Coaching from the Branch Manager

No No and 100 times NO.

The function of the branch manager is not to dedicate himself to lowly trainees.  Did they tell you that?  He needs to manage his own book and give most of his time to the big producers in the office. 

Here, we receive 1 hour of training 3 x per week for our first 8 weeks from the BM.

We have a weekly meeting.

After that you are on your own or get help from your home office, mentor, or another trainee.

Call the HOME OFFICE that is what they get paid for, to help YOU.

[quote=maybeeeeeeee]

No No and 100 times NO.

The function of the branch manager is not to dedicate himself to lowly trainees.  Did they tell you that?  He needs to manage his own book and give most of his time to the big producers in the office. 

Here, we receive 1 hour of training 3 x per week for our first 8 weeks from the BM.

We have a weekly meeting.

After that you are on your own or get help from your home office, mentor, or another trainee.

Call the HOME OFFICE that is what they get paid for, to help YOU.

[/quote]

Something to ask in an interview would be if the manager has his own book.

You want to go to work at a place where the manager manages rather than run a book.

Real brokerage firms relieve the manager of his book and instruct him or her to manage 100% of their time.

You should have access to your manager at all times. You may have to wait an hour or so, but if he or she does not have an open door to everybody in the office you need to find out why not.

[quote=maybeeeeeeee]

No No and 100 times NO.

The function of the branch manager is not to dedicate himself to lowly trainees.  Did they tell you that?  He needs to manage his own book and give most of his time to the big producers in the office. 

Here, we receive 1 hour of training 3 x per week for our first 8 weeks from the BM.

We have a weekly meeting.

After that you are on your own or get help from your home office, mentor, or another trainee.

Call the HOME OFFICE that is what they get paid for, to help YOU.

[/quote]

How sad it must be to be in that branch.  The manager has convinced a girl rookie that she is not important--and worse still, she accepted that pronouncement.

Tell us Maybeeeee, you're the girl who said that getting to the variosu bogey points was not big deal.  When did you hit $5 million--two months in, four months in?  Yet to get there?

BEF....

How many heart attacks and strokes have you had yet, are you on your 3rd....4th yet?  It's laughable that you think we should eat up your rabbit droppings like chocolate when you make petty disparaging comments that are aimed at criticizing instead of helping.

Get a clue BEF noONE here thinks what you have to say is worth anything.  You are clearly miserable......I have yet to see you being positive.  Pathetic....really.

[quote=dude]

BEF....

How many heart attacks and strokes have you had yet, are you on your 3rd....4th yet?  It's laughable that you think we should eat up your rabbit droppings like chocolate when you make petty disparaging comments that are aimed at criticizing instead of helping.

Get a clue BEF noONE here thinks what you have to say is worth anything.  You are clearly miserable......I have yet to see you being positive.  Pathetic....really.

[/quote]

What, you do not expect your branch manager to be available to help you?  Is that what you're saying Bunkie?

Why would you want help from someone that couldn’t make it as an advisor?

[quote=bankrep1]Why would you want help from someone that couldn't make it as an advisor?[/quote]

Moronic on the face.  You should be so lucky to be offered a chance to lead.

[quote=Big Easy Flood][quote=dude]

BEF....

How many heart attacks and strokes have you had yet, are you on your 3rd....4th yet?  It's laughable that you think we should eat up your rabbit droppings like chocolate when you make petty disparaging comments that are aimed at criticizing instead of helping.

Get a clue BEF noONE here thinks what you have to say is worth anything.  You are clearly miserable......I have yet to see you being positive.  Pathetic....really.

[/quote]

What, you do not expect your branch manager to be available to help you?  Is that what you're saying Bunkie?

[/quote]

Obviously the Alzheimers is getting to you since the post I was responding to was right above my post.  Your response again was laughably irrellevant and not addressing anything I was referring to.

[/quote]

Something to ask in an interview would be if the manager has his own book.

You want to go to work at a place where the manager manages rather than run a book.

Real brokerage firms relieve the manager of his book and instruct him or her to manage 100% of their time.

You should have access to your manager at all times. You may have to wait an hour or so, but if he or she does not have an open door to everybody in the office you need to find out why not.

Same goes for SB and MS

I don’t think MS managers produce…at least the one in my city doesn’t.

I know, he tried to hire me!

But the point is the same…and that point is that BEF doesn’t know nearly as much as he thinks he does.

What I can tell you for sure is a particular Wedbush Morgan I know of takes on “apprentices,” so if they have an office in your city, it might be worth a try. Very limited in cities and offices, but if you are in one, check it out.

Wedbush Morgan???  LOL what are you talking about? 

[quote=BankFC]But the point is the same...and that point is that BEF doesn't know nearly as much as he thinks he does. [/quote]

I know there are producing managers in the tiny offices of the major firms, but not in the major offices of the major firms.

My comment about "real firms" was a tongue in cheek sneer at Ray Jay, which is not in the same league as the real firms such as Merrill.

What is curious is the tendency in the business to hire managers who were not groomed in the business.  Some of the firms are installing managers who were never brokers, ops professionals or anything else in the biz.

That is very dangerous, in my opinion, because the sales force needs to respect the manager and a sure way to not have respect is to show up one day and introduce yourself as being delighted to be there and confident that your experience managing the local NCR district office is going to translate well here at Acme brokerage.

Nonetheless it is being done, with a "sales manager" being appointed from the rank and file to act as the team leader.  Meanwhile the branch manager goes about managing the office, hiriing staff, interviewing potential FAs, but mostly dealing with compliance and other non-selling responsibilites.

There are branch offices--single branches--where there are several hundred employees.  There is no way the manager can be a producer and ride herd on that many people.

On the other hand, in Bumpphuck, Iowa, where there are five people, no six counting "the girl," the place is not viable if the manager does not produce.

But how would you like working somewhere where the manager is trying to open accounts with the same people you are?

The idea of a producing manager is not a good one, but the realities of business often mean it has to be that way.  That does not mean you should expose yourself to it if you have a choice.

If you're trying to decide between X and Y and X has a non producing manager, but Y has a producing manager.  Choose X unless there are compelling reasons not to.

I could have written that in lower case, but it would have made me look stupid.

[quote=Big Easy Flood]

[quote=bankrep1]Why would you want help from someone that couldn’t make it as an advisor?[/quote]

Moronic on the face.  You should be so lucky to be offered a chance to lead.

Hey Broadway Joe...how's Winged Foot?!!

BTW, your inbox be full, brotha...

[quote=Big Easy Flood]

[quote=bankrep1]Why would you want help from someone that couldn't make it as an advisor?[/quote]

Moronic on the face.  You should be so lucky to be offered a chance to lead.

[/quote]

BEF, those that can't do teach.  Why would someone that could make 500K a year (as a top performing advisor) take a job, with stress, quotas, reports and meetings to make 100K a year?

I do not want the advice of a failure....  I wouldn't take a job leading if it were offered because they won't offer em what I am already getting, freedom & unlimited opportunity

[quote=Big Easy Flood]

I could have written that in lower case, but it would have made me look stupid.

