At a social gathering or party, what do you say...

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troll's picture
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Morphius's picture
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wind3574 wrote:I agree Still@Jones. The oversight thing is a huge plus to clients who have advisors that are either the sole investment guy or whatever . Has worked quite well for me too.
Huh.  Very insightful.  Do you suppose that 'oversight thing' is the reason why no large financial firms ran into any trouble in the past year? 
 
How many months have you been in the business?

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Let me respond: Huh? Huh?Do you even know what caused this financial crisis? The retail brokerage business and retail banking business are quite sound in almost every company. Banks got sunk by their trading desks by being over-leveraged and tied up in complex derivative transactions. Comparing trading desk "oversight" to retail "oversight" is silly.The oversight I promote (and that I am glad we offer) is: they make sure I only offer quality investments, make sure I do not churn a customers account, and protection from commingling or mishandling client's funds. I believe this is all the oversight a retail customer needs.

troll's picture
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noggin's picture
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wind3574 wrote:Still @ Jones...Don't worry, It doesn't matter how good of a comment you leave,every comment you make will be bashed cause your a newbie...
 
But I totally agree with you. There are alot of smaller firms and banks that have no compliance department here and only have maybe one individual that handles securities and it's a good selling point when they know someones watching over you... It's worked for me, regardless of what crap the vets give you about it...Do you honestly think that other firms don't have a compliance officer overseeing what they do? You really have no idea what you are talking about. Even worse you are misleading prospects and clients when you make that statement.....

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Major financial institutions (AIG, Merrill, Citi) and Solo Acts ( Madoff, Stanford) have both been drilled in the media. If you are affiliated with any of them it is difficult to get around the fears people might have. Most advisors had absolutely nothing to do with the trading desks and the other mistakes that were made. Using that as a way to "sell" your advisory skills is a slippery slope and one that could easily backfire should something happen in the future. Im a bank rep at one of the few banks not bashed in the media, but I am not using that as a way to "sell" myself.

troll's picture
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Ron 14's picture
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I wasn't talking to you specifically. I am referring to any advisor who is going to rip on another firm because of something unrelated to the advisors at the firm. If I am competing with BofA for an investment client I am not going to bring up how they need government money as a way to place my bank on top of them. The tables could easily turn in future years.

troll's picture
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Ron 14's picture
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Everyone has someone watching the transactions being made in their clients accounts. Since everyone has a watchdog bringing it up it doesn't add any value to what you are offering.

troll's picture
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Ron 14's picture
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That is the clients fault. He obviously allowed for descretionary trading.

troll's picture
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Moraen's picture
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It's funny, since I dropped the people looking over my shoulder, my clients are happier and making more money.  Hmmmmmm.

Morphius's picture
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Wind,

The fact that you are a rookie is not the problem. Your problem, to paraphrase a former president, is not that you are ignorant, but that you know so much that isn't so.

At this point you have, at best, a cursory understanding of the regulatory and compliance environment that you have encountered in your short experience, and obviously almost no real understanding of the actual compliance requirements and practices in the various independent channels. Unfortunately you have demonstrated that you are not one to let mere ignorance deter you from sounding off.

You don't even know what you don't know, but based on what you think you know and your stated beliefs, you should really contemplate a move to Russia, where you could have even more people looking over your shoulder and watching you, which you have clearly stated is a good thing, and something that your are grateful for.

But I digress. We have seen this movie far too many times before, so we know how it ends. You will never seriously consider the most important thing that could help you - that you and your arrogant ignorance are your own worst enemy right now. Instead you will bluster about how you are different and how much more you know than all us clueless old farts and how good you are at this and how fast you started and how highly ranked you are compared to your peers. You will miss the irony that roughly 90% of these peers you are so proud of beating will soon wash out of the business.

You will protest that you are just trying to be part of the conversation, and ask if your opinion doesn't count. And you will point out that you have personally witnessed experienced FAs not meeting your standards of intelligence or competence or ethics or whatever, ergo all experienced FAs are clueless. Finally you will whine about how negative vets on this forum are since they don't respond to the rookie sensations as you would have them respond.

In short, you will likely do and say anything to avoid the one unpleasant reality that could save your career: that if you knew half as much as you think you do, you would be twice as likely to talk half as much and listen twice as much.

And next month, and the month after that, and the month after that, we will be subjected to yet more new hot shots just like you, each one certain that time began with them; each one masters of the universe just waiting to save the world. The names change, but the songs remain the same. It is worse than watching reruns of reruns.

