
Big Easy Flood wrote:Why do you suppose that Legg Mason and Smith Barney worked out their deal?  Chip Mason is no dumm--and Legg had a pretty respectable retail side.  Why did Legg let it go if it's such a big deal?
Why did SB pick it up if it's such a turd?

There was an article about this, they are both trying to remove conflicts of interest.   If you want to read about it:
http://registeredrep.com/news/legg-mason-rebrand/index.html

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Hey, why's everyone taking so many shots at each other?  It's really petty, and drives away people that might really benefit themselves and the rest of us.
Anyways, on coaching, I haven't had that much coaching anyways, but I'm way ahead of my goals (mostly because I brought in a book I had already started as an independent, but I also have new business.)
Our office is set up with a compliance guy, a new hire coach, a sales manager, a complex manager, and a operations/client relations manager. 
Anyways, I'm not looking to our sales manager for a lot of leadership.  My new hire coach is supposed to be providing leadership, but he's in an office like an hour away, and I never really hear from him.  I'm guessing that's a good thing.
Ace

troll's picture
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Big Easy Flood wrote:Starka wrote:Once again, the hubris of the defeated.
Defeated?
You're the sad sack who says that all you can think of to do with the rest of your life is work?
Your entire reason for being here is to help people figure out how to quit and enjoy the rest of their life as early as possible.
And you can't even figure out how to do it for yourself.
Certainly does not breed a lot of confidence.  I can tell you, if I were your client and I asked, 'So Staka, what do you plan to do when you retire?" I would not want to hear any version of "I don't want to retire."
It reeks of meaning, "I cannot retire."Put you really don't get it.....not that I expect you to.Most salary drones like you think the same way you do...suck as much as you can out of the system for as little work as possible, then retire so you can have fun and do meaningful things.Starka and I don't need to do that, because both of us are 'retired' from corporate bullsh*te, and we ALREADY are spending our lives doing something meaningful that we enjoy.As time goes by will I perhaps reduce my schedule, bring in an apprentice so I can play a little more golf or take longer vacations?  Perhaps.  But I like what I'm doing and really dont' want to stop.Honestly, though, I'm not surprised that you don't get it.  Not sure it's within your capacity.

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Big Easy Flood wrote:Starka wrote:
It's your flawed logic laughing boy, not mine.
You seem to get confused regarding the difference between knowing how to do a job, and managing people who know how to do their jobs.  That's probably why you're now unemployed.

Nah, I'm unemployed because I'm 61 years old and had 35 years of service.
You may not believe this, but we don't live forever.  There's a big world out there.  I've seen a lot of it and I hope to see the rest before I can no longer appreciate it.
You get it, right Starka?  I'm doing what your clients hoped to do before them ran into you.Truthfully, considering your arrogance I am surprised you can appreciate ANYTHING that doesn't center around YOU>

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joedabrkr wrote: Truthfully, considering your arrogance I am surprised you can appreciate ANYTHING that doesn't center around YOU>
For the young people who read this forum.
The world is filled with guys like Joe. They're angry all the time, and what really drives them crazy is for somebody who is not a failure to point out that success is possible.
Do you suppose that if Joe was succesful he'd be railing against my stories--or would he be telling stories of his own?
Does he take you for a fool with his, "I'm doing what I love and don't intend to retire" nonsense?  This is a business that exists because human beings want to retire as early as possible.
Regardless of what you do, you're an idiot of there are not things you would want to do more.
Watch the TV commercials--somebody's talks about a guy who wants to retire early so he can teach in an inner city school.  Others talk about wanting to retire early so they can travel.  Another has a couple wanting to retire early so that they can buy a Llama farm.
The list is endless.  The only reason anybody declares that they don't want to retire is because they know they cannot retire. Why in the world would a prospect want to do business with a financial advisor who doesn't understand such basic human motivations?

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Hey Put, you're the one selling his life's treasures on eBay.
By the way, say hi to the General for me.  You know.  Dad.  Your old meal ticket.

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Starka wrote:
Hey Put, you're the one selling his life's treasures on eBay.
By the way, say hi to the General for me.  You know.  Dad.  Your old meal ticket.

Envy is such a sad emotion--it eats at your soul.

