[quote=CALI123]Ummm Max (DHK) if your skin isn’t thick enough for a message board then you will get eaten alive in 2011.

I think I’m getting the picture here.  Is it fair to say that most of
the people posting here in the Advisor Forum are actually brokers reps
not advisor reps?  That would explain the edgy combative attitudes
common here.  I noticed that when I was preparing for the series 65
and looking for exam related info on this site.  Many of the posters seemed
hostile and bitter.  Either the brokerage biz engenders those attitudes
or such people are attracted to the biz.  Which do you suppose is true?  Oh well, never mind. 

[quote=iceco1d]Wow.  Another post illustrating that you are a complete moron. 

Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

I’m curious, how do all of you “dually licensed” reps make the transition from snake oil salesman broker’s rep ripping off old ladies and senile widowers to service oriented adviser and fiduciary? 

[quote=max]
I’m curious, how do all of you “dually licensed” reps make the transition from snake oil salesman broker’s rep ripping off old ladies and senile widowers to service oriented adviser and fiduciary?  What’s the process, how is it done?  Or do you ever make the transition? [/quote]
Let’s recap a minute here maxy, shall we?

You “excel” at asset management as an individual investor, but have zero experience in the industry, and yet you naively espouse silly uninformed stereotypes about “snake oil salesman broker’s rep ripping off old ladies and senile widowers.”  You want to target your services to these "snake oil salesmen"
because you prefer to “deal with people that can understand what it is I’m
doing for them” and because “most of the ‘work’ IAs do
for retail clients I would find tedious.” 

Your real problem is not your lack of experience and understanding since we all were, at one point, inexperienced and ignorant.  Those shortcomings can be easily overcome if one recognizes their own ignorance and is sufficiently motivated to do whatever necessary to overcome it. 

Your real problem, to paraphrase Ronald Reagan’s classic line about liberals, isn’t that you are ignorant, it’s just that you know so much that isn’t so. 

You have somehow accepted as fact so much about this industry, it’s players, and how it functions that just isn’t so, and then based on this foundation of misunderstanding you have constructed your plans and dreams.  

Ethics are not a function of what form of compensation or title an advisor has.  Ethics are a function of the individual’s character.  You can’t legislate morality or ethics.  And I say that as an RIA who according to these simplistic stereotypes is supposedly by definition ethical beyond reproach. 

Now comes your real moment of truth.  You can continue to write us all off as bitter snake oil salesmen without ethics, or you can park your ego long enough to admit that you just might be able to learn a thing or two from the people who are actually doing what you only dream of doing. 

It’s up to you.  It won’t matter one way or the other to us, but it could matter a great deal to you. 

[quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

[quote=Morphius]

[quote=max]
I’m curious, how do all of you “dually licensed” reps make the transition from snake oil salesman broker’s rep ripping off old ladies and senile widowers to service oriented adviser and fiduciary?  What’s the process, how is it done?  Or do you ever make the transition? [/quote]
Let’s recap a minute here maxy, shall we?

You “excel” at asset management as an individual investor, but have zero experience in the industry, and yet you naively espouse silly uninformed stereotypes about “snake oil salesman broker’s rep ripping off old ladies and senile widowers.”  You want to target your services to these "snake oil salesmen"
because you prefer to “deal with people that can understand what it is I’m
doing for them” and because “most of the ‘work’ IAs do
for retail clients I would find tedious.” 

Your real problem is not your lack of experience and understanding since we all were, at one point, inexperienced and ignorant.  Those shortcomings can be easily overcome if one recognizes their own ignorance and is sufficiently motivated to do whatever necessary to overcome it. 

Your real problem, to paraphrase Ronald Reagan’s classic line about liberals, isn’t that you are ignorant, it’s just that you know so much that isn’t so. 

You have somehow accepted as fact so much about this industry, it’s players, and how it functions that just isn’t so, and then based on this foundation of misunderstanding you have constructed your plans and dreams.  

Ethics are not a function of what form of compensation or title an advisor has.  Ethics are a function of the individual’s character.  You can’t legislate morality or ethics.  And I say that as an RIA who according to these simplistic stereotypes is supposedly by definition ethical beyond reproach. 

Now comes your real moment of truth.  You can continue to write us all off as bitter snake oil salesmen without ethics, or you can park your ego long enough to admit that you just might be able to learn a thing or two from the people who are actually doing what you only dream of doing. 

It’s up to you.  It won’t matter one way or the other to us, but it could matter a great deal to you. 



[/quote]

I don’t intend to target reps.  I would manage money for advisers. 

I’ll give you the benefit of the doubt and assume you are registered.  A stupid person cannot pass the series 7 or 65 exam.  Therefore, you are not stupid.  You cannot believe that a salesman is just as likely as a fiduciary to place the customers interests before his own.

I don’t dream of doing what you are doing Morphius.  I usually succeed not because I strive to imitate others, I succeed because I think outside the box and live my own dream.

