Best reason a client has given you for missing an

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Nov 18, 2009 1:08 pm

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I am sure we have all had clients cancel meetings at the last minute. I have never had an reason like this and hope to never again. Her house was on fire.

Nov 18, 2009 2:12 pm
JackBlack:

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I am sure we have all had clients cancel meetings at the last minute. I have never had an reason like this and hope to never again. Her house was on fire.

 
 
That's no excuse.
Nov 18, 2009 2:17 pm

I agree, that why I used the word reason.

Nov 18, 2009 2:38 pm

Cool.  Insurance money coming due. 

Nov 18, 2009 2:43 pm

Spaceman Spiff:

Yes that is true but all of it will go back into the house. The most important thing was every one is ok, both people and pets.
JackBlack
Nov 18, 2009 2:52 pm

Now's a good time to offer to help restore their lives.  Family and friends galore will be around to prospect.

Nov 18, 2009 3:04 pm
JackBlack:

Spaceman Spiff:

Yes that is true but all of it will go back into the house. The most important thing was every one is ok, both people and pets.
JackBlack
 
I know.  It was a small attempt at humor.  That's the twisted side of my brain.  It's the same part of my brain that hears "I lost my job" and I think "cool, rollover. " 
Nov 18, 2009 3:15 pm
JackBlack:

Spaceman Spiff:

Yes that is true but all of it will go back into the house. The most important thing was every one is ok, both people and pets.
JackBlack
 
Your sense of humor is a lot better when you're on film. 
 
I'd recommend to her to finance the entire new house except for maybe a 20-25% down payment.  Invest the rest of it, that way she'll get a great tax break on the mortgage interest and you can get a great break by bringing on more assets.  You can do this w/insurance money but not home equity money.  Everyone's a winner! 
Nov 18, 2009 3:22 pm

Will not work she bought the house this year with 20% down. The house was not totaled. They will rebuild it.

Nov 18, 2009 3:44 pm
JackBlack:

Will not work she bought the house this year with 20% down. The house was not totaled. They will rebuild it.

 
Boy, some people just have the worst luck. 
Nov 18, 2009 4:41 pm

Wet_Blanket:


LOL
JackBlack
Nov 18, 2009 5:20 pm

True story (sad) - Several years ago, husband/wife, he's retiring from local mill with decent 401k to roll and a small trad. d.b. pension.  Fill out rollover paperwork after he officially retires, money is in motion, solid income producing portfolio plan already worked out and agreed upon.  Money hits the rollover IRA, call the clients and set the final "put it in place" meeting for the next day.  Wife calls me the next morning, husband had an aortic aneurysm previous night, dead before he hits the floor.  Epilogue: Went forward with the plan as discussed, and she's been happy ever since, great client and source of referrals.

 
True story (funny, but maybe just a little sad) - Existing client, single female, unattractive, late 50's.  General review/rebalancing meeting set with her, and she doesn't show, doesn't call, etc.  My assistant brings me the local paper 2 days later and asks, "Did you see this?"
Shows me the Police Blotter section, and there's our client in one of those patented, 'I just got busted and am getting my mug shot made with my hair all jacked up on one side and my mascara dripping down my face' photos.  Turns out her "boyfriend" was a local union officer of some sort, and she had gotten access to the Local Whatever's checkbook and was happily engaging in some financial self actualization.  She's lucky she didn't end up at the sausage factory.  Needless to say, we were helping her fill out an IRA total distribution form a few weeks later.  She actually asked if "incarceration is a valid reason for pre-59 1/2 distributions."
Nov 18, 2009 8:30 pm

I've told this story before. It's good enough to tell again.

 
Back in my early years at Paine Webber a rookie broker in the boardroom had opened a big trader on a cold call. The guy sent in 25K and started trading options. The broker, knowing nothing about options, was out of her element. That's where I and a few others jumped in to help her. However, we didn't have to give her trading ideas because the client was telling her exactly what to buy and sell and when to do it. He was using some pretty interesting strategies, spreads and the like as well. Well, over the course of a few weeks he turns his 25K deposit into $125k. Now he wants margin. The broker is estatic over the commissions. The branch manager wants to to talk to the guy. He tries to call but no answer. He then instructs the broker to have the client call him. No call. The broker then tells the manager that the client will be home at such and such a time and to call then. Still, no answer. The manager is pissed. He instructs the broker to tell the client that unless he talks to him within the next 24 hours he's shutting down the account. The client then calls the manager directly. Mind you, this is long before the age of cell phones. The manager notes that there is a lot of background noise on the phone and says as much to the client. The client is very gruff with the manager. Tells him he's very busy flying around the country on business, in fact he's at the airport right now, doesn't have time for his corporate bullsh*t, if he doesn't want the business merril lynch does. The manager backs down, apologizes. The account is approved for margin. A short  time later, but the same day the manager receives a call from the FBI who asks if he knows anything about said client. The manager tells them in fact he had spoken to the client earlier that day and that the client was at the airport. The FBI informed the manager that the client's real name was James Lewis and that he was prisoner at the United States Penitentiary in Marion Illinois. The manager was shocked , no sh*t!. The manager asked what was going on. The FBI told him that lewis had already defrauded Merril Lynch out of a boat load of money and that you were next. The manager asked what Lewis was "in" for? The FBI agent told him that five years earlier, when the Tylenol killer was doing his thing Mr. lewis tried to extort 1 million dollars from Johnson and Johnson.
 
Shame, the guy was a good options trader. Lewis used his mother's Boston address to open the account and to wire in the original funds. The rookie broker quit and became a school teacher.
 
What's that know your client rule?
Nov 20, 2009 7:40 pm

2wheeled and Bond Guy...in addition to being my biker buds...you tell some great stories.  I love threads like these...

Nov 21, 2009 8:52 pm

he realized he could get the same if not better advice for a third of the cost at a discount firm . I told him i agreed with him and let him know that all of the so called major firms and big money center banks were crooks anyway and we just did what our upper management brainwashed us into doing in order to maintain our production to get out sucky payout.

Nov 24, 2009 7:42 pm
Lou:

he realized he could get the same if not better advice for a third of the cost at a discount firm . I told him i agreed with him and let him know that all of the so called major firms and big money center banks were crooks anyway and we just did what our upper management brainwashed us into doing in order to maintain our production to get out sucky payout.

 
Glad I don't live on your planet. If he truly can "get the same if not better advice for a third of the cost at a discount firm" AND "I told him i agreed with him and let him know that all of the so called major firms and big money center banks were crooks anyway and we just did what our upper management brainwashed us into doing in order to maintain our production to get out sucky payout"
 
I'm speechless at how little you value your profession and how little you understand those that do.