Bank Broker Advise
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"When there are about 5,000 mutual funds any given one of them is obscure--especially if one has never sold it."
POOR SENTENCE STRUCTURE. Should be a comma after the clause that ends with "funds."
Grade: F
[quote=Duke#1]Oh, and I forgot, Put also wrote: "From the Van Kampen website:<span style=“font-weight: bold;” =“sub”>
In 1984, Van Kampen Merritt introduced its first mutual fund, the Van Kampen Merritt U.S. Government Fund. Just two years later, the firm’s mutual fund business topped $3.5 billion.
Let me see if I have this right. Speakeasy ran some sort of hypo for the 1968 to 1982 period on a fund that was not even in existance?"
Put, The
Van Kampen Growth & Income fund has been around since the mid 40's,
I believe. Put, you just don't know what you're talking
about. I'm not even sure you're in the business and all you're
doing is searching web sites. Try researching the history of Van
Kampen and you'll find a big merger that led to this fund being a part
of it. Whatever though, if you've really been in the business
you'd know this already.
Why do you suppose the Van Kampen webiste says that they introduced their first mutual fund in 1984 if there were Van Kampen mutual funds since the 1940s or even earlier?
Ah, an English teacher!
Tell me Cuffy, just how much of your $19,500 annual salary are you saving for retirement? You should call your local Edward Jones representative. He/she specializes in unsophisticated customers who have little or no net worth!
Starka, I was illustrating how annoying the elderly Put Trader can be with his school marm condescension. His main gripe has always been “I-can’t-believe-how-you-kids-will-mak e-it-in-this-biz-with-your-(not you’re)-poor-sentence-structure-and-spelling-skills.”
[quote=Cuffy_Meigs]Starka, I was illustrating how annoying the elderly
Put Trader can be with his school marm condescension. His main
gripe has always been “I-can’t-believe-how-you-kids-will-mak
e-it-in-this-biz-with-your-(not
you’re)-poor-sentence-str ucture-and-spelling-skills.” [/quote]
Nah, that’s wrong. I simply point at the poor spelling as
symptomatic of the basic stupidity that infects our society among those
under age 40.
It’s that stupidity that is your Achilles heel in any career.
Well, until those of us who are not stupid have all died. When
that happens those of you who know that it’s not a good idea to piss in
the river upstream from where you draw the drinking water will be
considered sages.
Put--poor grammar/spelling is a bit frustrating given that this forum is for "professionals." I believe you once wrote that your weakness is "its" vs. "it's"....you are correct; you used "it's" instead of "its" a few posts back ("...by it's initials."). Minor problem. Another common one--I'm amazed by how many people (general public) use the possessive when they mean the plural...that seems rather basic.
Break..if the market goes nowhere and people are pissed--which I'd say is at least possible, do you (plural, ie everyone out there) think a fee for advice (hourly, yearly, whatever) will become more attractive to us...a commission-based revenue stream sucks when no one trades (as the data suggests is best for the client). So we switch to fee-based....but then if the market does jack long enough the client says "why the hell am I paying you (eg on 1% of $1m) $10k/yr to tell me to hang in there!?" Isn't the adviser who charges, say, a $5k flat fee/yr to say and do the same things going to have an advantage eventually?
[quote=Cowboy93]
Put–poor grammar/spelling is a bit frustrating
given that this forum is for “professionals.” I believe you once
wrote that your weakness is “its” vs. “it’s”…you are correct; you
used “it’s” instead of “its” a few posts back ("…by it’s
initials."). Minor problem. Another common one–I’m amazed
by how many people (general public) use the possessive when
they mean the plural…that seems rather basic.
Break..if the market goes nowhere and people are pissed--which I'd say is at least possible, do you (plural, ie everyone out there) think a fee for advice (hourly, yearly, whatever) will become more attractive to us...a commission-based revenue stream sucks when no one trades (as the data suggests is best for the client). So we switch to fee-based....but then if the market does jack long enough the client says "why the hell am I paying you (eg on 1% of $1m) $10k/yr to tell me to hang in there!?" Isn't the adviser who charges, say, a $5k flat fee/yr to say and do the same things going to have an advantage eventually?