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Jealous???  Of something like YOU??????!!!  You really are quite droll!
At any rate, I've already retired once.  I didn't care for retirement, trying to fill my days with what amounted to meaningless activity.  (Of couse, this wouldn't be your problem, Put.  You've been meaningless for your entire life, so you're used to it.)  So I started on a second career.
Hey!  Since this all happened years ago, I guess by your reasoning I'm a better saver and retirement planner than the mighty Put!
 

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Starka wrote:
Jealous???  Of something like YOU??????!!!  You really are quite droll!
At any rate, I've already retired once.  I didn't care for retirement, trying to fill my days with what amounted to meaningless activity.  (Of couse, this wouldn't be your problem, Put.  You've been meaningless for your entire life, so you're used to it.)  So I started on a second career.
Hey!  Since this all happened years ago, I guess by your reasoning I'm a better saver and retirement planner than the mighty Put!

If that were true you would have mentioned it when the thread first started.
What has happened is you are scrambling to invent a story to spin your "I plan to work till I die" statement of yesterday into something that is not incrediblly negative.
Doesn't wash Starka.  You're stuck with the image of a "failed planner" who is not even able to retire yourself.
Yesterday you painted yourself in the cloak of a saintly figure--doing good for you clients while enjoying yourself, blah, blah, blah.
If you're retired from your first career why did you not become an inner city teacher?  Or why don't you run a camp for kids who have incurable diseases?
I've only been retired for a few months--since late March.  But a guy like you, what with all that compassion, should have been able to find lots of things to do that would "do good" more than shoving variable annuities down widow's throats.
Why did you not do something meaningful with your life?

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Big Easy Flood wrote:joedabrkr wrote: Truthfully, considering your arrogance I am surprised you can appreciate ANYTHING that doesn't center around YOU>
For the young people who read this forum.
The world is filled with guys like Joe. They're angry all the time, and what really drives them crazy is for somebody who is not a failure to point out that success is possible.
Do you suppose that if Joe was succesful he'd be railing against my stories--or would he be telling stories of his own?
Does he take you for a fool with his, "I'm doing what I love and don't intend to retire" nonsense?  This is a business that exists because human beings want to retire as early as possible.
Regardless of what you do, you're an idiot of there are not things you would want to do more.
Watch the TV commercials--somebody's talks about a guy who wants to retire early so he can teach in an inner city school.  Others talk about wanting to retire early so they can travel.  Another has a couple wanting to retire early so that they can buy a Llama farm.
The list is endless.  The only reason anybody declares that they don't want to retire is because they know they cannot retire. Why in the world would a prospect want to do business with a financial advisor who doesn't understand such basic human motivations?It may surprise you, Put, but I rarely get angry, becuase I'm pretty happy with my lot in life.  I get a little angry when my kids don't put their shoes away, or when I make a lousy golf shot.  Sometimes I even get a little angry at clients when they do something really stupid.  Otherwise, anger doesn't have much place in my life.  Too much wasted energy.I don't really even get angry with you....you're more like the little annoying mosquito that irritates me while I'm trying to enjoy a nice barbecue.Not succesful?  How would you know?  Suffice it to say I live well within my means, and yet those means include owning a home on the grounds of the country club I recently joined.  Hardly the province of a 'failed planner'.  Starka, by the way, is considerably more successful than I financially, but you can continue to believe whatever you want.  You see, I don't really give a rat's behind what you think of me, or how you picture me.  Just like I don't care what the mosquito thinks of me.Having spent so many years as a useless funtionary shuffling papers, it is most likely difficult(or even impossible) for you to understand when Starka and I don't plan to retire.  I'm not surprised at that.  I'll try to explain it to you in very short words:  People retire when they are tired of doing a JOB they don't really like all that much, and once they can afford to do so(or if circumstances force them to do so, such as when you were maybe forced out back in March?). Then they use their new free time to go do things meaningful or enjoyable, or if they're lucky perhaps even both.You see, I don't need to retire because I already do something meaningful that I truly enjoy.  Even better, I get paid for it, and quite well at that!  Now and then for a change of pace I play a round of golf or spend time with my kids, and sometimes I even take vacation.  But I really like my work-it's not a four-letter word for me.  I could quit working tomorrow and we wouldn't have to adjust our family lifestyle, but I choose not too.  I truly hope that the young folks just starting out today are fortunate to also get to this point.  It's a great feeling knowing that I do this solely because I WANT to, not because i MUST.I don't really need to "tell stories" to justify my importance to others on this board.  I am secure and comfortable with my success and my life.  I'll leave the grandiose storytelling to you.

