E*trade
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are others happy to see the company go through pain or is it just me. they have been lying about their mortgage exposure for a while. i hate any company that whole advertising is to discredit brokers.
there will be more writeoffs in the future. they should have been called e*heloc
I am only slightly joyous as it doesn't bode well for the financial service sector. Etrade and the like only get people's play money anyway (in spite of what Mr. Law and Order says for TD Waterhouse).
[quote=aldo63]
are others happy to see the company go through pain or is it just me. they have been lying about their mortgage exposure for a while. i hate any company that whole advertising is to discredit brokers.
there will be more writeoffs in the future. they should have been called e*heloc
[/quote] Pardon the arrogance - but if e trade was your competition you are F'd anyway... .02Hopefully no one here considers them a competitor. It is kind of like saying that Wal-Marts Jewlery department is a competitor to Tiffany's.... It just AIN'T!!
your clients still see the same commercials on cnbc that my clients do. This is my gripe.
I hate any company that degrades what i do for a living and it pisses me off. By the way, all financial institutions are your competing for your clients.[quote=aldo63]your clients still see the same commercials on cnbc that my clients do. This is my gripe.
I hate any company that degrades what i do for a living and it pisses me off. By the way, all financial institutions are your competing for your clients. [/quote] Again, if your "clients" see those ads and they are reminded of you, you should reconsider your business plan / process / approach. Truly - those ads hurt when we wre all stock jockeys in 1998 (and they were true). If you haven't developed since then - maybe YOU are degrading the industry. Sorry to come after you hard but - somebody needs to tell you the truth.nofx
I have been around 20 years and i think i understand the business better than you. I buy the same mutual funds (same class C), UIT's(not nav) , have the same fee based trading account as my clients. I pay exactly the same fees as my clients. i can no longer do this with stocks because there are too many out there. I also advise clients to pay off their house as I have. Until you can sayall of that, I would throw stones at meSeriously, If all that is true , and I have no reason to believe it isn't, why would you give a sh!T what e trade does or what ads they run? My point is that e trade (and their ad campaign) should have NOTHING to do with your or your clients perception of your industry.
I don't get why you are overpying for C shares and UITs though ... sounds stupid - what am I missing?
i do this to pay exactly what my clients pay. In the long run i generate more business by doing this than i pay in excess expenses on the funds or uit's. Hell, most brokers don't practice what they preach and do not invest at all.
The reason I am happy that etrade is having problems is that they degrade our business and many young people have accounts with schw, amtd and etfc. These same people are the beneficiaries on our ira's. They are competition no matter what anyone says. I am just trying to make a living like eveyone else here. I am leaving for the domincan republic for a week.....Given the market conditions I don't know if this is a good week to leave?? take care no hard feelings...Correct me if I’m wrong but … I think there is a pretty serious violation if your pitch is: " buy this, it’s what I bought myself".
You get A shares @ NAV, It's plain - odd - to pay the C shx mgt fee and the CDSC... If you were a home builder would you insist on paying the sub contractors full retail to work on your house just so you could tell your customers that you did? I know you mean well, and I jumped down your throat on the Etrade thing - but c'mon - the more I think about it ( C share , UIT etc)- I hope you are lying because what you are saying is downright foolish - Enjoy your trip - when you get back, increase your returns b 75bps and shift to the As @ NAV. While your there, why don't you fix your family members up too. There's noble then there's stupid.Aldo - one of the perks of working for an airline is that you get to fly standby. One of the perks of working for a car company is that you get to drive the cars. One of the perks of working in our business is we buy the investments we sell at NAV or at least a reduced sales charge. I’m guessing you’ve been in the business 18 months or less to be that naive.
i am not lying. yes i could get mutual funds at nav, but it really helps to show clients that i actually invest in the same investment, same class as them. What is wrong with that? I show my clients my statements. I show them how I became who I am. I practice what I preach. I have no problem with any broker buying at NAV. I have a problem with people in this industry who do not practi ce what they preach. At my previous company, MS, I worked with about 25 people for 17 years(not counting the 167 people trainees that came and went) before the office imploded.
10 had no investments outside of their 401k( some borrowed against the plan, debt up to my eyeball scenerio), 10 had large mortgages, very little invested, but a little money in the company stock and did not invest in what they sold their clients(managed accounts, mutual fund wrap ect, indivdiual stocks). 2 of them were worth a lot but sent their money to no load funds and dividend reinvestment accounts while they sold their clients managed futures, c shares and wrap mutual fund accounts. 3 invested like I do and I was one of them. I see them same thing at the new company I work for. I talk to many other brokers and they fall into similar categories. I have no problem if you buy at NAV... I just take it a step further. I just think it is sad how many brokers do not have or save money and dont give me the (my house is worth this crap, try selling it for that price). I started investing money after i was in the business for 2 years. it was only 300 a month. that is now 180k and only a fraction of my net worth. please read the ICA brochure and practice it. lastly, I am just a"pathetic" 500k producer who has more more money than probably 95% of the country. I inherited nothing.. I just did what I try to get clients to do. It really does work over the long run. No I do not have any dominican republic clients. They are building houses on the two golf courses i played for 350k to 550k. I have no idea who is buying them. I did drink presidente beer for 6 days and glad to be back to my sierra nevada pale ale now.I think Aldo has a point regarding brokers who say one thing and do another for their clients. How many brokers buy VAs in their own accounts? Not many from my experience. My belief is that if VAs paid the same commissions as mutual funds, a ton fewer brokers would sell them to clients. Same thing for managed futures.
You’d be amazed. At BAC they leveled the field - A shares, B shares and annuities are all w/in 1% of each other - their are still many reps who lean more in one direction than another.
I also have to say that your expectation, while interesting, is too flawed. How could you could you be expected to own some of every investment you reccomend? I have clients that range in age from 35 - 90. My objectives, needs etc. clearly don't align with a large part of my client base. Do you only get your gall bladder removed by a Dr. who has lost his?[quote=badmove?]NOFX,
shouldn't you be home w/the kids trick or treating?[/quote] I'm at your house right now... I'm so glad you make enough $ for your wife to stay home ![quote=NOFX][quote=aldo63]your clients still see the same commercials on cnbc that my clients do. This is my gripe.
I hate any company that degrades what i do for a living and it pisses me off. By the way, all financial institutions are your competing for your clients. [/quote] Again, if your "clients" see those ads and they are reminded of you, you should reconsider your business plan / process / approach. Truly - those ads hurt when we wre all stock jockeys in 1998 (and they were true). If you haven't developed since then - maybe YOU are degrading the industry. Sorry to come after you hard but - somebody needs to tell you the truth.[/quote] The truth is you do not know what the **** you are talking about. Honestly.