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Why I need a career change

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Jun 11, 2008 12:30 am

I’m sure Spiff had an acknowledgement letter signed.

Jun 11, 2008 2:51 pm

[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' 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.       
Jun 11, 2008 2:54 pm

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.
Jun 11, 2008 4:10 pm


 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.
Jun 11, 2008 4:20 pm

People are stupid.  Figure that out and this job, or yours, gets a lot easier.