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joedabrkr wrote:
Not succesful?  How would you know?  Suffice it to say I live well within my means, and yet those means include owning a home on the grounds of the country club I recently joined.  Hardly the province of a 'failed planner'.  Starka, by the way, is considerably more successful than I financially, but you can continue to believe whatever you want. 

How do you know how successful Starka is?  Because he says so on this forum?  Why do you believe him, but not others?
Do you grasp the concept that anything can be said on this forum, anything at all.  And those of us who read it can draw whatever conclusions we care to draw from the word pictures you paint.
For example I no more believe that you own a home on a country club that you belong to than I believe you can fly.
What I believe is that is what you wish you did, that is where you wish you were.
Let me explain why I conclude that.
You have been "indy" for a few months.  You relocted when you failed at UBS to get away from the shame of it as well as to truly start over.
Even you would not venture out into the great unknown of going Indy and all the expenses that it involves while also biting off a country club membership not to mention a mortgage on a golf course house.
You see Joe, every time you try to sneer at me you paint yourself as a failed planner.
If I was your client and I was starting a new business would you advise me to join a country club and buy an expensive home--or would your advice be to take it slow for a year or two to see just how much I could afford in my new business?

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Are there any young reps out there that feel like they are without a
mentor? That they don't get the hand holding they need to take their
book to the next level.  I would think it would be a little
disheartening to see some big shot come in with million dollar book and
nice signing bonus while you're sitting at your desk trying to figure
out how to get to the $500,000 level.

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mrgrinch77 wrote:Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level.
It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.
Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.
Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.
What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.
Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.
The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.

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Big Easy Flood wrote:joedabrkr wrote:
Not succesful?  How would you know?  Suffice it to say I live well within my means, and yet those means include owning a home on the grounds of the country club I recently joined.  Hardly the province of a 'failed planner'.  Starka, by the way, is considerably more successful than I financially, but you can continue to believe whatever you want. 

How do you know how successful Starka is?  Because he says so on this forum?  Why do you believe him, but not others?
Do you grasp the concept that anything can be said on this forum, anything at all.  And those of us who read it can draw whatever conclusions we care to draw from the word pictures you paint.
For example I no more believe that you own a home on a country club that you belong to than I believe you can fly.
What I believe is that is what you wish you did, that is where you wish you were.
Let me explain why I conclude that.
You have been "indy" for a few months.  You relocted when you failed at UBS to get away from the shame of it as well as to truly start over.
Even you would not venture out into the great unknown of going Indy and all the expenses that it involves while also biting off a country club membership not to mention a mortgage on a golf course house.
You see Joe, every time you try to sneer at me you paint yourself as a failed planner.
If I was your client and I was starting a new business would you advise me to join a country club and buy an expensive home--or would your advice be to take it slow for a year or two to see just how much I could afford in my new business?Conclude what you wish, you windbag.  I know my reality, and it is quite satisfactory.  It really doesn't matter whether or not you believe me.As a point of fact I've now been indy for more than a few months, and things are going well.  They could always be better, but that is my responsibility to make happen.It blows your mind that a "loser" like me could move across the country, go indy, and join a country club, doesn't it?  That's because you're so stuck in your views of the world and indy advisors that you can't conceive that many of us find success in the indy platform.   You have such a vested interest in the status quo of bloated wirehouse management that you simply can't see the world any other way.That's fine.  I'll smile and think of you as I stand on the front porch and watch the golfers go by during my after lunch break.  By the way, the club membership has also turned out to be a pretty useful business tool, too!Funny, that 'failed planner' routine sounds awfully familiar.  I know someone else who used to throw that term out all the time when they agreed with someone else, right Rick?  So really-who is sneering?  You're the one who has categorized me as a 'loser' who "ran away from his failure" when you readily admit you don't know a thing about me.  So you sneer.  Clearly since I decided to no longer live in 'your world' it must because I couldn't hack it, right?So, conclude away my friend.  I'm going back to work so I have time to get to the club tomorrow.

