Early in my career as a financial advisor I was sitting at a local restaurant waiting on a friend to have breakfast.
It was one of those little places where the tables are just a tad too close to each other. I was early and while I was sitting at the table I overheard the conversation occurring at the table behind me.
Seated were three people. Two of them had on three piece suits and were decked out in fancy jewelry (Rolexes, cuff links…etc.). These two young men looked to be in their late 20s…and I could smell “stock broker” rolling off their $3,000 suits. The third gentleman was clearly a prospect for these two guys – we’ll call him Jim. I could tell they were pressing him hard to move his accounts to their firm. And then came the most egregious thing I’d heard an advisor say in my nearly 20 years as an advisor:
Financial Advisor #1 leaned across the table lifts his head and looks squarely at Jim, “Do you like to make money.”
Jim confidently said, “Well, of course.”
Financial Advisor #2 tapping the table, “How about $10,000?”
Jim meekly replied, “Yea, sounds like a…good amount. That’s a lot of dough.”
Advisor #1 in a dead serious tone says, “Well, we do that for our clients in a single day.”
I almost fell out of my chair.
What a Load of Complete and Total B.S.
You see, Chris and I started our careers in the big brokerage firms. We learned a lot of things, including how many of the financial advisors only cared about hitting sales quotas — at almost any cost. (We never fit in there and subsequently left to start our own independent firm.).
So when I heard the two brokers next to me spouting this garbage, it infuriated me.