[/quote]

stupider.

but you need no further emphasis--

Didn't we already go over all this ground with some popinjay called Put Trader? 

You remember him...his father was a general, and he rode his Daddy's coattails, yet he tried to convince all that he was "somebody".

[quote=bankrep1]

[quote=Big Easy Flood]

[quote=bankrep1]Why would you want help from someone that couldn't make it as an advisor?[/quote]

Moronic on the face.  You should be so lucky to be offered a chance to lead.

[/quote]

BEF, those that can't do teach.  Why would someone that could make 500K a year (as a top performing advisor) take a job, with stress, quotas, reports and meetings to make 100K a year?

I do not want the advice of a failure....  I wouldn't take a job leading if it were offered because they won't offer em what I am already getting, freedom & unlimited opportunity

[/quote]

The adage about can't doing and teaching is trite, but more importantly it has nothing to do with managing.

Secondly, producers earning half a million a year are rare and you're right most won't accept a chance to manage.

But only an idiot would opine that those who do manage are failures.

Most managers were stars prior to being asked to manage.  The business does not attempt to convince a million dollar producer to manage an office--but the ranks of managers are filled with men and women who were top 10% producers at the time they were selected.

I am also not saying that they stepped into management as a top 10% of the firm producer--they were top 10% of their peer group.  Similar time in the business stuff.

This is an unusual business in that managers hope to develop those they manage into people who earn more money than they do, but in so doing the manager will be rewarded too.

There are rewards far more gratifying than the size of the paycheck.  There is the satisfaction of doing a job well, there is the intangible of being introduced as the manager instead of the broker over at the brokerage firm.

Two guys belong to the country club.  One is a zillion dollar producer at the brokerage firm the other is his manager who makes less.  Around the country club the manager will have more "respect" for having made something of himself.

I am not going to bore myself by continuing.  Just remember that there is not an organization that does not have a manager, and very few people get to have those duties and responsibilities.

Joedabrkr refers to managers as leeches.  I am not sure, but I think that's the stupidest comment I've ever heard about the basic structure of an organization.

Wherever you work could not exist if it were not for managers.

More importantly, managers could not exist without the capable producers.  You're trying to stand the pyramid on it's point rather than it's base.

Most organizations, when things are going well, seem to have a constantly inflating inventory of middle managers such as yourself.  When they hit a wall, managers are usually the first to go, whether it be through attrition, golden handshakes or outright layoffs.  The producers, the ones who bring home the bacon, are ALWAYS in high demand.  Ergo, you can keep the respect at the country club, if that's what motivates you.  I'll take the job security and higher pay.

[quote=Starka]

More importantly, managers could not exist without the capable producers.  You're trying to stand the pyramid on it's point rather than it's base.

Most organizations, when things are going well, seem to have a constantly inflating inventory of middle managers such as yourself.  When they hit a wall, managers are usually the first to go, whether it be through attrition, golden handshakes or outright layoffs.  The producers, the ones who bring home the bacon, are ALWAYS in high demand.  Ergo, you can keep the respect at the country club, if that's what motivates you.  I'll take the job security and higher pay.

[/quote]

There are producers who earn more than their managers--but not that many.

The average is less than one per branch, and the chances that anybody on this forum is earning more than their manager is slim to none.

"Big hitters" have far too much to do to have time to waste doing this.

To address the pyramid.  I am not saying that the organization should be standing on its point--what I am saying is that it cannot exist without a leader.

Those who proclaim that they would  never been a manager are those who have come to the realization that they will never be asked.  It's easy to express disdain for a job you'll never have.

A wise man would never close a door, never.

And an intelligent man will grow weary of the relatively mundane day to day life of a finanical advisor.

People often talk about how boring it is to be retired--you can only play golf so much, etc.

Why in the world would you want to have a job that never changed?

Managers are generally far smarter than the people who work for them, which is why they, the managers, appreciate the ever changing environment of dealing with a variety of issues.

Those who know what I'm talking about appreciate it. Those who have an inner desire to accomplish things appreciate it.

On the other hand those who know they're actually not very bright and would be "eaten alive" by the issues a manager deals with will sneer, as will those who know that for whatever reason the chance has come and gone.

"I never wanted it anyway" is far easier to live with than "Damn I would have been a good branch manager.  I wonder why they skipped over me?"

Put, almost everything you've posted is pure, unadulterated nonsense.

Managers were almost all star producers?  Poppycock.

The job (of financial adivsior) never changes?  Drivel.

Managers are smarter (presumably as opposed to political opportunists trying to a$$-crawl their way to respect at the country club) than those they "manage"?  Balderdash.

Those who know what you're talking about appreciate you?  YOU don't know what you're talking about.

You seem to have a twisted view of reality. 

Not really surprising.

BEF,

We are going to have to agree to disagree. Your obviously some type of middle manager that failed as a producer and need to justify your position.

[quote=bankrep1]

BEF,

We are going to have to agree to disagree. Your obviously some type of middle manager that failed as a producer and need to justify your position.

[/quote]

I have never found it necessary to justify my position.  It would be fun to hear how you think an organization can exist without somebody to watch out over it.

Do you think a brokerage office should not have a manager?  Is that your point of view?

Do you think that a region, or complex, or district, or whatever can exist without a manager?

How about at the home office.  Should entire departments just exist, or should they have managers?

Now, I am as big a fan of the adage that no company can exist until somebody sells something.

What you kids need to understand is that your firm would probably get along even better if it were not for you in your branches.

You have nothing to do with investment banking.  You have nothing to do with institutional brokerage.  You have nothing to do with wealth management.

Get your hands on an annual report of a full service brokerage firm.  How far down the income statement do you find entries relating to retail brokerage?

Just like banks would just as soon do away with the individual customer, brokerage firms would like to do away with the retail customer.

If you think that your firm's management lies awake worrying if Schwab and Ameritrade are stealing the retail clients you'd be wrong.

So, don't sneer at those who are out there representing you.  Your branch manager, your regional manager, the national sales manager and a host of others are fighting for you and your career every day of the week.

If, some day, you are asked if you'd like to join that team you'd be a fool not to.  There is a hell of a lot more to this business than holding hands with people who are second guessing you about what mutual fund is best for them.

[quote=Starka]

Managers were almost all star producers?  Poppycock.

Managers are lifted from the ranks of producers at a time when the guy or gal would be willing to accept the position.

It is understood that the million dollar producers do not want to step into a manager's role--at least most don't--so the invitation is extended at a point where somebody is noticed, but before they're become a million dollar producer.

Does it make sense that a firm is going to look for their managers among the lowest level produers?  Does that really make sense?

Of course not. They're going to find a guy or gal who is about ten years into their career and is a star among the ten year group--their peers.  They may even be leading the pack of ten year veterans.

They will be invited to dinner with a decision maker.  Perhaps at a national meeting of some sort, perhaps just a "Hey, as long as I'm here inspecting the branch how'd you like to have lunch?"  If that lunch meeting leads to a "Maybe, let me think about it" it will be suggeted that there be a dinner with the guy or gal's spouse to talk about the pros and cons.

This doesn't happen because you're in the lower portion of your peer group.  If you accept it that's great, if you turn it down that's great too--but you probably won't get another chance.