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Big Easy Flood wrote:
mrgrinch77 wrote:Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level.
It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.
Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.
Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.
What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.
Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.
The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.
A useful post from ol' Put...these are the reason I'm glad you made a comeback...but you're still wrong on the retirement issue...go back and re-read my post on page five...I'm still waiting for your rejoinder...

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Indyone wrote:Big Easy Flood wrote:
mrgrinch77 wrote:Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level.
It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.
Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.
Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.
What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.
Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.
The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.
A useful post from ol' Put...these are the reason I'm glad you made a comeback...but you're still wrong on the retirement issue...go back and re-read my post on page five...I'm still waiting for your rejoinder...Maybe he didn't answer because he didn't have one....or perhaps he had to run to the dictionary and look up 'rejoinder'?

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Indyone wrote:Big Easy Flood wrote:
mrgrinch77 wrote:Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level.
It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.
Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.
Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.
What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.
Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.
The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.
A useful post from ol' Put...these are the reason I'm glad you made a comeback...but you're still wrong on the retirement issue...go back and re-read my post on page five...I'm still waiting for your rejoinder...Now your PM box is full, silly.No I'm not pulling his chain, that's the short answer.

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joedabrkr wrote:
So, conclude away my friend.  I'm going back to work so I have time to get to the club tomorrow.
Joe, you failed to state that you actually quit your job at UBS, went out on your own with LPL that suggests you be very careful with your expenses, moved to another city.
And then against all common sense actually bought a membership in a country club--thousands of dollars--and bought a home on the golf course for hundreds of thousands of dollars?
Is that the kind of advisor you are?
I ask again, if I were your client would you advise me that the thing to do when I am starting over again, on my own, would be to bite off a big mortage and spend a hell of a lot of my liquidity on a country club initiation fee?
Is that what you advise me to do?

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you all really could be a lot more civil to one another, and try to reserve these boards for actually informative content. The bickering and one-upping is quite tedious.

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broker-editor wrote:you all really could be a lot more civil to one another, and try to reserve these boards for actually informative content. The bickering and one-upping is quite tedious. Yes I agree.Sadly not everyone sees things that way.  They insist on provoking others.

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Big Easy Flood wrote:joedabrkr wrote:
So, conclude away my friend.  I'm going back to work so I have time to get to the club tomorrow.
Joe, you failed to state that you actually quit your job at UBS, went out on your own with LPL that suggests you be very careful with your expenses, moved to another city.
And then against all common sense actually bought a membership in a country club--thousands of dollars--and bought a home on the golf course for hundreds of thousands of dollars?
Is that the kind of advisor you are?
I ask again, if I were your client would you advise me that the thing to do when I am starting over again, on my own, would be to bite off a big mortage and spend a hell of a lot of my liquidity on a country club initiation fee?
Is that what you advise me to do?It all depends upon your expenses versus your income.It was actually a rather modest portfion of my 'liquidity'.  I found a good value, and I have plenty of liquidity.  The home was also affordable compared to our net worth, savings, and the sale price of our old home.And business is good. Yes it is possible to leave a wire house and afford to live well.  It takes hard work but it is well worth it.

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Indyone wrote:
Put, do you honestly think that all of these Merrill clients have to work into retirement?!!  If so, that wouldn't speak very well of Merrill's ability to grow a nest egg.  Clearly, these folks are looking to stay busy for the sheer satisfaction of it...NOT financial necessity.
It's time for you to wave the white flag on this argument and move on to something where you have some solid ground...

