Was your high net worth financial advisor recently homeless?

[haha]

I saw an interesting panel this morning on the Seattle public access TV channel. THE guy who is CEO of Ivar's. a small local seafood chain participated in a panel on Seattle's latest must have do-good project, stamping out income inequality.

He has several tried and true demands- higher minimum wages, higher overall wages, more cheap housing (how are we supposed to do this, kick out people who can pay their way and put in their places people who cannot?), etc. But the interesting part was that he also hoped for some changes in education. Ivar's is famous for treating its workers very well, and trying to give them a leg up in life. HE mentioned that among the ca 11 public and 11 private high schools in Seattle, there is precisely one shop class being offered. And this sounded like a very successful program. It's at Rainier Beach High School, a public high school in one of the poorer and more crime ridden districts in South Seattle. Those of you who ride the link train from downtown to SEA know it as a rundown looking flat area, I think the last stop before Tukwila and the airport. This program teaches numerical control machines and various necessary modern industrial skills. Apparently, all the graduates get good high paying local jobs right on graduation.

Ivar's guy then talked about another program where homeless people are taught to work in the banking industry. He mentioned tellers, several other banking jobs, and then "high net worth customer counselors". Graduates of this program apparently are also very successfully placed.

Yikes!

Ha

 

[M Paquette]

Well then, that 1-2% off the top of the ole portfolio is going to a good cause, then.

I find it interesting that a homeless person can pick up the skills that others feel is 'just too hard' for them to learn. Perhaps it's a motivational thing.

 

[daylatedollarshort]

Being broke and homeless apparently also qualifies you to become a best selling author in the finance industry, per John T. Reed's critique of the Rich Dad, Poor Dad book:

John T. Reed's analysis of Robert T. Kiyosaki's book Rich Dad, Poor Dad

"What kind of financial genius does it take to be homeless and bankrupt when you are a college graduate who had no student loans and were trained as a helicopter pilot by the military. With all those advantages, and “Rich Dad’s” brilliant financial advice, the guy still ends up homeless at age 38? And if “Rich Dad’s” advice wasn’t good enough to keep Kiyosaki from becoming homeless in 1985, how did it suddenly become something the rest of us should be following in 1997?"

 

[imoldernu]

Based on the passage of the budget, a forward looking occupation may well be as a fellow in a think tank.

 

[LOL!]

It's an old story from me, but perhaps bears repeating ….

I was in my bank and the assistant manager asked, "Oh, would you like to refinance your mortgage? We are having specials this week." So I thought why not figure out if this was a deal for me or not? I went to her desk and proceeded to quiz her about her home and mortgage. "Oh, I don't own a home. I had to declare bankruptcy last year and cannot afford a mortgage."

 

[RockyMtn]

Ivars makes good chowder and fish and chips. Think I'll stick with his expertise in that area.

 

[heeyy_joe]

Before you graduate high school you should: 1) know how to build or fix something, 2) know how to balance a checkbook and, 3) know how to write a budget.

 

[dallas27]

Before you graduate high school you should: 1) know how to build or fix something, 2) know how to balance a checkbook and, 3) know how to write a budget.

I've never balanced a checkbook in my life. I keep track of my spending, but have no idea how to "reconcile".


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[2B]

I used to work at one of the Ivar's restaurants. Of course, that was back when Ivar ran the place. He ran his restaurants better than most of the others I had worked at and he treated people decently. He never once struck me as someone that would intentionally let lunatics take over his company.

Of course, as Ha said it's the latest do-gooder cause and Seattle has always had a do-gooder cause underway. It has definitely gotten worse. When I talk to my brothers and sisters that still live there they don't think the place is strange. I'm not sure that my nieces and nephews could function outside their "normal." All that's needed is to hand out copies of the little red book for everyone to carry. I don't think anyone would even question it.

 

[athena53]

When my son was working for an insurer settling auto physical damage claims, he had a claimant whose Cadillac Escalade had gone up in smoke when the shop where he'd sent it for detailing caught fire. He had a legitimate claim (DS worked for the insurer of the detailing shop) but was really obnoxious when DS offered him the actual cash value of the car (which reflects a reduction for depreciation). He'd paid $75K for it and was upside down on the car loan. In between threats to get an attorney, he kept reminding DS, "I am a Certified Financial Planner".

DS' down-to-earth observation: "I wouldn't want someone who's upside down on a loan for an Escalade to manage my money."

 

[ReadySkiDaddy]

Was your high net worth financial advisor recently homeless?

This is why non-fiduciary advisers cannot be trusted. They have bills to pay so they will put their own best interests ahead of their clients, then they sell high commission annuities, actively managed mutual funds, non-traded REITS, life settlement investments, private equity, limited partnerships, etc.

 

[M Paquette]

Scott Adams is on a roll... http://www.dilbert.com/

 

[jerome len]

When my son was working for an insurer settling auto physical damage claims, he had a claimant whose Cadillac Escalade had gone up in smoke when the shop where he'd sent it for detailing caught fire. He had a legitimate claim (DS worked for the insurer of the detailing shop) but was really obnoxious when DS offered him the actual cash value of the car (which reflects a reduction for depreciation). He'd paid $75K for it and was upside down on the car loan. In between threats to get an attorney, he kept reminding DS, "I am a Certified Financial Planner".

DS' down-to-earth observation: "I wouldn't want someone who's upside down on a loan for an Escalade to manage my money."

Most people are upside down on a car loan the 1st year. You have to write off the sales tax, dealer profit and depreciation. Actually, dealers sell insurance for this.......most insurance companies, however, would pay off the entire loan for this type of accident. Usually, if you plan on only keeping a car two or three years, you should lease it.....you pay less sales tax and just turn in the car when done.

 

[MRG]

I don't use a FA, but if I did I wouldn't care about their past. I've worked with many homeless people in the past. Some were that way because they chose that lifestyle, some were mentally ill or had substance problems, a few just had some unfortunate issues and went down a spiral.

The last bunch were easier to spot, they wanted to work and get back on their feet.

I even worked with a guy that claimed to have been on death row for 14 years before his appeal was granted. I have no idea if he actually was on death row, but I do know he had been incarcerated in state penitentiary, the front office had to provide documentation to the parole officer stating he was working.

All of these were in mills, there was one programmer that was homeless for a while, but he was just playing some cute girl to let him move in. She was too smart for that.

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