Why I need a career change

or Register to post new content in the forum

25 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jun 9, 2008 4:28 pm

Guy comes into my dealership in December and is $2000 upside down on his car. He's got no money down, he's on a fixed income and there's nothing wrong with his car he just wants another. I pull his credit and see he's in trouble. I go out and talk with the gentlemen, and sure enough the guy says he's on hard times and just wants out of that car. I tell him I can't help him and he gets mad, chews us out and leaves. February he's back in my store and his credit gets pulled again. He's been to every car dealership within 10-15 miles of here and no one has sold him a car. He buys one, we lose money on it, but it was one we needed to move. A week later he wants to bring it back (we can't take it back) and cusses me out, cusses the salesmen out, and cusses the sales anager out.  The sales manager removes him from the store. He comes back a week later and apologizes for his actions and cries in my office saying he new we did everything in our power to get him a car and it was wrong for him to cuss us.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


Should have been the end of the story. Well just a few minutes ago he brings in a finance manager and they sit down and proceed to tell me they are giving back the car, I never should have sold him and they don't know how I could sleep at night. The finance guy talks down to me the entire time saying, “I don't deal with you people because you do things like this." I explain to him that our job is to sell cars, NOT to give financial advice. This man had looked for a car for months before we sold him one, he's a grown man and didn't rush into this decision. The man says that may be put now he's got to turn it back in. I explain to him that he is financed through a bank and that he needs to take it up with the bank. They say ok, walk out and toss the keys on my secretary's desk.


 


Now I get to tell the loan officer, who is a friend of mine and the reason this deal got done, what this jackass did. Repos are a big deal to a bank and a hit on a stores reputation.


 


So short summary...


We tell this man he doesn't need to buy a car...He's pissed.


We sell this man a car...He's pissed.


I've been yelled at by this man three times, we lost money on the deal, and it ends up getting repoed.


 


Do you guys ever have customers like this jackass?


Jun 9, 2008 4:53 pm

No, we choose who we want to work with.  I would never waste a minute with someone like that, it's just not worth our time.

Jun 9, 2008 5:12 pm
River_King:

Guy comes into my dealership in December and is $2000 upside down on his car. He's got no money down, he's on a fixed income and there's nothing wrong with his car he just wants another. I pull his credit and see he's in trouble. I go out and talk with the gentlemen, and sure enough the guy says he's on hard times and just wants out of that car. I tell him I can't help him and he gets mad, chews us out and leaves. February he's back in my store and his credit gets pulled again. He's been to every car dealership within 10-15 miles of here and no one has sold him a car. He buys one, we lose money on it, but it was one we needed to move. A week later he wants to bring it back (we can't take it back) and cusses me out, cusses the salesmen out, and cusses the sales anager out.  The sales manager removes him from the store. He comes back a week later and apologizes for his actions and cries in my office saying he new we did everything in our power to get him a car and it was wrong for him to cuss us.


Should have been the end of the story. Well just a few minutes ago he brings in a finance manager and they sit down and proceed to tell me they are giving back the car, I never should have sold him and they don't know how I could sleep at night. The finance guy talks down to me the entire time saying, “I don't deal with you people because you do things like this." I explain to him that our job is to sell cars, NOT to give financial advice. This man had looked for a car for months before we sold him one, he's a grown man and didn't rush into this decision. The man says that may be put now he's got to turn it back in. I explain to him that he is financed through a bank and that he needs to take it up with the bank. They say ok, walk out and toss the keys on my secretary's desk.


 


Now I get to tell the loan officer, who is a friend of mine and the reason this deal got done, what this jackass did. Repos are a big deal to a bank and a hit on a stores reputation.


 


So short summary...


We tell this man he doesn't need to buy a car...He's pissed.


We sell this man a car...He's pissed.


I've been yelled at by this man three times, we lost money on the deal, and it ends up getting repoed.


 


Do you guys ever have customers like this jackass?




Don't confuse financial advisors with credit counselors.

Jun 9, 2008 5:15 pm
Ferris Bueller:

Mail him a brown package full of poop.  It will make you feel better.

Perfect. Thanks.
Jun 9, 2008 5:41 pm

Just understand that this man is part of the known universe. That we all will return to the clouds one day, just keep in mind that he and you may become a single drop of rain together, or a single snow flake atop the rockies, I'm just saying.

Jun 9, 2008 6:25 pm
saul4paul:

Just understand that this man is part of the known universe. That we all will return to the clouds one day, just keep in mind that he and you may become a single drop of rain together, or a single snow flake atop the rockies, I'm just saying.

 
Or part of a brown bag of poop.
Jun 9, 2008 7:52 pm

Inherited an account from a retiring broker.  Stock account with 9 positions.  2 are down, 4 have done well, 3 home runs.  Avg annual returns of 20+% overall.  Called him in for a get to know you.  He complains about the 2 down stocks the entire time.  Says if the previous broker had known what he was doing he never would have sold him those sh*t stocks.  First client I ever fired.

Jun 9, 2008 11:34 pm
Primo:

Inherited an account from a retiring broker.  Stock account with 9 positions.  2 are down, 4 have done well, 3 home runs.  Avg annual returns of 20+% overall.  Called him in for a get to know you.  He complains about the 2 down stocks the entire time.  Says if the previous broker had known what he was doing he never would have sold him those sh*t stocks.  First client I ever fired.

