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Feb 6, 2007 10:35 pm

I work this guy for weeks telling him to get with me so we can put a plan together, get him out of (in his case) needless stock selection and get into some asset allocation.


Guy comes in, we hit it off, i hear his story. He tells me he needs something to give him a tax break for retirement, I open a Roth and put him into A share putnum asset allocation. explained to him what happens the first few months with A shares fluctuation but long term, if he could pass the volatility, it should do well LONG TERM. he says he's in it for the long haul and he understands daily drops mean nothing!


i check his account today (5 weeks later).....HE LIQUIDATED THE WHOLE DAMN THING behind my back!


my weekly call to him comes early.


Me: "Cleint A, what's going on here?"


Client A: "3 weeks in this fund was already losing me money...i've been talking to two other FA's with two different firms and they both say they can put me in a mutual fund that won't lose money so I liquidated and am closing account and am moving with another one. it's not you, if he loses me money too i'll come back"


Me: "client A, i'm going to find the tallest building near me, climb it, and then jump off and hope i live through the fall to take another dive. you've just wasted so much of your money and my time that if things go sour with your new "financial advisor" (and they will) believe me when I say I will not be here to watch you come back to me and say "you were right". Your financial advisor, having not even opened an account for you yet, has lost you more money already than the dip your fund shares have seen in these past 3 weeks. goodluck."


i wanted to shoot myself...

Feb 6, 2007 10:52 pm

If these two other advisors are:


1.  Trying to make a living pilfering start-up Roth IRAs, and


2.  Guaranteeing against losses with mutual funds,


...it's doubtful they'll be in the business long.  Besides, cheer up...you got paid and some loser took a dumb@ss off your hands...


Feb 7, 2007 5:23 am
anabuhabkuss:

i wanted to shoot myself...





Some people have no business with money.


Feb 7, 2007 8:48 am
anabuhabkuss:

I work this guy for weeks telling him to get with me so we can put a plan together, get him out of (in his case) needless stock selection and get into some asset allocation.


Guy comes in, we hit it off, i hear his story. He tells me he needs something to give him a tax break for retirement, I open a Roth and put him into A share putnum asset allocation. explained to him what happens the first few months with A shares fluctuation but long term, if he could pass the volatility, it should do well LONG TERM. he says he's in it for the long haul and he understands daily drops mean nothing!


i check his account today (5 weeks later).....HE LIQUIDATED THE WHOLE DAMN THING behind my back!


my weekly call to him comes early.


Me: "Cleint A, what's going on here?"


Client A: "3 weeks in this fund was already losing me money...i've been talking to two other FA's with two different firms and they both say they can put me in a mutual fund that won't lose money so I liquidated and am closing account and am moving with another one. it's not you, if he loses me money too i'll come back"


Me: "client A, i'm going to find the tallest building near me, climb it, and then jump off and hope i live through the fall to take another dive. you've just wasted so much of your money and my time that if things go sour with your new "financial advisor" (and they will) believe me when I say I will not be here to watch you come back to me and say "you were right". Your financial advisor, having not even opened an account for you yet, has lost you more money already than the dip your fund shares have seen in these past 3 weeks. goodluck."


i wanted to shoot myself...



YOu spent weeks trying to get some piker to come in and open a Roth? Shame on you. Roth's are for poor people. Brokers who beg poor people to do business stay poor.

Feb 7, 2007 9:07 am

my weekly call to him comes early.


Maybe he liquidated so that he wouldn't have to hear from you every week.

Feb 7, 2007 11:07 am
anonymous:

my weekly call to him comes early.

Maybe he liquidated so that he wouldn't have to hear from you every week.


Good point...a weekly call is waaaaaay over the top and indicates to the client that you aren't busy (not a good message to send)...I missed that the first time...

Feb 7, 2007 7:26 pm

Haha.. thanks guys.