Comical

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Sep 20, 2005 9:02 pm

Wanna see who your real friends are at your firm ??? Just leave. I recently left a midwest regional firm and it is hilarious to hear my supposed friends bash me. I have clients repeating what they are saying, and I feel like I am in grade school again....Anyone else got any good "post parting stories"?

Sep 20, 2005 11:52 pm

Oh yeah, that's pretty common in my area.

Sep 21, 2005 12:21 am

Oh, yeh, before I left Edward Jones I was a hero, when I left I was evil................the problem is, I didn't change, the Firm  changed. 


As for your Friends some are loyal, others have no balls

Sep 21, 2005 12:35 am

Well i guess i feel better knowing im not alone.  My old firm is taking trash talking to another level.  My old boss has been bashing me from the moment I left. 


I've got to tell ya I love it.  They are making my job of transfering customers over easier.  Most of my old clients realize that I did a wonderful job of managing there money.  Now they are being told im worthless.  They see right through the BS. 


I hope my old firm continues to trash talking!   

Sep 23, 2005 2:56 pm

A friend of mine left the business and he had a bunch on family accounts.  They are all managed money.  Another broker in the office (tenure ~30 years) that is a big shot a thte firm called him at home saying he would do a much better job than me and he should get the accounts.  Absolutely PATHETIC. 


People say it's nothing personal, it's business.  That a crock of BS.  Business is personal.  In fact, the same asshole will tell you client like working with him, becuase of him.  People are just greedy and leacherous. 


Sep 23, 2005 4:16 pm
frumhere:

A friend of mine left the business and he had a bunch on family accounts.  They are all managed money.  Another broker in the office (tenure ~30 years) that is a big shot a thte firm called him at home saying he would do a much better job than me and he should get the accounts.  Absolutely PATHETIC. 


People say it's nothing personal, it's business.  That a crock of BS.  Business is personal.  In fact, the same asshole will tell you client like working with him, becuase of him.  People are just greedy and leacherous. 




Did I understand you to say you inherited your friend's family's accounts and some mucky-muck from your office called them to solicit them away from you? wow...

Sep 23, 2005 11:14 pm

An 8 year broker in my town quit to write a tell-all book.  He had most of his clients sign letters requesting a specific advisor handle their acounts.  This advisor was 2 years in the business.


The manager & his partner took the 3 biggest accounts, despite the instructions given by the client and told the advisor "what makes you think you are qualified to handle $1,000,000 clients."  They lied told the clients they were working together with the other advisor.

Sep 24, 2005 12:00 am
iconsult100:

An 8 year broker in my town quit to write a tell-all book.  He had most of his clients sign letters requesting a specific advisor handle their acounts.  This advisor was 2 years in the business.


The manager & his partner took the 3 biggest accounts, despite the instructions given by the client and told the advisor "what makes you think you are qualified to handle $1,000,000 clients."  They lied told the clients they were working together with the other advisor.



That's not comical...that's downright shltty.


Out of curiosity frum, are you with a regional or one of the big wires?

Sep 24, 2005 8:33 am

We had a rep leave and I was given a few of his accounts.  I
called the people and invited them in and, at OUR managers demand, told
them we missed and wished the former rep well.  One of the
accounts left ($4 mil plus) but the rep called me and told me he
apprecited how I did not bash him (the client communicated this to
him). 



Anyway, a year and a half went by, the client got a big chunk of new
cash, and the rep called me and told me this same client wanted some
private equity exposure and asked me to handle it for him, because his
firm did not participate.  $3 million dollars came my way, I do
not go after the other money, and we are all happy.  Not being
mean can pay off.

Sep 25, 2005 7:48 pm

yes, it is a long road and it is not advisable to "burn" bridges although I have found your "friends" in the business will go after your accounts the hardest. 


It is a shame but also a reality, there are so many "advisors" hanging by a thread that they only get new business this way, it is usually the most desperate that act this way, god forbid they pick up the phone and find new clients or have the balls to take a risk and move firms, the biggest threat is the professional advisor that meets with your client and then its a best man wins scenario, you will always win against the loser that is bashing you.  I am interested in the tell-all book, when is it coming out, has he sold the movie rights yet

Sep 26, 2005 11:23 am

Big wire.  I thought his actions were shaddy.

Sep 26, 2005 11:03 pm
rightway:

We had a rep leave and I was given a few of his accounts.  I called the people and invited them in and, at OUR managers demand, told them we missed and wished the former rep well.  One of the accounts left ($4 mil plus) but the rep called me and told me he apprecited how I did not bash him (the client communicated this to him).  


I typically tell the clients "its just business, he was a nice guy, but Hey, I'm a nice guy too and your money is already here".


And when the clients ask why he left, I tell them the truth... "Money, and I can't fault someone for trying to make more money"  The only time I slighly bash is when the guy is a crook.  Then I tell them "He left to get a big paycheck, what's in it for you?"


Sep 27, 2005 9:40 pm

I don't know Incon....there is the former rep that has a relationship
with the client and you do not......you come out with anything negative
and I think it can bite you.  I know wife can be a pain, bit I do
not want my friends telling me this.  I don't KNOW the rep did it
for the paycheck...so I wont tell a client that.  

Sep 27, 2005 9:59 pm

I see your point about not KNOWING.  I think the approach all depends on who the broker is and what the client's opinion is.  I've heard clients say "That crooked S.O.B. really stuck it to me"  And in those instances, I might chime in with them, if I really think the guy is crooked.