Wondering how people on here

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Sep 11, 2008 6:49 pm

can call their clients and mention products that the brokerage firms have created for them.  Preferred's, Structered Products, Closed end funds, Managed Money?  I personally am almost at the point of being embarassed about all of it.  I wonder how can the firms package investments for people when they can't manage their own investments to stay in business

Sep 11, 2008 7:11 pm

Investments don't mean anything without proper strategy.

Sep 11, 2008 9:02 pm

Great answer Skip.


Take prfds as the example. There are two types of "sales" on pfds. The FA who sees a product that will pay him a half point and not show his yield hound customer the commission. And the FA who creates a plan and thinks that having 10% of the fixed income piece of the portfolio in pfds is suitable.
But to answer the original question - part of our job is to protect the client from the firms agenda. Some of us are good at it and some are not. Its that simple.
Sep 11, 2008 9:15 pm

Are the wirehouses good at it?  BSC is gone, LEH next, then MER, maybe MS to follow.  My point is they cant manage their own investments, how can clients have faith in anything they say or come out with?

Sep 11, 2008 10:20 pm

Advisors advise their clients.

 
Firms advise advisors.
 
The key is the advisor.
Sep 11, 2008 10:34 pm

Biggest Broker in our MER office today lost his main account today..100MM gone. He did not care about the advisor, he did not want to give the firm any of his business any longer.  I think you are dreaming if you think people do not care about watching these shops blow up.

Sep 11, 2008 11:49 pm

Wow...bet he felt like chit after that one...that's more than 2X my book...

Sep 11, 2008 11:53 pm
fritz:

Biggest Broker in our MER office today lost his main account today..100MM gone. He did not care about the advisor, he did not want to give the firm any of his business any longer.  I think you are dreaming if you think people do not care about watching these shops blow up.

 
Where'd he go...Edward D. Jones?
Sep 12, 2008 6:56 am

I think that the failure (or even near failure) of any firm reflects badly on all advisors to their respective clients....regardless of their firm.

 
Regarding structured products, I have no intention of offering any of them to my clients unless I fully intend to invest my own $ into the very same product......and that hasn't happened yet.  
Sep 12, 2008 8:17 am

Fritz, I think that this is why we need to sell ourselves and not our firm.  We'll all be in this business until we're not.  Will our firms?   Some of them.  We don't know which ones. 


We need to think like businessmen.  Our B/D's are simply a middleman.  We can't let our clients care about our middleman.  The client work with us and not the firm.   If something happens to the firm, we need a new middleman.


In short, don't use your firm as a selling point.  It can bite you in the butt because the opposite is equally true.  If a client is with you because of the firm, they will leave you because of the firm.
Sep 12, 2008 10:20 am
snaggletooth:
fritz:

Biggest Broker in our MER office today lost his main account today..100MM gone. He did not care about the advisor, he did not want to give the firm any of his business any longer.  I think you are dreaming if you think people do not care about watching these shops blow up.

 
Where'd he go...Edward D. Jones?
 

 
 
Sep 12, 2008 11:51 am

I also found that humorous.

Sep 12, 2008 12:16 pm
snaggletooth:
fritz:

Biggest Broker in our MER office today lost his main account today..100MM gone. He did not care about the advisor, he did not want to give the firm any of his business any longer.  I think you are dreaming if you think people do not care about watching these shops blow up.

 
Where'd he go...Edward D. Jones?
 
I vote snaggletooth's response for joke of the day
 
Sep 12, 2008 3:05 pm
snaggletooth:
fritz:

Biggest Broker in our MER office today lost his main account today..100MM gone. He did not care about the advisor, he did not want to give the firm any of his business any longer.  I think you are dreaming if you think people do not care about watching these shops blow up.

 
Where'd he go...Edward D. Jones?
 
That was pretty good.  I'm going to give that a B / B+.
Sep 12, 2008 5:18 pm
Don't be so dumb guys....
 
Say you have 200 clients with a nice book.  Then Mr. Big with 100 mil comes to you.  You are not going to take the account because he is over 10%?
 
 
Sep 13, 2008 7:53 pm

Every person looking at this post knows they would take this guy with open arms , as well as wining & dining him, probably even giving him a rim job.  You are a bold faced liar if you say otherwise.