As Joe has decided I am not Put, I may be Rick, or I might be anybody.  But I can discuss this.
First in the entire piece you mentioned that the inability to retire certainly doesn't speak well for Merrill's ability to grow assets.
That, of course, is specious.  A whole hell of a lot of people who are facing retirement are finding that they don't have enough money because they didn't start to save early enough and/or they thought that having $50 per paycheck sent to Vanguard was going to secure their future.
I am a member of the generation, on the leading edge.  A great many of my peers started thinking about our savings when the $2,000 deduction for an IRA became available.  In those days a broker could sit down with a prospect and say, "Look at this spread sheet.  If you put $2,000 per year into an IRA and it grows at 20% per year by the time you're 60 you'll have eleventy million dollars, which will generate a huge monthly retirement income for you."
The prospect would say, "Yeah but that's at 20%.  Let's be more realistic, what would happen if I only average 15% without taking any risk?"
Now, twenty-five years later we--including me--are dealing with accounts that have far less than value than we anticipated them having.  Thankfully we have defined benefit pension plans, but a great many of us are going to have to work to earn the money that we thought we'd be getting as interest on our 15% tax free bonds.
The article in Money is simply the latest in a series of them over the last ten years or so.  Wall Street is partially orchestrating the theme.
The brokerage firms are faced with a situation where there is a coming time bomb of angry boomers who don't have what we thought we should have.  There are millions of us who were led to believe, back in 1975, that if we put our $2,000 per year aside by the time we were in our sixties we'd have all that money.  As mentioned it aint there.
So, through organizations such as the PR side of the NASD and the SIA the concept of working in retirment is being presented as a wonderful thing to do.  If enough of us can be pursuaded that retirement is not all that it's cracked up to be there will be far fewer of us who will be pissed that we couldn't pay for our retirement if we want to.
In other words, what you're looking at is little more than paid advertising trying to pursuade people to not retire because they don't have enough money--after spending half a lifetime thinking they did because it was invested by Merrill Lynch.
My generation--those who are turning sixty in the next several years--are also children of the inflation era.  We were coming of age at a time when prices were running so fast that we actually thought if we didn't buy something now we'd never be able to afford it.  So we bit off HUGE mortgages figuring that we'd grow into them.  Some did, thankfully I did, but a lot didn't.
I have a very close friend who bought a $400,000 house in 1976.  His mortgage payment was about 65% of his take home pay.  I used to talk to him about putting $2,000 into an IRA and having a zillion dollars in 2006-but he could not afford it.  His house was his investment.
Well, there are a whole lot of baby boomers who are sitting on expensive homes, but there are far more of them than there are younger people who can afford to buy them.  There is going to come a day when my buddy, whose house is probably now worth $750,000 or so, will attempt to liquidate it.  I don't know for sure, but it wouldn't surprise me if he ends up with not much more than he paid for it.  Of course he lived there all those years, but strolling into retirement without a house and about $400,000 in cash is not a comforable place to be.
In your piece you said your clients "eat up" the idea of you staying in production till your eighty because of continuity.  I used to work with a guy who was close to 80.  If you walked into the bathroom and he was standing at a urinal you dare not speak to him because if you did he would turn towards you and pee all over your pants.  When you're 80 your clients won't want to deal with you.
It is human nature--a burning human desire--to stop working young.  Denying that reality does not paint any financial planner in a good light.

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I have to admit the one about the 80 year old was a pretty darn funny mental picture!!Is it possible that those IRA's a re much smaller than folks expected because they were poorly invested by poorly trained brokers/salesmen at the "major firms".  Maybe because they were too busy trying to sell proprietary funds and IPO's that were most profitable for their organzation?  Hmmmmmm.....Maybe because the so-called "major firm research" in 1999 failed to properly warn them of the risks built into technology stocks?

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Big Easy Flood wrote:
Indyone wrote:
I have a very close friend who bought a $400,000 house in 1976. 

now you're the one making up stories--
we all know that equipped with your personality and ego, your only friend is your wife, and she's got to be heavily sedated on something--
 

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joedabrkr wrote:I have to admit the one about the 80 year old was a pretty darn funny mental picture!!Is it possible that those IRA's a re much smaller than folks expected because they were poorly invested by poorly trained brokers/salesmen at the "major firms".  Maybe because they were too busy trying to sell proprietary funds and IPO's that were most profitable for their organzation?  Hmmmmmm.....Maybe because the so-called "major firm research" in 1999 failed to properly warn them of the risks built into technology stocks?
Joe, what about those is anything other than a whining excuse?
Why would a guy who comes from UBS want to talk about poorly trained wirehouse brokers?  Where is the training better than at a wirehouse?
Where is the gun that was held to your, or anbody else's, head when it comes to the nonsense of selling proprietary funds?  There are lots of brokers around the country with enough ethics to simply not sell something they didn't believe it.  Nobody makes a broker sell things the broker is not comfortable with.
As for the failed research. You have an ally in me on that count, but it's intellectually dishonest to blame everything on bad research.

