LEAST Favorite Clientele

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Jun 6, 2006 5:05 pm

This is something EVERYONE can comment on.....your least favorite client type!


Knew a top producer from Jones who couldn't do the "grammas & grampas" didn't have the patience for the hand-holding phone calls.


We don't care to deal with teachers or real estate agents. Our office is located in a uh rural area and have a strict rule that anyone who says, "the way I figger it" or "I was a thinkin" can NOT be a client.

Jun 6, 2006 5:10 pm

Poor people, definately poor people

Jun 6, 2006 5:13 pm
frumhere:

Poor people, definately poor people


 ok , right kind of defeats the purpose.

Jun 6, 2006 5:14 pm

the know it all types.


Had a client today say that they had the Frankling income fund for the last 10 years and it lost money for them. After going over the returns of the fund showing that statement to be wrong..."DONT CARE WHAT THAT SAYS...i LOST MONEY"


Also had someone show me a fidelity balanced portfolio that he was buying due to avg return of over 8% ( the chart was based on indices from 1926-2005,not the actual funds)HATE THE PIG HEADED KNOW IT ALLS

Jun 6, 2006 5:16 pm

My least favorite type of client is the one that thinks he/she knows more about investments than I do.  That kind of client gets shown my door before he/she becomes a client.

Jun 6, 2006 5:26 pm

Former Financial Advisors are the worst clients

Jun 6, 2006 5:44 pm

although former salesman are eeeeaaassssyyyy

Jun 6, 2006 5:59 pm

Engineers

Jun 6, 2006 6:31 pm

Retired professors of mechanical engineering.

Jun 6, 2006 6:45 pm

People who make unreasonable demands and watch their investments every day. For example. I have a client who brought 260K cash in 2002 and insisted he needed 34k income a year on a monthly basis and didn't want to take much risk!!!   We are talking a 13% to 15% return to get that much income without dipping into principle at some point. He wanted all bonds, cds or other "safe" investments. I literally had to force him to put some into growth and income mutual funds.  So after over 4 years of income (0ver $140K) we are down in the portfolio by 49K.   He called me practically every month to discuss the gains an losses in the portfolio.  He just can't understand why he is losing money


Geez ...guy WTF do you want from me? You want over a 15% return in the lowest interest rate environment we have had in 50 years and expect to get that on a gradually diminishing pool of money because you are sucking the principle up along with every penny of gain or income I can generate. While taking no risk.   aaaagh.  I should have cut him loose long ago.


I usually avoid teachers too because they have pr oven to me to be about the densest people on earth.  They don't think so of course.


Doctors have a God complex and they are difficult to deal with too.


Jun 6, 2006 10:32 pm

Engineers and do-it-yourself'ers (usually aka "know it all's")

Jun 6, 2006 10:55 pm
waterboy:

the know it all types.


Had a client today say that they had the Frankling income fund for the last 10 years and it lost money for them. After going over the returns of the fund showing that statement to be wrong..."DONT CARE WHAT THAT SAYS...i LOST MONEY"


Also had someone show me a fidelity balanced portfolio that he was buying due to avg return of over 8% ( the chart was based on indices from 1926-2005,not the actual funds)HATE THE PIG HEADED KNOW IT ALLS



I actually laughed out loud to this one!!!!



Jun 6, 2006 11:05 pm

The client that retires and has 100% of their 401k in company stock, and refuses to sell any of it, now matter what they are shown. 


Today I met w/ a prospect whom has 90% in Johnson Controls stock, she is 70, she said the stock has done 15% in the last few years and refuses to sell it.  I actually informed her it has averaged around 19% in the past 10 years (or 20 years, cant remember off hand) either way, I asked her what she wanted her money to do for her, she said, "not lose ANY of it!"  I asked her how she would feel about 10% decline, she said "I would freak out!!"  I recod she leave no more than 5% of nw in JCI, she said I was crazy.  I almost laughed right in front of her when she said, "Why would I sell any of it, all it does is go up."  90% in JCI and she won't move a penny.  I felt like shooting her right in my office.  I gave her examples of PG, JNJ, LU even the good ol Enron, showed her years where they declined a minimum of 30%, she said, "Well, JCI has never done this", anyways you all get my point.  I quit.

