I guess at the end of the day you are going to deal with stupid people with money... just wait, in enough time only one of the two will remain and most likely it's the the stupid person. I work with a huge FA who's taken me under his wing and am working with him to hopefully one day have the opportunity to take over his book, or a portion of it. It's a long way off, and by no means set in stone at all, but he shares his stories with me and some of the people that he deals with are starting to pass on and leaving the money to their bene's who shouldn't be handling the day-to-day operations of a lemonade stand, let alone a couple hundred thousand or more. I'm relatively new as an FA and for a while I had to fight becoming the most cynical person on the planet after dealing with some of the biggest morons in the world that handle their own money, often worse than said 6yo who is selling lemonade.

Good news though, their is going to be much more competition for the "greeter" at Walmart thanks to all the Scottrade and E-trade commercials. Have a guy I'm trying to work with that is nearing retirement and hit the penny stock lotto from .18 to $36.50 virtually giving his a decent portfolio of around $350k all-in. Wants to retire but doesn't want to let anyone handle his $ besides himself but was open to doing a couple of things, but only after he spends the next 4 months in his beach house in Aruba. Guess what, his main holding was this penny stock that went from $36.50 down to $15 in 3 weeks. He's lost around $200k+ in 3 weeks because he's in Aruba and just emailed me that he should have sold some. Anyone else lose 2/3 of their porfolio in the past 3 weeks? Probably not. Even a newbie from EDJ would have been able to figure out 90% of your portfolio shouldn't be in a former penny stock when you're planning on retiring in a year or two. JK, EDJ'ers.

hi,



              He always comes into my office like he is Bill Gates, talking about his money like he earned it.
                   
           

http://simulationcreditautomobile.com

[quote=Spaceman Spiff]I’m a big believer that most people shouldn’t actually handle their money in any form.  Not cash, not checkbooks, not investments.  Just let someone else handle everything.  That way you don’t screw it up. [/quote]

No one will ever care more about “your money,” than yourself.

You must not work with people who make breathtakingly horrible personal financial decisions.

A client of mine referred me to his buddy who he told me needed to get his house in order.  The buddy is a Major in the Air Force, so I’m thinking “Hey, making decent salary, should be able to help him with whatever assets he’s accumulated and possibly some insurance”. 

The guy comes in with the Air Force flight suit SKIN TIGHT with a pot belly.  My first impression was “what a loser” but then I didn’t want to jump to conclusions because “Hey, he’s a Major, can’t be that much of a loser”.  The guy missed lunch so he brought in a burger from BK, eating right at my desk.  While we’re talking, he’s chomping down on this burger, spilling it over his flight suit and I’m trying not to laugh because I think I’m being punk’d. 

We start talking about his situation and this guy has almost NOTHING saved up, nada.  I ask him how the hell is that possible since he’s 42 years old.  His answer? “My parents are doing pretty well.  So when they pass away, my brother and I are going to share the estate 50/50.  It’ll be about 3 million.” His parents are in their early 60’s.  So this guy was slacking to eventually receive his inheritance which could be 20 years away and he’ll be in his 60’s! I just looked at him and thought it couldn’t get any worse. 

I figured since I wasn’t going to make any money on the investment side, focus on the insurance piece and started talking about setting the next appointment to sign the paperwork.  He tells me that he can only come on Wed afternoons b/c his friend has to drop him off because his license was suspended for having too many DUI’s.  He bikes into work.  For those who didn’t serve in the military, a DUI can be a career killer especially for an Officer.  First impression was right, this guy was a total loser but will one day inherit his parent’s money and blow it all. 

[quote=Spaceman Spiff]I’m a big believer that most people shouldn’t actually handle their money in any form.  Not cash, not checkbooks, not investments.  Just let someone else handle everything.  That way you don’t screw it up. [/quote]

No one will ever care more about “your money,” than yourself.

No one will ever care more about “your money,” than yourself.