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Big Easy Flood wrote:joedabrkr wrote:I have to admit the one about the 80 year old was a pretty darn funny mental picture!!Is it possible that those IRA's a re much smaller than folks expected because they were poorly invested by poorly trained brokers/salesmen at the "major firms".  Maybe because they were too busy trying to sell proprietary funds and IPO's that were most profitable for their organzation?  Hmmmmmm.....Maybe because the so-called "major firm research" in 1999 failed to properly warn them of the risks built into technology stocks?
Joe, what about those is anything other than a whining excuse?
Why would a guy who comes from UBS want to talk about poorly trained wirehouse brokers?  Where is the training better than at a wirehouse?
Where is the gun that was held to your, or anbody else's, head when it comes to the nonsense of selling proprietary funds?  There are lots of brokers around the country with enough ethics to simply not sell something they didn't believe it.  Nobody makes a broker sell things the broker is not comfortable with.
As for the failed research. You have an ally in me on that count, but it's intellectually dishonest to blame everything on bad research.Ironically I think the wirehouse training is about the best there is.  And that's a sad reflection on the industry overall.  Generally the only way to become truly technically competent in our industry as it currently stands is to diligently learn on your own, perhaps even acquiring some of the standard credentials.  In fact I comment Merrill in that vein for now requiring new reps to get their CFP.  It's a good start.There was rarely a gun held to my head, although there was plenty of subtle pressure in the guise of 'information' and incentives(before they were made illegal.  However, don't kid yourself that there aren't plenty of sales managers, branch managers, and product managers who make it their agenda to "persuade" advisors to sell products that they prefer not to sell.I don't blame everything on the research, but it was a MAJOR failing on the part of the industry.  Nobody was willing to stick their necks out and risk giving up the big I-banking profits to be made.  Now as an industry we're still paying for that.  A major failure in integrity.

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joedabrkr wrote: I don't blame everything on the research, but it was a MAJOR failing on the part of the industry.  Nobody was willing to stick their necks out and risk giving up the big I-banking profits to be made.  Now as an industry we're still paying for that.  A major failure in integrity.
Were you not bright enough to conclude things like, "JDS Uniphase cannot have a liquidating value in excess General Motors (or whatever).
My point is that the tech bubble was so obvious that only a moron would have not taken most, if not all, of their money off the table.
The old saw that greed overcomes fear is true.

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Big Easy Flood wrote:joedabrkr wrote: I don't blame everything on the research, but it was a MAJOR failing on the part of the industry.  Nobody was willing to stick their necks out and risk giving up the big I-banking profits to be made.  Now as an industry we're still paying for that.  A major failure in integrity.
Were you not bright enough to conclude things like, "JDS Uniphase cannot have a liquidating value in excess General Motors (or whatever).
My point is that the tech bubble was so obvious that only a moron would have not taken most, if not all, of their money off the table.
The old saw that greed overcomes fear is true.Fortunately I did have those concerns and thus avoided most of the primary damage in tech stocks.  But the effects of the tech/internet collapse rippled throughout most "growth stocks".Too, when Lucent dropped by 50% I thought maybe it was a bargain.  Little did I realize.And then there's the overall loss of creditiblity for the industry and financial markets.It just hasn't helped, that's all.Failed planner, eh?  Funny how you choose that term....

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joedabrkr wrote:Too, when Lucent dropped by 50% I thought maybe it was a bargain.  Little did I realize.And then there's the overall loss of creditiblity for the industry and financial markets.
How big a loss can be suffered on 75 shares of Lucent?
How does changing from UBS to LPL cure "overall loss of credibility for the industry and financial markets?"

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Big Easy Flood wrote:joedabrkr wrote:Too, when Lucent dropped by 50% I thought maybe it was a bargain.  Little did I realize.And then there's the overall loss of creditiblity for the industry and financial markets.
How big a loss can be suffered on 75 shares of Lucent?
How does changing from UBS to LPL cure "overall loss of credibility for the industry and financial markets?"  Good try.Folks like working with an 'independent professional' as opposed to a "salesman for UBS". ;-)

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joedabrkr wrote:   Good try.Folks like working with an 'independent professional' as opposed to a "salesman for UBS". ;-)

Ah, so the NYSE and NASDAQ have varying degrees of credibility based on who your broker works for.
Did the LPL version of the Dow go up today?