So forgive us clueless old farts if we neglect to afford you the respect and homage that you believe ought to be yours by virtue of already becoming a legend in your own mind after several whole months of practice. It's nothing personal, it's just that we have already spent so much energy fawning over and applauding the hundreds of other winds who have blown through here in the past, and we have to save some energy for the next few gusts that are about due to blow in.

troll's picture
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Borker Boy's picture
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Wind, what's the AUM of the office you took over?

EJguy1574's picture
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wind3574 wrote:He did not allow for discretionary trading.....The broker just flat out lied and said "I don't know anything abut it and I've never heard of a 90 Day restrictions" lol.......That was the problem.......And how is it the clients fault if the broker placed last minute trades to try and get commission.....
 
What do you think is better for the client, loaded funds or a managed account, at say...1%?

troll's picture
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jamesbond's picture
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here is a question that hasn't been asked of you wind, do you always liquidate and transfer the account ?

troll's picture
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EJguy1574's picture
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Hmmm....define "necessary." 

bspears's picture
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Let me help wind, he's busy opening and transferring ALL of Merril Lynch retail client accounts. (Notice, all this and no BOA)
"I only liquidate whenever I can manipulate the hypo program to out perform the clients current assets"....duh...."If there is any hesitation, I bash the sh*t out of the former advisor and or company."  I hamburger the hell out of them.  I doorknock them everyday until they give in.  I pull a knife and get as many referrals I can.  I tell them I have a supurvisor who (along with 125 other EDJ's salespeople) watches every 25 BAC stock trades.  Som bithes...

Borker Boy's picture
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Are you sure you don't have a BOA, wind?

troll's picture
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Morphius's picture
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Still@jones wrote:Let me respond: Huh? Huh?Do you even know what caused this financial crisis? The retail brokerage business and retail banking business are quite sound in almost every company. Banks got sunk by their trading desks by being over-leveraged and tied up in complex derivative transactions. Comparing trading desk "oversight" to retail "oversight" is silly.The oversight I promote (and that I am glad we offer) is: they make sure I only offer quality investments, make sure I do not churn a customers account, and protection from commingling or mishandling client's funds. I believe this is all the oversight a retail customer needs.
Another boy wonder with what likely amounts to entire months of experience attempting to explain things he himself doesn't begin to grasp.   
 
Spare us. 
 
Why don't you, wind and BiLo get together for lunch Monday and solve all of the industry's problems?  That would leave you the rest of the week to fix the rest of the world's problems.

troll's picture
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Morphius's picture
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wind3574 wrote:You guys really are good at spinning words around...No wonder your vets! "Oh absolutely not, you don't pay any commission on those B shares"!!....LOL or even better.....................................silence............ 5 years later.........The client is confused enough to actually believe he didn't pay anything for it....
That was certainly profound.  What you call "spinning words" others simply call the turth. 
 
I won't even honor your silly little wimper about B Shares with a response.  That's just weak.  If I were naive enough, like you, to believe that one form of FA compensation was inheherntly more ethical than another, I would make a big deal about the fact that I don't even do A shares, much less B shares.  But I don't want to confuse you any more than you already are.
 
B shares ...

Sam Houston's picture
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Morphius wrote:Still@jones wrote:Let me respond: Huh? Huh?Do you even know what caused this financial crisis? The retail brokerage business and retail banking business are quite sound in almost every company. Banks got sunk by their trading desks by being over-leveraged and tied up in complex derivative transactions. Comparing trading desk "oversight" to retail "oversight" is silly.The oversight I promote (and that I am glad we offer) is: they make sure I only offer quality investments, make sure I do not churn a customers account, and protection from commingling or mishandling client's funds. I believe this is all the oversight a retail customer needs.
Another boy wonder with what likely amounts to entire months of experience attempting to explain things he himself doesn't begin to grasp.   
 
Spare us. 
 
Why don't you, wind and BiLo get together for lunch Monday and solve all of the industry's problems?  That would leave you the rest of the week to fix the rest of the world's problems.
 
Morphius, I think you should leave BiLo alone.  He just had a couple of simple questions for us to research for him.

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Morphius wrote:Still@jones wrote:Let me respond: Huh? Huh?Do you even know what caused this financial crisis? The retail brokerage business and retail banking business are quite sound in almost every company. Banks got sunk by their trading desks by being over-leveraged and tied up in complex derivative transactions. Comparing trading desk "oversight" to retail "oversight" is silly.The oversight I promote (and that I am glad we offer) is: they make sure I only offer quality investments, make sure I do not churn a customers account, and protection from commingling or mishandling client's funds. I believe this is all the oversight a retail customer needs.
Another boy wonder with what likely amounts to entire months of experience attempting to explain things he himself doesn't begin to grasp.   
 
Spare us. 
 
