[quote=blarmston]

C'mon Datoo. You are jealous my life and my lifestyle.. You are jealous that I work my ass off during the week and am successful. You are jealous that I actually am relevant in the world today. You are jealous that I am financially secure and can do whatever I wish (maybe Vegas this weekend, maybe a trip to Santa Barbara with a lady friend for a couple days, maybe Scottsdale to party at ASU...)... You are jealous that I dont live retirement staring at a computer... You hate that you are no longer important. If oyu ever were at all...

Meanwhile, you live with your in-laws in some podunk town in GA... FUN...

[/quote]

You're kidding, right?  I've got a card in my pocket that will get me a free seat on Delta to any city in the world--first class if there is one available.

Tell me, how are you "relevant?"  If you were to be hit by a bus this afternoon would more than two or three people really give a damn? 

Think about this--if you died tonight how many people would show up at your funeral?

What qualifications do you have to be a "financial advisor?"  Do you have a degree?  Is it in portfolio management or something even remotely related to Wall Street?

Would you trust you to know what to do with $500,000?

Let me say that I've been around for years and I don't feel comfortable managing my own money--nor does anybody I know and we're a bunch of gray beards.

The idea that a kid who is still in his twenties thinks he even knows the questions--much less the answers--is laughable.

Would you trust you to know what to do with $500,000?

Yes.

Let me say that I've been around for years and I don't feel comfortable managing my own money--nor does anybody I know and we're a bunch of gray beards.

I thought you and your crowd were DIY'ers.  That very statement flies in the face of everything you said in the other thread.  Apparently, you could do fine on your own with no professional advice.

You're kidding, right?  I've got a card in my pocket that will get me a free seat on Delta to any city in the world--first class if there is one available.

Yet you stare at a computer all day, thinking fondly of the days when your life may have had some meaning.

You are truly a miserable old man...

[quote=the word]

Would you trust you to know what to do with $500,000?

Yes.

Let me say that I've been around for years and I don't feel comfortable managing my own money--nor does anybody I know and we're a bunch of gray beards.

I thought you and your crowd were DIY'ers.  That very statement flies in the face of everything you said in the other thread.  Apparently, you could do fine on your own with no professional advice.

[/quote]

I didn't say I wasn't a DIYer--what I said was I am not comfortable doing it.

The arrogance of youth allows those of your ilk to think that you know what you're doing.

You don't--the reality is that the best in this business are simply better guesses than the rest of us.

[quote=blarmston]

You're kidding, right?  I've got a card in my pocket that will get me a free seat on Delta to any city in the world--first class if there is one available.

Yet you stare at a computer all day, thinking fondly of the days when your life may have had some meaning.

You are truly a miserable old man...

[/quote]

We avoid travelling when everybody else is.  Europe is on vacation this month--we'd have to be crazy to be there now.

We hope to leave the week after Labor Day for a few weeks in Germany, Switzerland and Provence.  We're being held back by a very sick parent and a very sick dog so we're not sure if we'll be able to go or not.

What would you do if the SEC outlaws the idea of "financial advisors?"

I didn't say I wasn't a DIYer--what I said was I am not comfortable doing it.

So, you are not confident at doing something that could have major ramifications on your life, but yet seek no professional advice? 

"What qualifications do you have to be a "financial advisor?"  Do you have a degree?  Is it in portfolio management or something even remotely related to Wall Street?"

Do you ask every young guy on this board the same questions? Why should he give you his credentials and education. I gave you mine and that were very relevant to Wall Street and I didn't get a response.

"The arrogance of youth allows those of your ilk to think that you know what you're doing."

Do you really want to be that bitter old man that is angry at youth. Didn't you hate those guys when you were coming up through the ranks? If you want our respect why don't you give us our dues from time to time and we'll give you yours.

I don't understand if I had a 20K/mo pension and a frequent flier card I don't think I would stay the same place two nights in a row.