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Big Easy Flood wrote:
Indyone wrote:
Put, do you honestly think that all of these Merrill clients have to work into retirement?!!  If so, that wouldn't speak very well of Merrill's ability to grow a nest egg.  Clearly, these folks are looking to stay busy for the sheer satisfaction of it...NOT financial necessity.
It's time for you to wave the white flag on this argument and move on to something where you have some solid ground...

As Joe has decided I am not Put, I may be Rick, or I might be anybody.  But I can discuss this.
First in the entire piece you mentioned that the inability to retire certainly doesn't speak well for Merrill's ability to grow assets.
That, of course, is specious.  A whole hell of a lot of people who are facing retirement are finding that they don't have enough money because they didn't start to save early enough and/or they thought that having $50 per paycheck sent to Vanguard was going to secure their future.
hmmmmmm...I don't believe that Joe has decided anything of the kind, other than that you might have had other aliases.
The only specious argument made here is yours.  I wasn't implying that Merrill didn't do a good job of growing assets, I was asserting that plenty of relatively wealthy folks were looking forward to staying active in some working capacity during retirement.  Just because you deny it doesn't make it any less true.  Here in the corn belt, plenty of wealthy folks don't have any desire to travel in retirement.  Neither do they want to sit at home channel surfing their lives away.  Working in some capacity makes them feel useful and keeps them from getting bored.
Put, I promise that if I start pissing on other peoples' shoes, I'll sell my practice and hang it up.  Until then, my ideal of retirement will be very similar to 76% of Merrill clients.

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Here in the corn belt, plenty of wealthy folks don't have any desire to travel in retirement.
Idiots.  The surest sign of stupidity is not wondering what is beyond the bend in the river or over the next hill.

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Big Easy Flood wrote:Here in the corn belt, plenty of wealthy folks don't have any desire to travel in retirement.
Idiots.  The surest sign of stupidity is not wondering what is beyond the bend in the river or over the next hill.
You're entitled to think that, but it sure is amazing what these "idiots" have amassed in their lifetimes.  Sure, they're relatively simple folks, but one of their strengths is doing what they do well, and hiring what they don't do well...which is where I come in...

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Indyone wrote:
You're entitled to think that, but it sure is amazing what these "idiots" have amassed in their lifetimes.  Sure, they're relatively simple folks, but one of their strengths is doing what they do well, and hiring what they don't do well...which is where I come in...

Those winking smile face things are childish.  Part of being clever is to not have to point to something and pronounce it as clever.
What I've always found to be curious, and amusing, is how the simpletons who live in fly over country will say stupid things like, "I have no desire to see New York" yet go absolutely "crazy" if they're on a game show and win a trip to Las Vegas.
I have never met anybody who said they had no desire to travel with an IQ above 80.  And I know that stupid people can gather significant assets in the value of their land.
I have no use for the "average man."  I am way above average and prefer to spend my time with those who are even farther above average than me--a man never learns from somebody who is less intelligent than he is.

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Big Easy Flood wrote:
Indyone wrote:
You're entitled to think that, but it sure is amazing what these "idiots" have amassed in their lifetimes.  Sure, they're relatively simple folks, but one of their strengths is doing what they do well, and hiring what they don't do well...which is where I come in...

Those winking smile face things are childish.  Part of being clever is to not have to point to something and pronounce it as clever.
What I've always found to be curious, and amusing, is how the simpletons who live in fly over country will say stupid things like, "I have no desire to see New York" yet go absolutely "crazy" if they're on a game show and win a trip to Las Vegas.
I have never met anybody who said they had no desire to travel with an IQ above 80.  And I know that stupid people can gather significant assets in the value of their land.
I have no use for the "average man."  I am way above average and prefer to spend my time with those who are even farther above average than me--a man never learns from somebody who is less intelligent than he is.