Why don't you, wind and BiLo get together for lunch Monday and solve all of the industry's problems?  That would leave you the rest of the week to fix the rest of the world's problems.Yeah, Months of experience, and I already know more than you!you never said what was wrong with my answer.

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Sam Houston wrote:Morphius, I think you should leave BiLo alone.  He just had a couple of simple questions for us to research for him.
You've been in rare good form lately, my friend.   

Just subtle enough so that the poor young lad doesn't even catch the joke. Very entertaining!   

Morphius's picture
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Still@jones wrote:
Morphius wrote:Still@jones wrote:Let me respond: Huh? Huh?Do you even know what caused this financial crisis? The retail brokerage business and retail banking business are quite sound in almost every company. Banks got sunk by their trading desks by being over-leveraged and tied up in complex derivative transactions. Comparing trading desk "oversight" to retail "oversight" is silly.The oversight I promote (and that I am glad we offer) is: they make sure I only offer quality investments, make sure I do not churn a customers account, and protection from commingling or mishandling client's funds. I believe this is all the oversight a retail customer needs.
Another boy wonder with what likely amounts to entire months of experience attempting to explain things he himself doesn't begin to grasp.   
 
Spare us. 
 
Why don't you, wind and BiLo get together for lunch Monday and solve all of the industry's problems?  That would leave you the rest of the week to fix the rest of the world's problems.Yeah, Months of experience, and I already know more than you!you never said what was wrong with my answer.
My bad. I was wrong on the months part.   Not months.    Not weeks.   Not even DAYS!   You're not even out of training yet, but you know more than - and are going to 'splain - to those of us who have been practicing probably as long a you've been alive, what happened:

Still@jones wrote: Why can't i have an honest, aggressive, sexy trainer?Mine reminds me of Elmer Fudd!

It never even occurred to me that someone not even out of training would feel the need to lecture to those who have actually been making a living for years doing what they hope to one day BEGIN doing.

Amazing.   

I sure do miss the good old days when, like you, I knew absolutely everything there was to know.

troll's picture
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Morphius's picture
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Wind,

Yawn. I've made smarter things than you by eating fiber, lad.

troll's picture
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Sam Houston's picture
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Morphius wrote: Sam Houston wrote:Morphius, I think you should leave BiLo alone.  He just had a couple of simple questions for us to research for him. You've been in rare good form lately, my friend.    Just subtle enough so that the poor young lad doesn't even catch the joke. Very entertaining!   
 
The beatdown was memorable and this is simply my way of saying thanks, that sh*t was funny.

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I'm not surprised you're reduced to guessing. You obviously don't know enough to do more than guess.

Why don't you go back to trying to impress trainees like still@jones. They're much more your speed. The rest of us have seen your act many times before.

troll's picture
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Sam Houston's picture
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wind3574 wrote: Morphius wrote: I'm not surprised you're reduced to guessing. You obviously don't know enough to do more than guess. Why don't you go back to trying to impress trainees like still@jones. They're much more your speed. The rest of us have seen your act many times before. Because it's much more fun to waste the time of a vet like you, who ran out of cheetos at your desk. So your on Registered Rep..........worrying about what I am saying....
 
He has time as his business is established.  You don't have the time.  Ironic.

troll's picture
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Ron 14's picture
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Real Vets aren't struggling. Vets at Jones who have only sold American Funds, 30yr corporates, and BAC stock are struggling.

troll's picture
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Sam Houston's picture
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wind3574 wrote:Does he have time?....or is that why alot of vets are struggling.....because they have "time"........ Thats pretty ironic...plenty of posts of how vets don't have time to prospect...make house calls..etc...but he has "time"....hmmm....awkward?....
 
I don't know any vet that does not have time to prospect, I know plenty that don't have too though.  As far as house calls, does your doctor or lawyer make house calls?  What would you think of them if they did?

troll's picture
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Sam Houston's picture
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I'm sure you would think house calls where great, for the majority of us it would lump a doctor in with vacuum salesman, girl scouts, and Jones reps.

troll's picture
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Moraen's picture
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wind3574 wrote:I'm not talking about doorknocking....I'm talking about house visits......has nothing to do with a salesman.... People bad mouth what works....thats why I expect to keep hearing Jones comments....Many people happy at Jones...and I'm sure many making 10x more than everyone on this site....
 
Ten times more?  Don't you think that's a little, "My Dad makes more than your Dad?"

troll's picture
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anonymous's picture
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Hi....Good morning everyone...So this is what it's like to write like wind...I'm going for a run...Is this what people do when they don't learn proper punctuation...

Moraen's picture
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Run.... like.... the.... wind....!

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