The job (of financial adivsior) never changes?  Drivel.

The goal is to get an "annuitized" book and do almost nothing except collect trails and hold hands.  Everybody talks about getting their practice to the point that they can show up when they want to.....that is not a job involving a lot of things happening.

Managers are smarter (presumably as opposed to political opportunists trying to a$$-crawl their way to respect at the country club) than those they "manage"?  Balderdash.

It doesn't take a lot of "smarts" to explain mutual funds.  Remember you're not talking to a guy who doesn't know what the business is all about.  Your day to day is spent trying to find somebody who will listen to you about a portfolio of mutual funds.

You live in fear that somebody else will find them and give them a different spin on whatever mutual funds they are currently in.

Hell, there's an entire thread going (again) about how unimportant a formal education is to do the job.  As the saying goes, "We're not talking rocket science."

Who really gives sh!t BEF? I can think  of many managers I’ve had
as a banker and broker that absolutely  sucked. They got their
jobs because they kissed up and would do  whatever their boss told
them too. Not because of smarts, capablities, etc.  These guys
(and girls) were routinely despised because of their lack of talent,
character and original thoughts. The good managers I’ve had have been
the exception not the norm. Overall I would say it was 40% bad, 20%
good and the rest a non factor.

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BEF,

Of course you need managers.  You just don't need managers that train people how to fail.  Having a menotring program would be much more effective.  Have someone that is actually successful teach newbies how to be successful.  What an idea, instead you have the blind leading the blind. 

If you think retail brokerage is not profitable your a moron.  It might not be the only profit center, but they don't do it for fun.

[quote=no idea]Who really gives sh!t BEF? I can think  of many managers I've had as a banker and broker that absolutely  sucked. They got their jobs because they kissed up and would do  whatever their boss told them too. Not because of smarts, capablities, etc.  These guys (and girls) were routinely despised because of their lack of talent, character and original thoughts. The good managers I've had have been the exception not the norm. Overall I would say it was 40% bad, 20% good and the rest a non factor.
 <!-- var SymRealOnLoad; var SymReal;

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Ran out of anger management pills on the weekend.  What a bummer.

How many managers have you had if you can break them down to 20% good, 40% bad and 40% irrrelevant.  It needs to be a multiple of five in order to hit those numbers--so was it five, ten, fifteen?

Sounds to me like yoy're a job hopper if you've worked for that many people--probably you're the problem, not them.

BEF, you seem like an angry little man who simply can't emotionally deal with your fall from mediocrity.

[quote=bankrep1]

BEF,

Of course you need managers.  You just don't need managers that train people how to fail.  Having a menotring program would be much more effective.  Have someone that is actually successful teach newbies how to be successful.  What an idea, instead you have the blind leading the blind. 

If you think retail brokerage is not profitable your a moron.  It might not be the only profit center, but they don't do it for fun.

[/quote]

I did not say it was not profitable, many branches are, but there are a lot of branches htat are marginal at best and others are loss leaders, maintained for a variety of reasons--not the least of which is in order to be a presence in a community where there might be some corporate or municipal finance business to be had.

My thesis is that there is not a full service brokerage firm that would mind a bit if the retail side went the way of the buggy whip. Consequently it's nonsensical to think that a retail broker is the bread and butter of the firm.

If Merrill shuttered every retail branch in the country next week the firm would continue as an investment banker, wealth manager, clearing firm, and institutional broker.

The stock would probably soar in value.

You might be right, Put, but an investment banker is NOT a company manager, a wealth manager is NOT a company manager, an institutional manager is NOT a company manager and there would be no need for most of the clearing folks in the absence of retail business.

You've refuted your own nonsense.  As usual.

[quote=Starka]

You might be right, Put, but an investment banker is NOT a company manager, a wealth manager is NOT a company manager, an institutional manager is NOT a company manager and there would be no need for most of the clearing folks in the absence of retail business.

You've refuted your own nonsense.  As usual.

[/quote]

Refuted in what way?

Investment banking requires management.  Wealth management groups require group Vice Presidents.  Institutional brokerage has layers of management responsibility.

I forgot proprietary trading desks--lots of supervision there.

As for the comment about clearing.  Are you saying that only retail trades are cleared?

How about stock loan?  Would Merrill need stock loan if the retail side closed up next week?

Why do you suppose that Legg Mason and Smith Barney worked out their deal?  Chip Mason is no dumm--and Legg had a pretty respectable retail side.  Why did Legg let it go if it's such a big deal?

Whose next? Do you think Wachovia might sell its retail branches and keep the indy side?  Perhaps they'll sell them both and keep the banking side?

Is First Clearing contributing enough to the bottom line at Wachovia or should it be spun off to somebody else?

It's your flawed logic laughing boy, not mine.

You seem to get confused regarding the difference between knowing how to do a job, and managing people who know how to do their jobs.  That's probably why you're now unemployed.

[quote=Starka]

It's your flawed logic laughing boy, not mine.

You seem to get confused regarding the difference between knowing how to do a job, and managing people who know how to do their jobs.  That's probably why you're now unemployed.

[/quote]

Nah, I'm unemployed because I'm 61 years old and had 35 years of service.

You may not believe this, but we don't live forever.  There's a big world out there.  I've seen a lot of it and I hope to see the rest before I can no longer appreciate it.

You get it, right Starka?  I'm doing what your clients hoped to do before them ran into you.

Unlike you Put, I'll work as long as a) I'm physically able, and b) I can be of service to my clients.

You see sonny, I've already seen much of the world and I've learned that what you own and what you do for yourself are completely self-serving, hence unimportant.  What you do for others matters.  And if I can make a good living doing it, so much the better.  Clearly, you are impervious to those kinds moral teachings.

Therein endeth the lesson.

[quote=Starka]

Unlike you Put, I'll work as long as a) I'm physically able, and b) I can be of service to my clients.

You see sonny, I've already seen much of the world and I've learned that what you own and what you do for yourself are completely self-serving, hence unimportant.  What you do for others matters.  And if I can make a good living doing it, so much the better.  Clearly, you are impervious to those kinds moral teachings.

Therein endeth the lesson.

[/quote]

Isn't the internet a great place, the sleazest penny broker in town can appear to be a priest.

[quote=Big Easy Flood][quote=Starka]

Unlike you Put, I'll work as long as a) I'm physically able, and b) I can be of service to my clients.

You see sonny, I've already seen much of the world and I've learned that what you own and what you do for yourself are completely self-serving, hence unimportant.  What you do for others matters.  And if I can make a good living doing it, so much the better.  Clearly, you are impervious to those kinds moral teachings.

Therein endeth the lesson.

[/quote]

Isn't the internet a great place, the sleazest penny broker in town can appear to be a priest.

[/quote]

Ah, yes.  The hubris of the defeated.

[quote=Starka]

Unlike you Put, I'll work as long as a) I'm physically able, and b) I can be of service to my clients.

[/quote]

Let's hire this guy as our retirement advisor.  His idea is to work until he dies.

That's what happens when you don't plan Starka.  If you do it right you can quit when you're 60 or so before it's too late.

