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Old 01-20-2015, 09:06 AM   #121
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Sure, always a concern, but there will be such an audit trail, if the FA were to do anything illegal, you are very likely to become wealthy during the negotiations with their attorneys.


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Yes that's true. Plus any place in the financial industry require you be a minimum of "bondable" that's easily checked. Even if he wasn't found guilty of a felony, they'll never get hired as it shows a pattern of untrustworthy behavior.

I've seen people walked out the door over intentionally writing a bad check. Many of our FINRA clients required they do their own background check before you were allowed on site. Even though we were regulated by FINRA and you were background checked their internal security folks insisted they do it.

But it's your ID so whatever you feel (un)comfortable what is right for you. I just refuse to be intimidated. That said I won't flame someone when they have my assets I'll wait till afterwards.

To that same point my DW had a car salesman fired, as he deceived her. One phone call to the dealership manager, he checked and called back in half a day to let her know the guy was gone. There was a paper trail. We checked back a week later, "that person no longer works here".

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Old 01-20-2015, 01:38 PM   #122
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Another problem with getting even. The FA has much of your financial info. Could be a security risk especially if he grows to hate you.

Once we were doing a new car buy and the financial guy at Honda was a complete ass -- probably because we were paying cash. I won't go into what he said. But I didn't report him because he had our financials.
This is the way I think also. Plus, why get even for these small things? I'm basically not a get even guy, unless it somehow would protect me going forward. Usually it has the opposite effect.

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Old 01-20-2015, 01:42 PM   #123
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And that lack of "getting even" (when what we are really talking about is to make absolutely certain this guy's chain knows of his incredible lack of professionalism) will perhaps allow him to continue to do the same thing to others. End State - make sure he is fired or demoted or that this incident is noted in his record - perhaps he will remember in the future who the customer is.
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Old 01-20-2015, 08:39 PM   #124
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To each his own. To me, it was not overwhelmingly clear that the fa was wrong. Anyway, I am not a cop and if I am not out of pocket, I don't see it as my civic duty to try to police other people's behavior.


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Seems this FA is not alone.
Old 01-21-2015, 01:43 PM   #125
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Seems this FA is not alone.

I read this thread today. Later, while surfing around found this forum post.

Responding to the Do It yourself (DIY), passive, anti-fee investor | WealthManagement.com

Seems the "Fire the investor that questions the value" is discussed and encouraged between FAs.
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Old 01-21-2015, 02:17 PM   #126
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I read this thread today. Later, while surfing around found this forum post.

Responding to the Do It yourself (DIY), passive, anti-fee investor | WealthManagement.com

Seems the "Fire the investor that questions the value" is discussed and encouraged between FAs.
Thanks, it confirms the worst.
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Old 01-21-2015, 02:29 PM   #127
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Thanks, it confirms the worst.
Wow, what a bunch of a******s. Only one comment that showed any respect for the customer. And that was from someone who was leaving Fidelity.

How about if I offer them this: OK, you think you can do better than I can. Fine, we will sign a contract that says if your performance exceeds that of a mutually agreed upon index, you get 1/2 of the excess. If you fall short, you reimburse me 1/2 of the difference.

If they are so sure of their skills, then they should JUMP at this, right?

Right...
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Old 01-21-2015, 02:50 PM   #128
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Wow, what a bunch of a******s. Only one comment that showed any respect for the customer. And that was from someone who was leaving Fidelity.

How about if I offer them this: OK, you think you can do better than I can. Fine, we will sign a contract that says if your performance exceeds that of a mutually agreed upon index, you get 1/2 of the excess. If you fall short, you reimburse me 1/2 of the difference.

If they are so sure of their skills, then they should JUMP at this, right?

Right...
I didn't notice any guarantees with the bold statements some were making in the linked thread.
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Old 01-21-2015, 02:51 PM   #129
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Thanks, it confirms the worst.
I think it confirms that for some, the feelings are reciprocal.
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Old 01-21-2015, 02:53 PM   #130
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I like the entry about 'you're wasting your time with Bogleheads....'
Ain't it the truth. And I know none of those advisors approaches have matched Wellesley or a balanced index portfolio
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Old 01-21-2015, 03:03 PM   #131
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Wow, what a bunch of a******s.
Yea, this group, for sure. Don't look around the rest of the WealthManagement.com forum posts, they are not any better.
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Old 01-21-2015, 03:07 PM   #132
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Thanks for the link. It tells what these guys think, you're a paycheck to them nothing more. They hook people who aren't confident and throw ten stratagies at them. They really should advertise how they view their relationship with you, oh wait then their clients would all run for the hills.

A guy down the road is a Jones guy, took months to get rid of him. Never actually threw him out the door, but I made it very clear multiple times, no thanks.

Today I get a LinkedIn invite from a guy I barely knew at Megacorp. I knew he was an id10t then, I always said he needed a map to find his cube. Couldn't figure out why he wanted to connect, he's with E.D. Jones, go figure. I'd let my dogs pick funds before I let him manage my money.

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Old 01-21-2015, 03:59 PM   #133
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Today I get a LinkedIn invite from a guy I barely knew at Megacorp. I knew he was an id10t then, I always said he needed a map to find his cube. Couldn't figure out why he wanted to connect, he's with E.D. Jones, go figure. I'd let my dogs pick funds before I let him manage my money.
And your dogs would most likely get better returns.

TX_Dad, thanks for the link. Suspicions confirmed.
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Old 01-21-2015, 04:04 PM   #134
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They had me at "I make a cold call" in the first post. All they would hear from me is "click."
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Old 01-21-2015, 04:09 PM   #135
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They had me at "I make a cold call" in the first post. All they would hear from me is "click."
Generally that's what they get from me too. But occasionally I'm in an impish mood so I'll take their call, waste their time, and mess with them. While I'm doing that they're not bothering anyone else.
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Old 01-21-2015, 04:16 PM   #136
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They cold call my mother regularly, and knock on her door as well. She's part of the "polite generation", brought up to trust, answer the call and open the door, unprepared to deal with the well trained objections management skills these slaes people have. I have no doubt they target older people for that reason.

There's a place and a role for legitimate financial planners. Unfortunately, these folks know that and take advantage.
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Old 01-21-2015, 04:52 PM   #137
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It blows me away that people are upset that financial planners look to them for commissions, not love. How lovable are most of us anyway? Selfish, arrogant, sure that we have a lock on THE TRUTH. I am not and never have been an FP, but if I were one first my qualifier question would be, "Dude,(or Dudette) do you read ER.org?

Yes? Click.

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Old 01-21-2015, 04:56 PM   #138
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Ha, how is your anti-curmudgeon therapy going?
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Old 01-21-2015, 05:20 PM   #139
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Ha, how is your anti-curmudgeon therapy going?
Strange! I never thought curmudgeonliness is a problem that needs to be remedied.
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Old 01-21-2015, 05:28 PM   #140
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They had me at "I make a cold call" in the first post. All they would hear from me is "click."
Yup. If they were as good as they think they are, word of mouth from existing clients would generate more business than they could handle on their own. Cold calling would be a ridiculous waste of time after you had a few clients. You would be busy trying to hook up with the clients that were beating down your door.
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