[/quote]In the late 1960s it was decided that there was too big a gap separating the educational achievements of various groups in this country.
We have spent roughly thirty-five years narrowing that gap--and it is much more narrow. Those who were once considered inferior have not improved, instead those who were once considered superior have been brought down.
I have had a lot--as in A LOT--or dealings with recent college graduates over the years. In the early 1980s nobody, but nobody, sent letters to hiring managers that included grammatical errors, it just wasn't done. I am told that these days it is rare--like 1 out of 1,000--for a letter to not contain such errors.
When nobody in our society can read or write as adults there will be no gap between the citizens. That's nice, everybody is equal. However, I don't consider it to be a victory.
[quote=Put Trader] [quote=Duke#1]
Put, you have no excuse for not knowing ICA regardless of how many funds there are. Anyone who's been in the business for any period of time would recognize ICA. It's not an obscure topic. But, maybe you have been in the business for a long time and you've just lost too many brain cells to remember the obvious.[/quote]
When there are about 5,000 mutual funds any given one of them is obscure--especially if one has never sold it.
I apologize to nobody for saying that ICA meant Investment Company Act and/or Investment Centers of America without also including one fund in a second tier fund family.
[/quote]
Put, all reps have not sold lots of things, but if they've been in the business for any period of time that's no excuse for them not having heard about a product when it's something as well-known and long-standing as ICA. But, using your twisted logic, I guess the only things you know in our business are things you've purportedly sold. Your poor clients (assuming you ever had any) -- applying your logic you'd have never been able to counsel them about investments you hadn't sold before because you wouldn't have known squat about them, even their name! And, do some research and you might learn something -- American Funds is anything but a second tier fund family.
And it's pretty stupid to even guess that ICA is a possible reference to either the Investment Company Act or Investment Centers of Amer, when the subject matter was running hypos on investment performance. (Duh..., I think I'll run a performance hypo on how the Investment Company Act has performed. Duh... I wonder what it's beta and alpha are?) It's even funnier when you know of a 2nd tier b/d like Investment Centers, but have not even heard of ICA.
Put, like someone else said before, I think you're just a poser and have never been in this business. Or, if you have been, you've since had a tragic accident or illness that unfortunately killed a lot of brain cells.
[quote=Put Trader] [quote=Duke#1]Oh, and I forgot, Put also wrote: "From the Van Kampen website:<SPAN style=“FONT-WEIGHT: bold” =“sub”>
In 1984, Van Kampen Merritt introduced its first mutual fund, the Van Kampen Merritt U.S. Government Fund. Just two years later, the firm’s mutual fund business topped $3.5 billion.
Let me see if I have this right. Speakeasy ran some sort of hypo for the 1968 to 1982 period on a fund that was not even in existance?"
Put, The Van Kampen Growth & Income fund has been around since the mid 40's, I believe. Put, you just don't know what you're talking about. I'm not even sure you're in the business and all you're doing is searching web sites. Try researching the history of Van Kampen and you'll find a big merger that led to this fund being a part of it. Whatever though, if you've really been in the business you'd know this already.
[/quote]
Why do you suppose the Van Kampen webiste says that they introduced their first mutual fund in 1984 if there were Van Kampen mutual funds since the 1940s or even earlier?
[/quote]
Like I said before, Put, do some research into the history of VanKampen and you'll find the answer.
Put Trader,
I have read many of your posts since you have become acquainted with this board, and I am convinced that you are a bitter old man with little else to do than post on this internet message board. The speed at which you reply to posts is indicitive of your lack of activity during the day. Further, your ridiculous bitterness toward today’s young people is quite disconcerting. I started in this business at age 23, worked as a sales assistant for one year, then took a job at Merrill Lynch where I have been ever since. I am not done growing my business by any means, however contrary to your comments, after ten years in the business and a trailing 12 well over $700,000 I am established.