If you really do it right you can quit when  you're even younger.

You still don't get it, Put, and I doubt that you ever will.

I don't WANT to retire.  I realize that it's an alien concept to someone as narrow as yourself, but I LIKE what I do.  You, on the other hand, seem to want to have more and do more, in the vain hope that someday someone will envy you, thus validating your meaningless existence.

Pathetic, actually.

[quote=Starka]

You still don't get it, Put, and I doubt that you ever will.

I don't WANT to retire.  I realize that it's an alien concept to someone as narrow as yourself, but I LIKE what I do.  You, on the other hand, seem to want to have more and do more, in the vain hope that someday someone will envy you, thus validating your meaningless existence.

Pathetic, actually.

[/quote]

Do you not feel that you can find anything you'd like to do more than push variable annuities on older people?

Or whatever you do.

Nobody loved their job more than I did, but I love other things more.  I love arriving in a foreign city, getting an Avis car and going out to explore.

I love getting up in the early morning and taking a walk on a beach, or a mountain trail.

I think it's sad that you don't have anything better to do than con little old ladies into buying unsuitable investments for the rest of your life.

Once again, the hubris of the defeated.

Well, I tell you what- If I have a choice of hiring someone who just finished four years of College and someone who just finished four years in the Military, I'll take the Military training anyday.

Any branch of the service can teach a young person more in six weeks than any college can in four years...

[quote=Starka]Once again, the hubris of the defeated.[/quote]

Defeated?

You're the sad sack who says that all you can think of to do with the rest of your life is work?

Your entire reason for being here is to help people figure out how to quit and enjoy the rest of their life as early as possible.

And you can't even figure out how to do it for yourself.

Certainly does not breed a lot of confidence.  I can tell you, if I were your client and I asked, 'So Staka, what do you plan to do when you retire?" I would not want to hear any version of "I don't want to retire."

It reeks of meaning, "I cannot retire."

[quote=munytalks]

Well, I tell you what- If I have a choice of hiring someone who just finished four years of College and someone who just finished four years in the Military, I'll take the Military training anyday.

Any branch of the service can teach a young person more in six weeks than any college can in four years...

[/quote]

More what?  How to follow orders?  Sure.

But where in the military do they teach you to write a business letter?

It's crazy talk to suggest that four years in the military will prepare an adult American for a lifetime more than four years in college.

[quote=Big Easy Flood]

[quote=Starka]Once again, the hubris of the defeated.[/quote]

Defeated?

You're the sad sack who says that all you can think of to do with the rest of your life is work?

Your entire reason for being here is to help people figure out how to quit and enjoy the rest of their life as early as possible.

And you can't even figure out how to do it for yourself.

Certainly does not breed a lot of confidence.  I can tell you, if I were your client and I asked, 'So Staka, what do you plan to do when you retire?" I would not want to hear any version of "I don't want to retire."

It reeks of meaning, "I cannot retire."[/quote]

Put, you're wrong on this one.  Starka and I have a similar love for the calling known as investment management.  I often tell clients who ask, that as long as I am phyically and mentally able, I intend to do just what I do now, albeit on a more limited schedule.  I tell them to not be surprised if I'm still doing this at 80 (I'm just a bit over halfway there now).  Clients (and prospects, for that matter) eat this up.  They love the idea of being able to work with the same adviser for another 40 years without having to go out and interview an unknown person to handle their life's work.

I don't buy it the fact that all people who are able to, want to fully retire.  A few (mostly those who don't enjoy their jobs) do, but I have many clients who have retired, and then turned around and went right back to work because they missed it.  These are clients who absolutely do not have to work...they are fully funded.  Sure, some of them went back to work in a different career...something they'd long dreamed about but hesitated to do because their old job paid better, but the fact remains, MANY retirees continue to work because they WANT to.  If you don't believe that, go pick up the April 2006 issue of Smart Money and read the article called "Retire Happy" starting on page 65.  Here's a direct quote from it...

"In a 2005 survey by Merrill Lynch, 76% of boomers said that their ideal plan for retirement included staying in the workforce." (emphasis is mine)

Put, do you honestly think that all of these Merrill clients have to work into retirement?!!  If so, that wouldn't speak very well of Merrill's ability to grow a nest egg.  Clearly, these folks are looking to stay busy for the sheer satisfaction of it...NOT financial necessity.

It's time for you to wave the white flag on this argument and move on to something where you have some solid ground...

[quote=Big Easy Flood]Why do you suppose that Legg Mason and Smith Barney worked out their deal?  Chip Mason is no dumm--and Legg had a pretty respectable retail side.  Why did Legg let it go if it's such a big deal?[/quote]

Why did SB pick it up if it's such a turd?

[quote=Big Easy Flood]Nobody loved their job more than I did, but I love other things more.  I love arriving in a foreign city, getting an Avis car and going out to explore.

I love getting up in the early morning and taking a walk on a beach, or a mountain trail.[/quote]

And that's why you spend so much time posting here, right? 

[quote=lawsucks]

[quote=Big Easy Flood]Why do you suppose that Legg Mason and Smith Barney worked out their deal?  Chip Mason is no dumm--and Legg had a pretty respectable retail side.  Why did Legg let it go if it's such a big deal?[/quote]

Why did SB pick it up if it's such a turd?

[/quote]

There was an article about this, they are both trying to remove conflicts of interest.   If you want to read about it:

http://registeredrep.com/news/legg-mason-rebrand/index.html

Hey, why's everyone taking so many shots at each other?  It's really petty, and drives away people that might really benefit themselves and the rest of us.

Anyways, on coaching, I haven't had that much coaching anyways, but I'm way ahead of my goals (mostly because I brought in a book I had already started as an independent, but I also have new business.)

Our office is set up with a compliance guy, a new hire coach, a sales manager, a complex manager, and a operations/client relations manager. 

Anyways, I'm not looking to our sales manager for a lot of leadership.  My new hire coach is supposed to be providing leadership, but he's in an office like an hour away, and I never really hear from him.  I'm guessing that's a good thing.

Ace

[quote=Big Easy Flood]

[quote=Starka]Once again, the hubris of the defeated.[/quote]

Defeated?

You're the sad sack who says that all you can think of to do with the rest of your life is work?

Your entire reason for being here is to help people figure out how to quit and enjoy the rest of their life as early as possible.

And you can't even figure out how to do it for yourself.

Certainly does not breed a lot of confidence.  I can tell you, if I were your client and I asked, 'So Staka, what do you plan to do when you retire?" I would not want to hear any version of "I don't want to retire."

It reeks of meaning, "I cannot retire."

[quote=Big Easy Flood][quote=Starka]

It's your flawed logic laughing boy, not mine.

You seem to get confused regarding the difference between knowing how to do a job, and managing people who know how to do their jobs.  That's probably why you're now unemployed.

[/quote]

Nah, I'm unemployed because I'm 61 years old and had 35 years of service.

You may not believe this, but we don't live forever.  There's a big world out there.  I've seen a lot of it and I hope to see the rest before I can no longer appreciate it.

You get it, right Starka?  I'm doing what your clients hoped to do before them ran into you.

