At a social gathering or party, what do you say
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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.
It's funny, since I dropped the people looking over my shoulder, my clients are happier and making more money. Hmmmmmm.
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.
What do you think is better for the client, loaded funds or a managed account, at say...1%?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…
here is a question that hasn’t been asked of you wind, do you always liquidate and transfer the account ?
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...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.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.
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 ...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…
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.[/quote] Morphius, I think you should leave BiLo alone. He just had a couple of simple questions for us to research for him.[quote=Still@jones]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.