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Jul 16, 2010 11:03 am


[quote=Ron 14][quote=Ron 14][quote=skbroker]Why are clients so dumb when it comes to investments?[/quote]

 I have been talking to a guy with a 650k rollover. He is a customer of the bank and also a former employee in the IT department. He comes in every month or so and asks me a question about his retirement statement and he has done this for 8 months.( I had no clue what the dollar amount was until a month ago) Last week he tells me he is also talking to Morgan Stanley. I tell him that I am glad he is researching his options and that he should go with someone he can trust. He just came in and told me Morgan Stanley is only charging him $75 out of pocket !!! I refuse to believe an FA would lie this badly so this guy is obviously a complete dumbass. Any ideas of how I should proceed ?


  UPDATE!!!!!! Guy came in and said he is going with Morgan Stanley. Brother in law has a 7mil inheritance with MS and by the prospect adding his 600k to that household it will "push the entire family to a lower cost, which is only $10 -$15 dollars a trade." I asked what is he doing for you ? Prospect - "Well the guy has done 14-18% each year over the last 10 years. He did 11% last year and that was their horrible year. He said he would be shocked if he doesn't get me 10% a year."  I stood up and shook his hand. Told him thanks for his honesty and walked him to the door.


Wow, where's the SEC when you need them?!  Amazing to me that there are still these shucksters out there making bold promises, guarantees, and downright LYING to people, yet they seem to have little problem getting clients.  Just unbelievable.  I guess I'm happy knowing I can sleep at night.


I don't buy it. The guy is either in Darwin's waitng room or made that up off the top of his head. No way would anyone who has spent any time at all investing believe that.  Even Jim Cramer, the biggest financial pornographer of all, would never make that claim.

My next question would have been: "And what are you going to do when he doesn't deliver that? How long are you going to give him to prove it?"

Honestly, I'd hang on to the guy's number. Give it 18 months and call him again.

Jul 19, 2010 4:54 pm

You do not want an idiot for a client!