[quote=joedabrkr]
Truthfully, considering your arrogance I am surprised you can appreciate ANYTHING that doesn't center around YOU>
[/quote]

For the young people who read this forum.

The world is filled with guys like Joe. They're angry all the time, and what really drives them crazy is for somebody who is not a failure to point out that success is possible.

Do you suppose that if Joe was succesful he'd be railing against my stories--or would he be telling stories of his own?

Does he take you for a fool with his, "I'm doing what I love and don't intend to retire" nonsense?  This is a business that exists because human beings want to retire as early as possible.

Regardless of what you do, you're an idiot of there are not things you would want to do more.

Watch the TV commercials--somebody's talks about a guy who wants to retire early so he can teach in an inner city school.  Others talk about wanting to retire early so they can travel.  Another has a couple wanting to retire early so that they can buy a Llama farm.

The list is endless.  The only reason anybody declares that they don't want to retire is because they know they cannot retire. Why in the world would a prospect want to do business with a financial advisor who doesn't understand such basic human motivations?

Hey Put, you're the one selling his life's treasures on eBay.

By the way, say hi to the General for me.  You know.  Dad.  Your old meal ticket.

[quote=Starka]

Hey Put, you're the one selling his life's treasures on eBay.

By the way, say hi to the General for me.  You know.  Dad.  Your old meal ticket.

[/quote]

Envy is such a sad emotion--it eats at your soul.

Jealous???  Of something like YOU??????!!!  You really are quite droll!

At any rate, I've already retired once.  I didn't care for retirement, trying to fill my days with what amounted to meaningless activity.  (Of couse, this wouldn't be your problem, Put.  You've been meaningless for your entire life, so you're used to it.)  So I started on a second career.

Hey!  Since this all happened years ago, I guess by your reasoning I'm a better saver and retirement planner than the mighty Put!

[quote=Starka]

Jealous???  Of something like YOU??????!!!  You really are quite droll!

At any rate, I've already retired once.  I didn't care for retirement, trying to fill my days with what amounted to meaningless activity.  (Of couse, this wouldn't be your problem, Put.  You've been meaningless for your entire life, so you're used to it.)  So I started on a second career.

Hey!  Since this all happened years ago, I guess by your reasoning I'm a better saver and retirement planner than the mighty Put!

[/quote]

If that were true you would have mentioned it when the thread first started.

What has happened is you are scrambling to invent a story to spin your "I plan to work till I die" statement of yesterday into something that is not incrediblly negative.

Doesn't wash Starka.  You're stuck with the image of a "failed planner" who is not even able to retire yourself.

Yesterday you painted yourself in the cloak of a saintly figure--doing good for you clients while enjoying yourself, blah, blah, blah.

If you're retired from your first career why did you not become an inner city teacher?  Or why don't you run a camp for kids who have incurable diseases?

I've only been retired for a few months--since late March.  But a guy like you, what with all that compassion, should have been able to find lots of things to do that would "do good" more than shoving variable annuities down widow's throats.

Why did you not do something meaningful with your life?

[quote=Big Easy Flood]

[quote=joedabrkr]
Truthfully, considering your arrogance I am surprised you can appreciate ANYTHING that doesn’t center around YOU>
[/quote]

For the young people who read this forum.

The world is filled with guys like Joe. They're angry all the time, and what really drives them crazy is for somebody who is not a failure to point out that success is possible.

Do you suppose that if Joe was succesful he'd be railing against my stories--or would he be telling stories of his own?

Does he take you for a fool with his, "I'm doing what I love and don't intend to retire" nonsense?  This is a business that exists because human beings want to retire as early as possible.

Regardless of what you do, you're an idiot of there are not things you would want to do more.

Watch the TV commercials--somebody's talks about a guy who wants to retire early so he can teach in an inner city school.  Others talk about wanting to retire early so they can travel.  Another has a couple wanting to retire early so that they can buy a Llama farm.

The list is endless.  The only reason anybody declares that they don't want to retire is because they know they cannot retire. Why in the world would a prospect want to do business with a financial advisor who doesn't understand such basic human motivations?

[quote=joedabrkr]

Not succesful?  How would you know?  Suffice it to say I live well within my means, and yet those means include owning a home on the grounds of the country club I recently joined.  Hardly the province of a 'failed planner'.  Starka, by the way, is considerably more successful than I financially, but you can continue to believe whatever you want. 

[/quote]

How do you know how successful Starka is?  Because he says so on this forum?  Why do you believe him, but not others?

Do you grasp the concept that anything can be said on this forum, anything at all.  And those of us who read it can draw whatever conclusions we care to draw from the word pictures you paint.

For example I no more believe that you own a home on a country club that you belong to than I believe you can fly.

What I believe is that is what you wish you did, that is where you wish you were.

Let me explain why I conclude that.

You have been "indy" for a few months.  You relocted when you failed at UBS to get away from the shame of it as well as to truly start over.

Even you would not venture out into the great unknown of going Indy and all the expenses that it involves while also biting off a country club membership not to mention a mortgage on a golf course house.

You see Joe, every time you try to sneer at me you paint yourself as a failed planner.

If I was your client and I was starting a new business would you advise me to join a country club and buy an expensive home--or would your advice be to take it slow for a year or two to see just how much I could afford in my new business?

Are there any young reps out there that feel like they are without a
mentor? That they don’t get the hand holding they need to take their
book to the next level.  I would think it would be a little
disheartening to see some big shot come in with million dollar book and
nice signing bonus while you’re sitting at your desk trying to figure
out how to get to the $500,000 level.

[quote=mrgrinch77]Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level. [/quote]

It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.

Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.

Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.

What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.

Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.

The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.

[quote=Big Easy Flood]

[quote=joedabrkr]

Not succesful?  How would you know?  Suffice it to say I live well within my means, and yet those means include owning a home on the grounds of the country club I recently joined.  Hardly the province of a 'failed planner'.  Starka, by the way, is considerably more successful than I financially, but you can continue to believe whatever you want. 

[/quote]

How do you know how successful Starka is?  Because he says so on this forum?  Why do you believe him, but not others?

Do you grasp the concept that anything can be said on this forum, anything at all.  And those of us who read it can draw whatever conclusions we care to draw from the word pictures you paint.

For example I no more believe that you own a home on a country club that you belong to than I believe you can fly.

What I believe is that is what you wish you did, that is where you wish you were.

Let me explain why I conclude that.

You have been "indy" for a few months.  You relocted when you failed at UBS to get away from the shame of it as well as to truly start over.

Even you would not venture out into the great unknown of going Indy and all the expenses that it involves while also biting off a country club membership not to mention a mortgage on a golf course house.

You see Joe, every time you try to sneer at me you paint yourself as a failed planner.

If I was your client and I was starting a new business would you advise me to join a country club and buy an expensive home--or would your advice be to take it slow for a year or two to see just how much I could afford in my new business?

[quote=Big Easy Flood]

[quote=mrgrinch77]Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level. [/quote]

It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.

Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.

Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.

What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.

Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.