[quote=the word]

I didn't say I wasn't a DIYer--what I said was I am not comfortable doing it.

So, you are not confident at doing something that could have major ramifications on your life, but yet seek no professional advice? 

[/quote]

Exactly, and the reason is I have spent thirty years being deeply involved with the hiring of "financial advisors" at one of the nation's most premier of premier firms.

I firmly--as in FIRMLY--believe that less than 2% of those who have been hired since 1980 are good enough to retain in the business if it wasn't a "numbers game" of hiring fools to seek out greater fools as clients.

DAtoo- enjoy your trip to France with William’s hand in your pants.

[quote=DAtoo]Let me say that I've been around for years and I don't feel comfortable managing my own money--nor does anybody I know and we're a bunch of gray beards.[/quote]

Let's see, you claim you've been in financial services for 40 years, yet you aren't comfortable managing your OWN money?  That tells me ALL i need to know...........

Advisors bring NO VALUE and are incompetent, yet you PAY one yourself..........how ironic is that?? 

Putsy,

Let's see if I understand this correctly.  You hired people, yet you firmly--as in FIRMLY--believed that 98% of them would have failed if the business wasn't about seeking out greater fools as clients.

All this time, I just thought that you were a bitter old guy who made it into middle management.  Now I know that you're a bitter old man who made his money by hiring incompetent brokers to rip off foolish investors. 

I'm very curious.  How could you hire people knowing that 98% of them were going to be ripping people off?  Did you have a 30 year ethical lapse?

[quote=anonymous]

Putsy,

Let's see if I understand this correctly.  You hired people, yet you firmly--as in FIRMLY--believed that 98% of them would have failed if the business wasn't about seeking out greater fools as clients.

All this time, I just thought that you were a bitter old guy who made it into middle management.  Now I know that you're a bitter old man who made his money by hiring incompetent brokers to rip off foolish investors. 

I'm very curious.  How could you hire people knowing that 98% of them were going to be ripping people off?  Did you have a 30 year ethical lapse?[/quote]

[quote=anonymous]

Putsy,

Let's see if I understand this correctly.  You hired people, yet you firmly--as in FIRMLY--believed that 98% of them would have failed if the business wasn't about seeking out greater fools as clients.

All this time, I just thought that you were a bitter old guy who made it into middle management.  Now I know that you're a bitter old man who made his money by hiring incompetent brokers to rip off foolish investors. 

I'm very curious.  How could you hire people knowing that 98% of them were going to be ripping people off?  Did you have a 30 year ethical lapse?

[/quote]

Where did I say they would be ripping off clients?

You're an incompetent--are you ripping off clients?

What I said was that about 98% of those we were hiring were little more than bodies--cannon fodder for the cold call game.

We administered both personality and intelligence tests and tried our best to choose the most qualified.  The reality is that it's a sales career and very few bright guys and gals are attracted to sales careers.

Who among us has not heard a friend or parent tell us, "Well, you could always try sales" when we are coming to the realization that our grades and/or choice of majors were mistakes and made us essentially unemployable.

[quote=DAtoo][quote=anonymous]

Putsy,

Let's see if I understand this correctly.  You hired people, yet you firmly--as in FIRMLY--believed that 98% of them would have failed if the business wasn't about seeking out greater fools as clients.

All this time, I just thought that you were a bitter old guy who made it into middle management.  Now I know that you're a bitter old man who made his money by hiring incompetent brokers to rip off foolish investors. 

I'm very curious.  How could you hire people knowing that 98% of them were going to be ripping people off?  Did you have a 30 year ethical lapse?

[/quote]

Where did I say they would be ripping off clients?

You're an incompetent--are you ripping off clients?

What I said was that about 98% of those we were hiring were little more than bodies--cannon fodder for the cold call game.

We administered both personality and intelligence tests and tried our best to choose the most qualified.  The reality is that it's a sales career and very few bright guys and gals are attracted to sales careers.