 
I don't know why I will try this again- but if you REALLY believe that what you just wrote is true, and you live by this credo, Mr. BEF, then why do you spend so d*mn much time on this forum conversing with imbeciles- as you would declare them to be? Aren't you running the risk of getting stoopid?

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

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munytalks wrote:
And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.
Nope, a bright writer does not need those icon things, just like a bright writer of a screenplay does not need a laugh track.
If the audience does not know what you said was clever, it wasn't.

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Okay, so what about the risk of getting stoopid?
Aren't you the least bit worried?

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munytalks wrote:

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

Actually I missed a golden opportunity to be clever by saying the icons are a cleaver--as in having all the grace of a meat cleaver.

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As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...
Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...
This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.
 
 
 

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Rugby wrote:
As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...
Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...
This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

Hey Rugby, have you found anything that I've posted to be worthy of you?
If you had an ignore button you'd miss lots of brilliance. Even Joe can say things worth reading, but I certainly do.
Just ask Indy.

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Big Easy Flood wrote:Rugby wrote:
As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...
Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...
This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

Hey Rugby, have you found anything that I've posted to be worthy of you?
If you had an ignore button you'd miss lots of brilliance. Even Joe can say things worth reading, but I certainly do.
Just ask Indy.::rolling eyes::

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Big Easy Flood wrote:Rugby wrote:
As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...
Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...
This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

Hey Rugby, have you found anything that I've posted to be worthy of you?
If you had an ignore button you'd miss lots of brilliance. Even Joe can say things worth reading, but I certainly do.
Just ask Indy.
Yes, occasionally you do, when you're not busy insulting us midwestern simpletons who like to add an occasional emoticon for emphasis...
We're not as think as you dumb we are...

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Bef-
I was commenting on what is worthy of discussion in a B/D forum...
From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  
I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...
Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...
Thanks in advance,
Rugby

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dude wrote:
BEF....
How many heart attacks and strokes have you had yet, are you on your 3rd....4th yet?  It's laughable that you think we should eat up your rabbit droppings like chocolate when you make petty disparaging comments that are aimed at criticizing instead of helping.
Get a clue BEF noONE here thinks what you have to say is worth anything.  You are clearly miserable......I have yet to see you being positive.  Pathetic....really.

 
Why thank you sir.  There are still some gentlemen left in this world.  May you be blessed with a HUGE ACCOUNT today :)
No need for me to respond to that person.
I personally really like having a producing manager.  They stay up on things that you face everyday.  Just my opinion, but I like a guy who is in the fray.
Since we get GREAT support from our home office here, I feel well taken care of.

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Rugby wrote:
Bef-
I was commenting on what is worthy of discussion in a B/D forum...
From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  
I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...
Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...
Thanks in advance,
Rugby

I just sort them out by who lets you OWN your book and who lets you build your business the way you want to.  So, for regionals, I think Ray Jay and AGEdwards are the place to start and stay.

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maybeeeeeeee wrote:
I just sort them out by who lets you OWN your book and who lets you build your business the way you want to.  So, for regionals, I think Ray Jay and AGEdwards are the place to start and stay.
Is that an opinion based on your long tenure in the industry?

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Rugby wrote:
Bef-
I was commenting on what is worthy of discussion in a B/D forum...
From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  
I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...
Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...
Thanks in advance,
Rugby

Hi Rugby,
I  have not forgotten this request.  I'm about to go to the airport to pick up my brother in law so I"ll be out of pocket for awhile, perhaps the rest of the day.
What you're asking deserves more than a two sentence reply and I shall address it when my schedule has a hole in it.

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Rugby wrote:Bef-
I was commenting on what is worthy of discussion in a B/D forum...
From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  
I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...
Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...
Thanks in advance,
RugbyHey Newby-----with your big nine posts, who ordained you as the proper arbiter of what is and is not appropriate for discussion in this forum?By the way-if you look on the upper right corner of the page there is a 'search' function.  Try using it and you'll probably find many posts that answer your questions.Have a great day!

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Big Easy Flood wrote:
munytalks wrote:

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

Actually I missed a golden opportunity to be clever by saying the icons are a cleaver--as in having all the grace of a meat cleaver.

 
AHA! See, my evil plan is working already! You missed this earlier-
I'm dumbing you down!!!  the more time you spend in here, the STOOPIDER you get!!
 I love these guys.

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