Jun 7, 2006 12:10 am
babbling looney:

People who make unreasonable demands and watch their investments every day. For example. I have a client who brought 260K cash in 2002 and insisted he needed 34k income a year on a monthly basis and didn't want to take much risk!!!   We are talking a 13% to 15% return to get that much income without dipping into principle at some point. He wanted all bonds, cds or other "safe" investments. I literally had to force him to put some into growth and income mutual funds.  So after over 4 years of income (0ver $140K) we are down in the portfolio by 49K.   He called me practically every month to discuss the gains an losses in the portfolio.  He just can't understand why he is losing money


Geez ...guy WTF do you want from me? You want over a 15% return in the lowest interest rate environment we have had in 50 years and expect to get that on a gradually diminishing pool of money because you are sucking the principle up along with every penny of gain or income I can generate. While taking no risk.   aaaagh.  I should have cut him loose long ago.


I usually avoid teachers too because they have pr oven to me to be about the densest people on earth.  They don't think so of course.


Doctors have a God complex and they are difficult to deal with too.




All due respect Babs(and you know I mean it), but you most likely made the mistake when you agreed to take him on as a client once you heard his expectations.  If you and he couldn't to some agreement with lower goals, you should have refused to open the account.  Let it be someone else's problem.

Jun 7, 2006 6:29 am

my general rule is, if i am sitting with a retiree and they have less money then i have @ 31, bye, bye.  not my fault. nothing has worked for you and since i am backed by deep pockets, i have arbitration written all over me ( i figure i am 31, 2 kids in private school, was dirt poor when i got married, have no family money, saving for kid's college and retirement and if you can't have me beat in terms of savings at the age of 60-whatever, I CAN"T HELP YOU)

Jun 7, 2006 7:55 am

If they don't have the minimum assets (household above $500K, or a referral link to sizeable assets elsewhere) a need for my services and a willingness to take my advice (that doesn't mean they have to do everything I recommend) there's no need to waste my time or theirs trying to work with them.

Jun 7, 2006 9:43 am

Ok Babs....you are right there is something worse than teachers.


Daily online watchers. = DAILY phone calls about why American Funds High Income Trust paid dividends twice then removed from my account, and why did my oil stocks go down today when the market was up, and why do I see the money transferring from cash to money market - I didn't want that money invested, the market was down 20 points today - I can't afford to loose anymore money.


Mike you are right too - the old rule at Jones was, "If they have a need and they know it or if they have the money to do something about it and are willing to take advice"


Attorneys are also bad in this capacity. Have a guy who b*tched about his former broker, how he hated him and how he wanted his money invested, yet transferred in cd's and when the last 4 came due - has not returned my rep's calls. Claims he wants money working, yet doesn't like mf's & can't decide on stock. ...He's gettin the big BUH-BYE this month.

Jun 7, 2006 9:44 am

I had a senile old man urinate on himself in my office last week. All in all I would have to say that is my least favorite clientele. He came in asking for someone who has not worked in our office for 2 years and though i was lying when I said she wasnt there any more. Weird experience.

Jun 7, 2006 10:28 am

I can't stand people who try to b.s. you that they know so much about investing then say stupid things like:


"So what's the interest rate on that mutual fund?"


"Those mutual funds can't go down can they?"


I also can't stand people who won't budge from their unreasonable expectations.   I.E. I met with a guy last month who had $480,000 to invest.  He wanted $55,000 / year income without touching the principal.  He didn't like what I had to say so he purchased some Mutual Funds from a broker up the street who ran a 10 year illustration with $50,000 / year withdrawals with a portfolio averaging 15% a year.


I'm still a rookie, but I'm not afraid to pass on bad business.




Jun 7, 2006 10:43 am

Small time accounts that always call and never give referrals.