Morphius, you wrote me off after my first post, without cause, so I wrote you off.  Since then I’ve just been jerking your chain because it’s so easy to do.  I realized I wasn’t going to obtain any insights about the biz here so I thought there might be some entertainment value, and there was.   

[quote=max] [quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

[quote=B24][quote=max] [quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

[quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

Walk away for a day and look what happens.



Why are you waiting until 2011? I believe I set up my RIA in about 6 weeks. I’m not sure why that would take you so long.



So, how will you be compensated? Flat fee? Percentage of assets under management? Percentage of profits? Both percentage of profits and assets under management? Will you use watermarks? How high will yours be?



By the way - Morphius regularly contributes on this forum and has good information. His posts have impeccable spelling and grammar and usually when he finds a piker, he nails them to the wall. You have proven that you think you know everything (much like everybody who ever starts in our line of work).

[quote=max]

[quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

There’s entertainment value to your posts all right, maxy, but it’s from watching you pretend you are not as clueless you have already proven yourself to be.  Please educate us some more about the industry we work in so we might learn: are the good guys the ones wearing the white hats or the black hats?  It’s so hard for us snake oil salesmen to keep that straight. 

And while you’re inexplicably biding your time over the next two years before gracing the investment world with your unique expertise and ethics, why don’t you talk with some of the NASCAR teams about outsourcing their driving to you?   They may be hesitant until you clarify for them that the state of CA has certified you to drive a car and that you have excelled at driving your own car for a long time.  Once you explain that, I’m sure they will be lining up for the privilege of outsourcing the driving to you. 

[quote=Moraen]Walk away for a day and look what happens.



Why are you waiting until 2011? I believe I set up my RIA in about 6 weeks. I’m not sure why that would take you so long.



So, how will you be compensated? Flat fee? Percentage of assets under management? Percentage of profits? Both percentage of profits and assets under management? Will you use watermarks? How high will yours be?



By the way - Morphius regularly contributes on this forum and has good information. His posts have impeccable spelling and grammar and usually when he finds a piker, he nails them to the wall. You have proven that you think you know everything (much like everybody who ever starts in our line of work).



[/quote]

My registration became effective June 25.  I want at least a year to compile a performance record before I offer my services to a nonpro and 3 to 5 years before offering to a pro.  Besides that, I’d like to take some time to get up to speed on the business management aspects of an advisory biz.  Because I will be offering performance to distinguish myself from other advisers, a track record is essential.

Percentage of AUM.

I’ve never claimed to know much at all about “your biz”.  I don’t know how you could infer that I thought I do.  I came here to learn something about the nuts and bolts of the industry as it’s practiced today and was told to go away.

I don’t care that morphius has good grammar.  I still think he’s a presumptuous ***hole.

[quote=DHK]

[quote=max]

[quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

[quote=max]

[quote=DHK]

[quote=max]

[quote=anonymous]Max, I really try to give people the benefit of the doubt.  Unfortunately, this last post of yours has completely backed up iceco1d’s post.

[quote=max]

[quote=Moraen]Walk away for a day and look what happens.



Why are you waiting until 2011? I believe I set up my RIA in about 6 weeks. I’m not sure why that would take you so long.



So, how will you be compensated? Flat fee? Percentage of assets under management? Percentage of profits? Both percentage of profits and assets under management? Will you use watermarks? How high will yours be?



By the way - Morphius regularly contributes on this forum and has good information. His posts have impeccable spelling and grammar and usually when he finds a piker, he nails them to the wall. You have proven that you think you know everything (much like everybody who ever starts in our line of work).



[/quote]My registration became effective June 25. I want at least a year to compile a performance record before I offer my services to a nonpro and 3 to 5 years before offering to a pro. Besides that, I’d like to take some time to get up to speed on the business management aspects of an advisory biz. Because I will be offering performance to distinguish myself from other advisers, a track record is essential.Percentage of AUM.I’ve never claimed to know much at all about “your biz”. I don’t know how you could infer that I thought I do. I came here to learn something about the nuts and bolts of the industry as it’s practiced today and was told to go away.I don’t care that morphius has good grammar. I still think he’s a presumptuous ***hole.[/quote]



Max - what standards are you using to compile your performance record?



By the way, a one year track record doesn’t distinguish you. Or two years for that matter.



And, does the fact that you are going to be “managing money” mean that you won’t be doing what us “typical advisors do”? And if so, how does that differ from the fact that at some point you will be wanting us to refer business to you? And if so, how is Morphius’ inference that you are here trying to peddle your wares in preparation of your “grand opening” wrong?

DHK, I suppose that everyone on the planet is a salesman in the sense that we all represent that we have something of value to offer.  But, a fee based adviser doesn’t depend on product sales to generate revenue, a commission based rep does.  Why do you think there are regs against churning?  Because salesmen have an incentive to place their own interests above the client’s.

Max has got to be a troll.  Nobody could be this stupid.