Dr. Doom
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Say it.
I just get obnoxious when I encounter people who I do not believe belong in the industry. There are far too many poorly educated sales types who get hired by managers who are eager to fill their desks with bodies. It's easy to train a punk to make 500 phone calls a day...............as I've said we know that drill. That punk will find "X" number of suckers who will allow the punk to shove them into a mutual fund family that is holding a sales contest and then allow the punk to excuse a loss because everybody else lost too. It is offensive to charge a client a fee when the client is not making money.I think the issue to some extent is that we are talking about two overlapping, but different industries.
Bond Guy and Putsy are both guys who spent lots of time in the wirehouse environment. They focus on picking good investments. The reps today simply don't have the skills or the knowledge to do this. I think that this is why Putsy gets so upset. We're getting paid to put people in investments, yet we don't have much of a clue as to what we are doing. Putsy, I'm in basic agreement with you if we are in the industry of "investment advisors". I don't think that I'm in that industry. I'm in the industry of "financial advisor". It's more than just semantics. For example, I've probably sold more insurance policies in the last year than BG has done in his entire career. (This isn't meant to toot my horn or denigrate BG. It's just a different business.) To make it as an investment advisor, one must work with people with decent money. Great investment strategies is of great importance to someone who is already financially comfortable has all of their financial basics and is simply looking for the best way to invest their $1,000,000. This is probably BG's typical new client. My typical new client, on the other hand, is a young attorney married with 2 young children and making $120,000. He has $50,000 invested in his 401(k), a pile of debt, big expenses, etc. Picking the "right" investment is not what's most important to his achieving of his fiancial goals. Don't get me wrong. I'm not saying that investment returns aren't important. They are, but as a fiancial advisor my focus needs to be spent on getting a client to achieve their goals and not go after maximum returns if going after maximum returns lowers their chance of achieving their goals. (Getting maximum returns and going after maximum returns are not the same thing!)Anon, good post. I think you’ve hit it on the head. We are, in some caes, talking about two different things.
I believe that an insurance agent, masquarading as a financial professional is a fraud. They, the insurance types, arefo rcing the prospect/client into another insurance product, which by their very nature are never going to perform in an extraordinary manner.
When the end game is always, "Well, for you I'd recommend adding some term life and buying this annuity....." the agent is not really a financial advisor.Putsy, if the end game is always the same, you are correct.
The very nature of insurance is that it will perform in an extraordinary manner when insurance is needed. Unfortunately, I am dealing with a DI claim right now. The client has paid less than $5000 in premiums. He may be collecting $5000/month for the next 35 years. Let's hope not.I’ve been on the retail side since 1972. I have forgotten more than you’ll ever know.
So for someone who has been in this industry 8 years and wanting to provide something different in this town, because Puts correct, in that we’re all the same. Where does one get great training on options? I’m not sure LPL provides option training.
I suggest that if you are not at a shop that can do everything–as in EVERYTHING–you are pretending to be a financial professional.
It is not the role of a CPA to keep your tax bill within a certain dollar amount. It is his role to reduce your taxes as much as is legally possible. If he does that he should be paid.
If a financial advisor does not offer advice that maximizes the investor's return he should be paid less than he would have earned if his advice had been better. What is offensive to those who think as I do is the idea that the requirements to be a financial "advisor" are practically non-existant and that clients are supposed to suck it up and stop expecting good advice. If you didn't take all of your clients out of the market last October, why not?Can’t happen. My honesty and willingness to argue unpopular points of view are too much for the monitors–so they have blocked my ISP at home. I’m using another computer which is why I said I only have a day or two to play around.
Only happy faces are allowed on the forum--I'm surprised I've lasted as long as I have with my honesty.Well, my visit this week will have been a success if I have exposed you to be the epitome of the punk loser who should not be in this busiiness.
The people who read this forum day in and day out would do well to keep in mind that a real Wall Street professional cannot think too little of you and those like you.I’ll remember your words, Put. But again, I have plenty of client thank you letters in my drawer to remind me that, though some Wall Streeters might despise me, I have plenty of ordinary people who I have helped over the years realize their goals and assisted during very hard times. This time is no different.
I appreciate the opinions though.
Do you see yourself as being as big a lowlife as Ferris? Or did you make a mistake and answer using the wrong ID?
You guys have to understand that Putsy is one of those people who think that the only way to do things is his way. Of course, he tends to forget that he was only mediocre at what he did so he ended up in management.
For those who are playing along–the 15 short puts were covered early for 25 cents but the calls worried the hell out of me. I covered five of them at 6, happy to lock in a 3 point gain on five of them. That made me net profitable for the trade, and since I was playing with house money I decided to wait till this afternoon.
About 3 o'clock I decided to enter a cover 5 at 1 limit order--it filled around 3:45 leaving 5 to cover. They were covered at 1.10 with a somewhat panicked market order because the stock suddenly started to run between 3:55 and 4:00. I haven't entered them all into my spreadsheet, but it was a good day. I will go to my grave believing that there are millions of suckers paying fees for "advice" that is worthless because they're expecting to get ideas like this. The next time this will happen will be when the January cycle is expiring. It's almost as easy as robbing banks.[quote=Provocative Put]
I will go to my grave believing that there are millions of suckers paying fees for "advice" that is worthless because they're expecting to get ideas like this. [/quote] How much longer until you go to your grave?The way I see it, if somebody thinks what they’re saying is meaningful they won’t create a new identity to say it.
Real professionals know that I am right. What's even more impressive to a real professional is how I show up here, make a suggestion that will generate a great return, and then, the next day, watch how it proves itself to be close to what I suggested would happen. Bond Guy is mature and knows I'm right. Babbling Looney is mature and knows I'm right. It's you worthless punks who know you're pretending who get your noses out of joint. When you jump into argue with me about my points of view what you're doing is admitting you see yourself in what I am describing. You don't type this, but you're thinking it----"You're making fun of me, stop it!"Sorry, I lost my password and had to get a new name.
Look, I think it was Anonymous or Ferris who called this guy a snake. We're in the business of providing professional advice, expertise, service, and selling out ideas. This guy is poison. Bond Guy, him coming in here and schooling us on the obvious should not be reinforced. I'm surprised at you for feeding this troll. It's like some guy coming into your kid's orthodontist office and criticizing the work. Show me the money - don't just BS. You can't. For everyone else, the point is, don't lose your focus. Your way is the highway, and you could easily stack up to this guy's #s.