Catch up Put Trader. It is a global economy now. My clients have been making plenty of return. Int’l debt and equity, (via IShares, mutual funds, and SMAs), REITs, commodity futures, hedge products, sector specific indexing, ML specific structured products and option strategies are ALL profitable right now.
Advisors are no longer bound to what the DJIA did for the day. You grew up in the stock jock days of the past where you had very little to offer beyond domestic stock offerings and options. However, I would be remiss to exclude those ridiculous limited partnerships you pushed as well. On the other hand, I can make money somewhere regardless of the S & P, and my income as well as my clients assets are growing subsequently. You are a dinosaur, and anytime you are questioned, you revert to “I’m older than you are, so I am smarter.” That’s just not the case.
When I was 26, I had MANY clients twice my age. Age matters for about 5 minutes. You must do certain things differently when you are young, but it isn’t a deal breaker by any means. Did it help that I had ML behind me? Yes, it helped opened the door. However, opening the ACCOUNT is what matters, and that was all me.
You seem to have a financial background and you are probably a decent human. Unfortunately, your utter disdain for any opinion other than your own and your subsequent personal attacks on those who disagree lend you to being less than admirable. You should reconsider how you approach this forum; not for fear of recourse (which there is none), but for the simple idea of always conducting yourself in a manner reflective of the professional you hold yourself to be.
[quote=MrFA]As is custom with you, I expect a speedy reply.[/quote]
I’m so sorry, I had to go out to Costco. I am not in trouble am I?
[quote=MrFA]
I am not done growing my business by any means, however contrary to
your comments, after ten years in the business and a trailing 12 well
over $700,000 I am established.
[/quote]
Damn, you’re like in your mid thirties–certainly old enough to know it all.
Tell me son, what type of bear market have you experienced? How
many clients have filed demands for arbitration for no other reason
than their account lost value?
$700,000–why doesn’t that rank you solidly in the lower half of Merrill brokers with ten years experience?
Put,
I believe you would be catagorized as a bear. Also, clients pay us for advice. There is a reason why only 15% of the customer base are do-it-yourselfers, and they do a poor job at that. The average joe is not able and is not willing to manage their own money. The fee based discreationary managed model solves the above issue and is the only way to go.
Go ahead and bash this also.
[quote=MrFA]
You are a dinosaur, and anytime you are questioned, you revert to “I’m
older than you are, so I am smarter.” That’s just not the case.
[/quote]
I’m 60 and have an IQ of 168, so I am older and smarter than you.
I also fully understand that I would be a dinosaur if I were still in
the biz and was still a stock jock. But I’m neither so I am
hardly a dinosaur.
What do you think the odds are that your biggest account will be with you in five years?
Time to stop responding to this clown. He is clearly not in the business, and further, posts for the singular purpose of getting a rise out of folks.
[quote=ezmoney]
Put,
I believe you would be catagorized as a bear. Also, clients pay us for advice. There is a reason why only 15% of the customer base are do-it-yourselfers, and they do a poor job at that. The average joe is not able and is not willing to manage their own money. The fee based discreationary managed model solves the above issue and is the only way to go.
Go ahead and bash this also.
[/quote]You believe I'm a bear? What makes you think that?
How would you talk to me? Suppose I had $200,000 sitting in T-bills--what should I do to generate a greater rate of return?
You're right the average Joe is not equipped to manage his own finances--but he will leave you in a heartbeat if you send him a statement showing that he has less than he did the last time a statement dropped.
People are funny about their money.
So it all comes down to this: Put Trader is trolling the forum for a free stock tip.
Listen, Methusula, I don't know about the other advisors on this board, but $200,000 ain't jack to me. If there isn't $2 million plus on the other end, I don't pick up the phone.
Go get a stock tip from the Costco greeter, you crotchety old fossil.