Who among us has not heard a friend or parent tell us, "Well, you could always try sales" when we are coming to the realization that our grades and/or choice of majors were mistakes and made us essentially unemployable.

[/quote]

So you're admitting that you are/were "essentially unemployable."

[quote=DAtooWhere did I say they would be ripping off clients?[/quote]

Well, you SAID we all do, so that makes you part of the problem..........

[quote]You're an incompetent--are you ripping off clients?[/quote]

Again, your premise is that ALL brokers are ripping off their clients, so what's your point?

[quote]What I said was that about 98% of those we were hiring were little more than bodies--cannon fodder for the cold call game.[/quote]

That proves it.  You are WORSE than us because you hired THOUSANDS of unqualified "warm bodies"?  Nice, you ADDED to the problem............

[quote]The reality is that it's a sales career and very few bright guys and gals are attracted to sales careers.[/quote]

A LOT of CEO's rose to that position from the sales side of a corp.............

Where did I say they would be ripping off clients?

Ok, so they were seeking greater fools, but they weren't ripping them off.  If they weren't getting ripped off, how were they greater fools?

If all that you were doing was hiring cannon fodder, what sort of positive difference were you making?  I know that you'll argue to the contrary, but you sure are now coming off as not only a not too successful rep, but a failure as a recruiter.

[quote=pretzelhead]

So you're admitting that you are/were "essentially unemployable."

[/quote]

I was very well qualified for jobs that did not exist in sufficient quantity where I wanted to live.

I am not too proud to admit that I entered the sales game after knocking on a lot of doors that were not opening to me at the time.

I could have moved elsewhere, but I was in love with a flight attendant so I didn't.

If I could do it again the only thing I would change is I would have fallen in love with a girl who lived in my hometown instead of 1,000 miles away.

[quote=anonymous]

Where did I say they would be ripping off clients?

Ok, so they were seeking greater fools, but they weren't ripping them off.  If they weren't getting ripped off, how were they greater fools?

If all that you were doing was hiring cannon fodder, what sort of positive difference were you making?  I know that you'll argue to the contrary, but you sure are now coming off as not only a not too successful rep, but a failure as a recruiter.

[/quote]

I was never a recruiter, what I said was I was very involved in hiring decisions--much of my career was on a wirehouse regional staff and the even more on the home office branch supervision and administration side.

There was not a new hire anywhere in the country whose file did not cross my desk.  I could not veto a hire but I was certainly supposed to comment negatively if I thought a negative comment was in order.

Almost nobody goes to college with their ultimate goal being to become a stock broker or whatever the title du jour is. People who study portfolio management want to end up doing that and people with degrees in finance and economics see themselves becoming a host of things other than a commission driven sales person.

It's like insurance--there is nobody BUT NOBODY who walks across the stage to pick up their college diploma who is telling themselves, "This time next year I'll be selling life insurance.  I can't wait!"

[quote=DAtoo]

I was never a recruiter, what I said was I was very involved in hiring decisions–much of my career was on a wirehouse regional staff and the even more on the home office branch supervision and administration side.

Ok, so you’ve finally confirmed what I always suspected, that you spent much of your career sucking the corporate teat as useless overhead…

There was not a new hire anywhere in the country whose file did not cross my desk.  I could not veto a hire but I was certainly supposed to comment negatively if I thought a negative comment was in order.

Yes...and you've proven to us that you have very well-honed skills in that area.

Almost nobody goes to college with their ultimate goal being to become a stock broker or whatever the title du jour is. People who study portfolio management want to end up doing that and people with degrees in finance and economics see themselves becoming a host of things other than a commission driven sales person.

I wonder how many of those folks feel that way because they are AFRAID OF FAILURE.....much like you failed as a "commission driven sales person".

It's like insurance--there is nobody BUT NOBODY who walks across the stage to pick up their college diploma who is telling themselves, "This time next year I'll be selling life insurance.  I can't wait!"