Why I need a career change
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?
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.
[quote=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.<o:p></o:p>
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?
[/quote]Don't confuse financial advisors with credit counselors.
[quote=Ferris Bueller]
Mail him a brown package full of poop. It will make you feel better.
[/quote] Perfect. Thanks.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.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.
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.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.
SNL, no. He’s not anywhere near that good. MadTV, maybe.
Ouch.SNL, no. He’s not anywhere near that good. MadTV, maybe.
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.[quote=iceco1d]Spiff,
I'd fire that prick. [/quote] I'd put it in an annuity, wait a month, then fire him.
[quote=iceco1d]Spiff,
I'd fire that prick. [/quote] 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!
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.Yeah, but he is obviously hard to ignore, and will probably eat up your time more than you might think.
[quote=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. [/quote] _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.[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.....[quote=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.....[/quote] He wasn't the only firing, just the first. First firing was the only hard one, but damn it felt good.[quote=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.
[/quote] 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!I’m sure Spiff had an acknowledgement letter signed.
[quote=babbling looney][quote=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. [/quote] _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.[/quote] Umm...nope. I had her in the office one day without him. She said the only reason she hasn't left his sorry butt is because of their son. I don't think he has any "endowments" that make it worthwhile. She's just a little too much of a chicken to dump him. dob - good post. It made me stop and think about continuing my relationship with him. That's what I like about this board. Stick around long enough and somebody says something that makes to think twice.River, the difference between your profession and ours; the offended client hires an attorney and sues us in a process called arbitration. Even though you as the advisor did nothing wrong your firm settles the arbitration and then comes to you to pay a share. Meanwhile, down at the FINRA office your offical record, is permanently scared with the settlement. This allows all to see that you are not clean, inhibits your ability to attract new clients and hampers any move to another employer. And nobody is interested in your claims of “I did nothing wrong.”
How ridiculous can it get? pretty ridiculous. Case in point: A friend of mine put $200k with a money manager who invested it in bonds. The bond market sank sending the account value down about 10%. River, no money was lost as all the investments were still in place. The manager and the advisor recognised the downturn as a temporary market event. And in the scheme of things, being down 10% is usually nothing to worry about. The advisor discussed all this with the client who wasn't happy. Next thing the advisor knows he's in the manager's office being informed that the client, a 60 something widow, is suing them. The abitration takes months to wind its way thru the process. In the meantime the market come back and puts the account at a profit. The company refuses to settle because there is no case. They go into arbitration a few months later with the account sitting at a 5K loss. That's a 2.5%. The abitrator, instead of thowing this woman and her lawyer out of the building gave her every dime of that 5k. And also awarded her attorneys fees. To cap things off it turned out that her attorney was also her son. Does thwe word scam come to mind? This woman walked away with her account in tack, plus a gift from the NASD. The firm paid and then came to the advisor for half the money. The advsor objected claiming he did nothing wrong, and he hadn't. Using the firm's investment management process he had invested the money with one of the managers the firm recommended. No money had acually been lost etc etc. The advisor played by the rules throughout the entire investment process. The firm agreed and took the money from his next paycheck. They then fired him. In this biz the clients have teeth. And even the most seemingly small issue can leave a permanent mark. All you got is a repoed car. It could be worse.[quote=BondGuy]
All you got is a repoed car. It could be worse.[/quote] That sucks. Here is a similar one that happened to us last summer. We partnered with a marketing company to do a "Super Sale" and brought in a couple of people from else where in the company to help out. We had one guy to submit deals (we'll call him Joe) to the bank, one guy to type the deal into our system (we'll say Jack), and I did all the required legal disclosures and selling of 'back end' products. Salesman takes a husband and wife's credit ap to Joe who types in the deal for bank approval. Deal gets done, salesman closes deal with customers. The wife then asks if it would be a problem if her husband's name could be taken off the deal. Salesman has Joe call the bank, but Joe accidentally has the wife removed instead. The Salesman draws up a new credit ap and takes all the paperwork over to Jack to be loaded. Jack loads the deal, and I bring the customers in to sign them up. We sign her up, everyone is happy. That was on Saturday. Monday morning, all the extra staff is gone, I was getting all the paper work from the 20 car deals we did Saturday ready to go to the banks and see that the approval in that deal was for husband, but all the paper work was done by the wife. I call the bank and tell them I signed the wrong spouse and needed to add the wife to the deal. Bank says no problem. I call the customer, who lives 45 min away, and tell them the approval I had was for husband and I need them to resign a contract with both names on there. She agrees, but can't come here so I agree to send a driver down there to have them sign. When the driver shows up the woman is furious about her name being second on the note and refuses to sign the paperwork. The driver, who is a 10-99 and drivers for most of the dealers around here, said ok and came back without a signed contract. I call her to see what the situation is and she thought we were trying to pull a fast one on her because she didn't want her husband on there at all and now she's listed second. I tell her that's not a problem and I can do that. She says she doesn't want the car anymore and to come get it. I tell her that since we can honor the original contract I just didn't understand the situation there's no reason for her give the car back. She hangs up with me and the next day calls my boss. He agrees to send a driver, again who does not work for us, down there to get the car. The lady scalds the driver for us being a dishonest group and he tells her he doesn't work for us. He brings the car back and a week later we get slapped with a lawsuit for wrongful repossession. After a couple of months this finally goes to arbitration and it is determined that since we were willing to uphold the original contract she signed and she called us to come get the car that there was no wrongful repossession. It was great that everything ended up going in our favor, but a pain in the ass to deal with no less.People are stupid. Figure that out and this job, or yours, gets a lot easier.
Source URL:https://www.wealthmanagement.com/forums/lounge/why-i-need-career-change