The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.[/quote]

A useful post from ol' Put...these are the reason I'm glad you made a comeback...but you're still wrong on the retirement issue...go back and re-read my post on page five...I'm still waiting for your rejoinder...

[quote=Indyone][quote=Big Easy Flood]

[quote=mrgrinch77]Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level. [/quote]

It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.

Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.

Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.

What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.

Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.

The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.[/quote]

A useful post from ol' Put...these are the reason I'm glad you made a comeback...but you're still wrong on the retirement issue...go back and re-read my post on page five...I'm still waiting for your rejoinder...

[quote=Indyone][quote=Big Easy Flood]

[quote=mrgrinch77]Are there any young reps out there that feel like they are without a mentor? That they don't get the hand holding they need to take their book to the next level.  I would think it would be a little disheartening to see some big shot come in with million dollar book and nice signing bonus while you're sitting at your desk trying to figure out how to get to the $500,000 level. [/quote]

It is disheartening, and it's a problem as old as time that is dealt with by those leeches called managers.

Firms with formal "mentor" programs find that they work wonders on paper, but when put into practice there are a zillion reasons why they fail.

Suppose you were mentoring me.  You're probably not a teacher by training, and you're probably also an achiever, so it is quite likely that you will become a combination of bored and irritated by just about everything I do and I don't do.  Our relationship is not going to last long--even though we both hope it would.

What about your manager?  Another reality is that they are often distracted by lots of things that are far more pressing--they really are--than what the new kid has on his mind.  All too often they'll be abrupt and dismissive which sends a signal they don't mean to send, but they send it in spite of themselves.

Everybody who ever made it made it pretty much on their own--trial and error, nose against the grindstone stuff.  Watch what goes on around you, if somebody seems to be firing on all cylinders ask them if you can buy them a drink after work and chat about it.  You'll find that a producer who is being flattered is far more interesting in offering advice than a manager or mentor might be because there is no flattery there, it's part of their job, and you're not doing what they suggest.

The cold, unvarnished, reality is that this is a business that rewards "self starters" and that concept goes all the way back to day one.[/quote]

A useful post from ol' Put...these are the reason I'm glad you made a comeback...but you're still wrong on the retirement issue...go back and re-read my post on page five...I'm still waiting for your rejoinder...

[quote=joedabrkr]

So, conclude away my friend.  I'm going back to work so I have time to get to the club tomorrow.


[/quote]

Joe, you failed to state that you actually quit your job at UBS, went out on your own with LPL that suggests you be very careful with your expenses, moved to another city.

And then against all common sense actually bought a membership in a country club--thousands of dollars--and bought a home on the golf course for hundreds of thousands of dollars?

Is that the kind of advisor you are?

I ask again, if I were your client would you advise me that the thing to do when I am starting over again, on my own, would be to bite off a big mortage and spend a hell of a lot of my liquidity on a country club initiation fee?

Is that what you advise me to do?

you all really could be a lot more civil to one another, and try to reserve these boards for actually informative content. The bickering and one-upping is quite tedious.

[quote=broker-editor]you all really could be a lot more civil to one another, and try to reserve these boards for actually informative content. The bickering and one-upping is quite tedious. [/quote]

Yes I agree.

Sadly not everyone sees things that way.  They insist on provoking others.

[quote=Big Easy Flood]

[quote=joedabrkr]

So, conclude away my friend.  I'm going back to work so I have time to get to the club tomorrow.


[/quote]

Joe, you failed to state that you actually quit your job at UBS, went out on your own with LPL that suggests you be very careful with your expenses, moved to another city.

And then against all common sense actually bought a membership in a country club--thousands of dollars--and bought a home on the golf course for hundreds of thousands of dollars?

Is that the kind of advisor you are?

I ask again, if I were your client would you advise me that the thing to do when I am starting over again, on my own, would be to bite off a big mortage and spend a hell of a lot of my liquidity on a country club initiation fee?

Is that what you advise me to do?

[quote=Indyone]

Put, do you honestly think that all of these Merrill clients have to work into retirement?!!  If so, that wouldn't speak very well of Merrill's ability to grow a nest egg.  Clearly, these folks are looking to stay busy for the sheer satisfaction of it...NOT financial necessity.

It's time for you to wave the white flag on this argument and move on to something where you have some solid ground...

[/quote]

As Joe has decided I am not Put, I may be Rick, or I might be anybody.  But I can discuss this.

First in the entire piece you mentioned that the inability to retire certainly doesn't speak well for Merrill's ability to grow assets.

That, of course, is specious.  A whole hell of a lot of people who are facing retirement are finding that they don't have enough money because they didn't start to save early enough and/or they thought that having $50 per paycheck sent to Vanguard was going to secure their future.

I am a member of the generation, on the leading edge.  A great many of my peers started thinking about our savings when the $2,000 deduction for an IRA became available.  In those days a broker could sit down with a prospect and say, "Look at this spread sheet.  If you put $2,000 per year into an IRA and it grows at 20% per year by the time you're 60 you'll have eleventy million dollars, which will generate a huge monthly retirement income for you."

The prospect would say, "Yeah but that's at 20%.  Let's be more realistic, what would happen if I only average 15% without taking any risk?"

Now, twenty-five years later we--including me--are dealing with accounts that have far less than value than we anticipated them having.  Thankfully we have defined benefit pension plans, but a great many of us are going to have to work to earn the money that we thought we'd be getting as interest on our 15% tax free bonds.

The article in Money is simply the latest in a series of them over the last ten years or so.  Wall Street is partially orchestrating the theme.

The brokerage firms are faced with a situation where there is a coming time bomb of angry boomers who don't have what we thought we should have.  There are millions of us who were led to believe, back in 1975, that if we put our $2,000 per year aside by the time we were in our sixties we'd have all that money.  As mentioned it aint there.

So, through organizations such as the PR side of the NASD and the SIA the concept of working in retirment is being presented as a wonderful thing to do.  If enough of us can be pursuaded that retirement is not all that it's cracked up to be there will be far fewer of us who will be pissed that we couldn't pay for our retirement if we want to.

In other words, what you're looking at is little more than paid advertising trying to pursuade people to not retire because they don't have enough money--after spending half a lifetime thinking they did because it was invested by Merrill Lynch.

My generation--those who are turning sixty in the next several years--are also children of the inflation era.  We were coming of age at a time when prices were running so fast that we actually thought if we didn't buy something now we'd never be able to afford it.  So we bit off HUGE mortgages figuring that we'd grow into them.  Some did, thankfully I did, but a lot didn't.

I have a very close friend who bought a $400,000 house in 1976.  His mortgage payment was about 65% of his take home pay.  I used to talk to him about putting $2,000 into an IRA and having a zillion dollars in 2006-but he could not afford it.  His house was his investment.

Well, there are a whole lot of baby boomers who are sitting on expensive homes, but there are far more of them than there are younger people who can afford to buy them.  There is going to come a day when my buddy, whose house is probably now worth $750,000 or so, will attempt to liquidate it.  I don't know for sure, but it wouldn't surprise me if he ends up with not much more than he paid for it.  Of course he lived there all those years, but strolling into retirement without a house and about $400,000 in cash is not a comforable place to be.