 
Isn't it unbelievable.  Good work. 
Jun 10, 2008 12:16 am
Jun 10, 2008 10:12 am

SNL, no.  He's not anywhere near that good.  MadTV, maybe. 

Jun 10, 2008 12:01 pm
Spaceman Spiff:

SNL, no.  He's not anywhere near that good.  MadTV, maybe. 

 Ouch.
Jun 10, 2008 2:25 pm

River - We have people like you described, but not that often.  I have a client that came to me last year right before the downturn started and invested about $100K.  His account isnt' down any more than anyone elses, in fact less than the S&P, but he thinks I am supposed to be able to save him from ANY downturns.  He figures if he invests with me he is NEVER going to lose any money.  He's threatened several times to move his money back to his 401K where he's investing 100% in Emerging Markets.  He said he moves it every two weeks to wherever is making the best money.  Genius. 




 
We deal with people and their money.  Money is as important to most people as their health, family, and faith.  Some of them don't have it in the right order.  So, if you make a career change, just know what you're getting yourself into.  On the same day you can be the savior or the court jester.  Just depends on the whims of your clients. 
Jun 10, 2008 4:10 pm
iceco1d:

Spiff,


I'd fire that prick. 
 
I'd put it in an annuity, wait a month, then fire him.
Jun 10, 2008 4:18 pm
iceco1d:

Spiff,


I'd fire that prick. 
 
Or put him in a VA with a GMAB.  He's guaranteed to never lose then.  Or an FIA.  Or a fixed annuity.  Or a CD.  Or a gov't bond. 
 
What's the big deal with giving him what he wants?
 
edit:  haha snags beat me to it!
Jun 10, 2008 4:45 pm

I moved some money to a commodity strategy fund for him.  He's made $700 in a week on $10,000.  Hopefully that will shut him up for a while.  His wife has all the real money anyway and she said he's just a loudmouth idiot who hasn't been working since January.  I think her exact words were "mouth breathing cracker." 





 
I know I probably shouldn't think this way, but I'd rather just ignore someone than fire them.  My thought is to get the trails on the AUM while I've got him and if he moves his money somewhere else, no big deal.   
Jun 10, 2008 6:41 pm

Yeah, but he is obviously hard to ignore, and will probably eat up your time more than you might think.

Jun 10, 2008 7:50 pm
Spaceman Spiff:

I moved some money to a commodity strategy fund for him.  He's made $700 in a week on $10,000.  Hopefully that will shut him up for a while.  His wife has all the real money anyway and she said he's just a loudmouth idiot who hasn't been working since January.  I think her exact words were "mouth breathing cracker." 





 
I know I probably shouldn't think this way, but I'd rather just ignore someone than fire them.  My thought is to get the trails on the AUM while I've got him and if he moves his money somewhere else, no big deal.   

_popupControl();

 
Ah...true love. 
 
If she has all the money and he is a mouth breathing cracker I assume he has some other redeeming qualities and 'endowments' .....like maybe... good at sex?  As long as he keeps his mouth closed that is.   Sheesh.
Jun 10, 2008 7:54 pm

[quote=Primo]Inherited an account from a retiring broker.  Stock account with 9 positions.  2 are down, 4 have done well, 3 home runs.  Avg annual returns of 20+% overall.  Called him in for a get to know you.  He complains about the 2 down stocks the entire time.  Says if the previous broker had known what he was doing he never would have sold him those sh*t stocks.  First client I ever fired.[/QUOTE]

 
There will be more, trust me.....
Jun 10, 2008 8:05 pm
doberman:

[quote=Primo]Inherited an account from a retiring broker.  Stock account with 9 positions.  2 are down, 4 have done well, 3 home runs.  Avg annual returns of 20+% overall.  Called him in for a get to know you.  He complains about the 2 down stocks the entire time.  Says if the previous broker had known what he was doing he never would have sold him those sh*t stocks.  First client I ever fired.[/QUOTE]

 
There will be more, trust me.....
 
He wasn't the only firing, just the first.  First firing was the only hard one, but damn it felt good.
Jun 10, 2008 8:08 pm
Spaceman Spiff:

River - We have people like you described, but not that often.  I have a client that came to me last year right before the downturn started and invested about $100K.  His account isnt' down any more than anyone elses, in fact less than the S&P, but he thinks I am supposed to be able to save him from ANY downturns.  He figures if he invests with me he is NEVER going to lose any money.  He's threatened several times to move his money back to his 401K where he's investing 100% in Emerging Markets.  He said he moves it every two weeks to wherever is making the best money.  Genius. 




 
 
This client is an arbitration waiting to happen. If there is a serious downturn in the market, your butt will be in a sling. Why? Because the client has already disclosed to you what he thinks you should do for him; i.e., "save him from any downturns". Either you convince him that is not possible or you fire him. To keep him as a client, with that mind frame, is inviting career and financial disaster.
 
As an opposing attorney, I would eat your lunch by disclosing that:
 - you knew he did not want to lose any principal,
 - you knew that wasn't possible with his current investments, and yet
 - you continued to leave him invested.
 
Get rid of him, NOW!