In your piece you said your clients "eat up" the idea of you staying in production till your eighty because of continuity.  I used to work with a guy who was close to 80.  If you walked into the bathroom and he was standing at a urinal you dare not speak to him because if you did he would turn towards you and pee all over your pants.  When you're 80 your clients won't want to deal with you.

It is human nature--a burning human desire--to stop working young.  Denying that reality does not paint any financial planner in a good light.

I have to admit the one about the 80 year old was a pretty darn funny mental picture!!

Is it possible that those IRA’s a re much smaller than folks expected because they were poorly invested by poorly trained brokers/salesmen at the “major firms”.  Maybe because they were too busy trying to sell proprietary funds and IPO’s that were most profitable for their organzation?  Hmmmmmm…Maybe because the so-called “major firm research” in 1999 failed to properly warn them of the risks built into technology stocks?

[quote=Big Easy Flood]

[quote=Indyone]

I have a very close friend who bought a $400,000 house in 1976. 

[/quote]

now you're the one making up stories--

we all know that equipped with your personality and ego, your only friend is your wife, and she's got to be heavily sedated on something--

[quote=joedabrkr]I have to admit the one about the 80 year old was a pretty darn funny mental picture!!

Is it possible that those IRA's a re much smaller than folks expected because they were poorly invested by poorly trained brokers/salesmen at the "major firms".  Maybe because they were too busy trying to sell proprietary funds and IPO's that were most profitable for their organzation?  Hmmmmmm.....Maybe because the so-called "major firm research" in 1999 failed to properly warn them of the risks built into technology stocks?
[/quote]

Joe, what about those is anything other than a whining excuse?

Why would a guy who comes from UBS want to talk about poorly trained wirehouse brokers?  Where is the training better than at a wirehouse?

Where is the gun that was held to your, or anbody else's, head when it comes to the nonsense of selling proprietary funds?  There are lots of brokers around the country with enough ethics to simply not sell something they didn't believe it.  Nobody makes a broker sell things the broker is not comfortable with.

As for the failed research. You have an ally in me on that count, but it's intellectually dishonest to blame everything on bad research.

[quote=Big Easy Flood]

[quote=joedabrkr]I have to admit the one about the 80 year old was a pretty darn funny mental picture!!

Is it possible that those IRA’s a re much smaller than folks expected because they were poorly invested by poorly trained brokers/salesmen at the “major firms”.  Maybe because they were too busy trying to sell proprietary funds and IPO’s that were most profitable for their organzation?  Hmmmmmm…Maybe because the so-called “major firm research” in 1999 failed to properly warn them of the risks built into technology stocks?
[/quote]

Joe, what about those is anything other than a whining excuse?

Why would a guy who comes from UBS want to talk about poorly trained wirehouse brokers?  Where is the training better than at a wirehouse?

Where is the gun that was held to your, or anbody else's, head when it comes to the nonsense of selling proprietary funds?  There are lots of brokers around the country with enough ethics to simply not sell something they didn't believe it.  Nobody makes a broker sell things the broker is not comfortable with.

As for the failed research. You have an ally in me on that count, but it's intellectually dishonest to blame everything on bad research.

[quote=joedabrkr]

I don't blame everything on the research, but it was a MAJOR failing on the part of the industry.  Nobody was willing to stick their necks out and risk giving up the big I-banking profits to be made.  Now as an industry we're still paying for that.  A major failure in integrity.

[/quote]

Were you not bright enough to conclude things like, "JDS Uniphase cannot have a liquidating value in excess General Motors (or whatever).

My point is that the tech bubble was so obvious that only a moron would have not taken most, if not all, of their money off the table.

The old saw that greed overcomes fear is true.

[quote=Big Easy Flood]

[quote=joedabrkr]

I don’t blame everything on the research, but it was a MAJOR failing on the part of the industry.  Nobody was willing to stick their necks out and risk giving up the big I-banking profits to be made.  Now as an industry we’re still paying for that.  A major failure in integrity.

[/quote]

Were you not bright enough to conclude things like, "JDS Uniphase cannot have a liquidating value in excess General Motors (or whatever).

My point is that the tech bubble was so obvious that only a moron would have not taken most, if not all, of their money off the table.

The old saw that greed overcomes fear is true.

[quote=joedabrkr]


Too, when Lucent dropped by 50% I thought maybe it was a bargain.  Little did I realize.

And then there's the overall loss of creditiblity for the industry and financial markets.

[/quote]

How big a loss can be suffered on 75 shares of Lucent?

How does changing from UBS to LPL cure "overall loss of credibility for the industry and financial markets?"

[quote=Big Easy Flood]

[quote=joedabrkr]


Too, when Lucent dropped by 50% I thought maybe it was a bargain.  Little did I realize.

And then there’s the overall loss of creditiblity for the industry and financial markets.

[/quote]

How big a loss can be suffered on 75 shares of Lucent?

How does changing from UBS to LPL cure "overall loss of credibility for the industry and financial markets?"

[quote=joedabrkr]

  Good try.

Folks like working with an 'independent professional' as opposed to a "salesman for UBS". ;-)

[/quote]

Ah, so the NYSE and NASDAQ have varying degrees of credibility based on who your broker works for.

Did the LPL version of the Dow go up today?

[quote=Big Easy Flood]

[quote=Indyone]

Put, do you honestly think that all of these Merrill clients have to work into retirement?!!  If so, that wouldn't speak very well of Merrill's ability to grow a nest egg.  Clearly, these folks are looking to stay busy for the sheer satisfaction of it...NOT financial necessity.

It's time for you to wave the white flag on this argument and move on to something where you have some solid ground...

[/quote]

As Joe has decided I am not Put, I may be Rick, or I might be anybody.  But I can discuss this.

First in the entire piece you mentioned that the inability to retire certainly doesn't speak well for Merrill's ability to grow assets.

That, of course, is specious.  A whole hell of a lot of people who are facing retirement are finding that they don't have enough money because they didn't start to save early enough and/or they thought that having $50 per paycheck sent to Vanguard was going to secure their future.[/quote]

hmmmmmm...I don't believe that Joe has decided anything of the kind, other than that you might have had other aliases.

The only specious argument made here is yours.  I wasn't implying that Merrill didn't do a good job of growing assets, I was asserting that plenty of relatively wealthy folks were looking forward to staying active in some working capacity during retirement.  Just because you deny it doesn't make it any less true.  Here in the corn belt, plenty of wealthy folks don't have any desire to travel in retirement.  Neither do they want to sit at home channel surfing their lives away.  Working in some capacity makes them feel useful and keeps them from getting bored.

Put, I promise that if I start pissing on other peoples' shoes, I'll sell my practice and hang it up.  Until then, my ideal of retirement will be very similar to 76% of Merrill clients.

Here in the corn belt, plenty of wealthy folks don't have any desire to travel in retirement.

Idiots.  The surest sign of stupidity is not wondering what is beyond the bend in the river or over the next hill.

[quote=Big Easy Flood]Here in the corn belt, plenty of wealthy folks don’t have any desire to travel in retirement.

Idiots.  The surest sign of stupidity is not wondering what is beyond the bend in the river or over the next hill.[/quote]

You're entitled to think that, but it sure is amazing what these "idiots" have amassed in their lifetimes.  Sure, they're relatively simple folks, but one of their strengths is doing what they do well, and hiring what they don't do well...which is where I come in...

[quote=Indyone]

You're entitled to think that, but it sure is amazing what these "idiots" have amassed in their lifetimes.  Sure, they're relatively simple folks, but one of their strengths is doing what they do well, and hiring what they don't do well...which is where I come in...

[/quote]

Those winking smile face things are childish.  Part of being clever is to not have to point to something and pronounce it as clever.

What I've always found to be curious, and amusing, is how the simpletons who live in fly over country will say stupid things like, "I have no desire to see New York" yet go absolutely "crazy" if they're on a game show and win a trip to Las Vegas.

I have never met anybody who said they had no desire to travel with an IQ above 80.  And I know that stupid people can gather significant assets in the value of their land.

I have no use for the "average man."  I am way above average and prefer to spend my time with those who are even farther above average than me--a man never learns from somebody who is less intelligent than he is.

[quote=Big Easy Flood]

[quote=Indyone]

You're entitled to think that, but it sure is amazing what these "idiots" have amassed in their lifetimes.  Sure, they're relatively simple folks, but one of their strengths is doing what they do well, and hiring what they don't do well...which is where I come in...

[/quote]

Those winking smile face things are childish.  Part of being clever is to not have to point to something and pronounce it as clever.

What I've always found to be curious, and amusing, is how the simpletons who live in fly over country will say stupid things like, "I have no desire to see New York" yet go absolutely "crazy" if they're on a game show and win a trip to Las Vegas.

I have never met anybody who said they had no desire to travel with an IQ above 80.  And I know that stupid people can gather significant assets in the value of their land.

I have no use for the "average man."  I am way above average and prefer to spend my time with those who are even farther above average than me--a man never learns from somebody who is less intelligent than he is.

[/quote]

I don't know why I will try this again- but if you REALLY believe that what you just wrote is true, and you live by this credo, Mr. BEF, then why do you spend so d*mn much time on this forum conversing with imbeciles- as you would declare them to be? Aren't you running the risk of getting stoopid?

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

[quote=munytalks]

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

[/quote]

Nope, a bright writer does not need those icon things, just like a bright writer of a screenplay does not need a laugh track.

If the audience does not know what you said was clever, it wasn't.

Okay, so what about the risk of getting stoopid?

Aren't you the least bit worried?

[quote=munytalks]

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

[/quote]

Actually I missed a golden opportunity to be clever by saying the icons are a cleaver--as in having all the grace of a meat cleaver.

As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...

Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...

This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

[quote=Rugby]

As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...

Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...

This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

[/quote]

Hey Rugby, have you found anything that I've posted to be worthy of you?

If you had an ignore button you'd miss lots of brilliance. Even Joe can say things worth reading, but I certainly do.

Just ask Indy.

[quote=Big Easy Flood][quote=Rugby]

As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...

Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...

This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

[/quote]

Hey Rugby, have you found anything that I've posted to be worthy of you?

If you had an ignore button you'd miss lots of brilliance. Even Joe can say things worth reading, but I certainly do.

Just ask Indy.

[quote=Big Easy Flood][quote=Rugby]

As a newbie to this forum..Its tough scanning posts that are debating non Reg. Rep. issues.  A suggestion if I may...

Could the site appoint some moderators to keep threads on topic and free of drivel?  Allso an ignore option for those of us who would rather not listen to to the off topic bickering of certain posters...

This is a good site, there is alot of good informative information here. Deleting some of the crap posts would make it better.

[/quote]

Hey Rugby, have you found anything that I've posted to be worthy of you?

If you had an ignore button you'd miss lots of brilliance. Even Joe can say things worth reading, but I certainly do.

Just ask Indy.[/quote]

Yes, occasionally you do, when you're not busy insulting us midwestern simpletons who like to add an occasional emoticon for emphasis...

We're not as think as you dumb we are...

Bef-

I was commenting on what is worthy of discussion in a B/D forum...

From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  

I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...

Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...

Thanks in advance,

Rugby

[quote=dude]

BEF....

How many heart attacks and strokes have you had yet, are you on your 3rd....4th yet?  It's laughable that you think we should eat up your rabbit droppings like chocolate when you make petty disparaging comments that are aimed at criticizing instead of helping.

Get a clue BEF noONE here thinks what you have to say is worth anything.  You are clearly miserable......I have yet to see you being positive.  Pathetic....really.

[/quote]

Why thank you sir.  There are still some gentlemen left in this world.  May you be blessed with a HUGE ACCOUNT today :)

No need for me to respond to that person.

I personally really like having a producing manager.  They stay up on things that you face everyday.  Just my opinion, but I like a guy who is in the fray.

Since we get GREAT support from our home office here, I feel well taken care of.

[quote=Rugby]

Bef-

I was commenting on what is worthy of discussion in a B/D forum...

From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  

I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...

Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...

Thanks in advance,

Rugby

[/quote]

I just sort them out by who lets you OWN your book and who lets you build your business the way you want to.  So, for regionals, I think Ray Jay and AGEdwards are the place to start and stay.

[quote=maybeeeeeeee]

I just sort them out by who lets you OWN your book and who lets you build your business the way you want to.  So, for regionals, I think Ray Jay and AGEdwards are the place to start and stay.

[/quote]

Is that an opinion based on your long tenure in the industry?

[quote=Rugby]

Bef-

I was commenting on what is worthy of discussion in a B/D forum...

From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  

I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...

Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...

Thanks in advance,

Rugby

[/quote]

Hi Rugby,

I  have not forgotten this request.  I'm about to go to the airport to pick up my brother in law so I"ll be out of pocket for awhile, perhaps the rest of the day.

What you're asking deserves more than a two sentence reply and I shall address it when my schedule has a hole in it.

[quote=Rugby]

Bef-

I was commenting on what is worthy of discussion in a B/D forum...

From a few of your posts it appears you are retired and enjoyed a successful career in fin. markets with part of it as a Manager of a major B/D.  Is that correct?  

I'm here because I am seeking some brilliant comments from industry vets....If you care to vent to on any of the following I'd appreciate and I'm sure I'm not the only one...

Which firm did you work in retail business?  Who do you think are the top (3) wirehouses are currently?  Top (3) Indys?   Care to give us a few words on the state of the industry currently and where you think it is going in the future...

Thanks in advance,

Rugby

[quote=Big Easy Flood]

[quote=munytalks]

And most people think the icons are cleaver. They are like an exclamation point, or other form of punctuation. The only reason you did not grow up with them is - again- your college degree was using information available at the time. Things change, progress and evolve. You should try it.

[/quote]

Actually I missed a golden opportunity to be clever by saying the icons are a cleaver--as in having all the grace of a meat cleaver.

[/quote]

AHA! See, my evil plan is working already! You missed this earlier-

I'm dumbing you down!!!  the more time you spend in here, the STOOPIDER you get!!

 I love these guys.

 to munytalks.

I bet your clients LOVE you.  Keep on truckin'