Please allow me to vent about work

[saluki9]

Saluki, if I ever decide to move over to the PM side of things, I will have to pick your brain/get the war stories before I jump.

not a problem. I have enough of those fun stories to fill a book.

Perhaps I would tell you about the client that came in here who was comfortable writing options (covered calls) 100 shares at a time. He figured as long as he was "good" with options, well then futures can't be THAT different right? He didn't quite understand the notional difference (or his former broker didn't explain) between 1 option contract and a full size (not e-mini) futures contract. Ahhhh the fun I'm just glad it didn't blow up before we unwound it.

 

[cute fuzzy bunny]

You should hire a full time guy to do your posting here.

Then you'd get paid to not do it.

 

[maddythebeagle]

I actually can't figure out what someone like him would do. He doesn't analyze individual securities- he says his firm uses ETFs and index funds. He doesn't sell clients. What does he do? The same thing that people here argue about all day- slice and dice, asset allocation, etc?

Kinda funny (a ha ha moment) that OP is complaining about how his clients are clueless on money, but isnt that how they are able to make money on selling ETFs and index funds to them.

 

[saluki9]

Kinda funny (a ha ha moment) that OP is complaining about how his clients are clueless on money, but isnt that how they are able to make money on selling ETFs and index funds to them.

I would disagree of course! The vast majority of our the clients I work on are pretty smart (they didn't get their money by being stupid). That being said there are some pretty crazy things I've seen. I think you are making the mistake of assuming that every investor is interested in managing their own affairs. There are plenty of people who aren't, and are willing to pay for it.

Now they could either wind up at the "wealth management" division of a major brokerage house where they will pay 1.5% to be put into mutual fund or SA's with another 1%+ on them. Many will get no other services on top of that. At least I am better able to justify the process by knowing that in most cases people will pay less than 1% and we can provide them other services they won't get from a wirehouse. (billpay, tax advice, mortgages, etc.) We also do get some people who are willing to pay just to get access to DFA.

 

[KB]

Hey Beagle......did you get a new pup?

 

[maddythebeagle]

no same one, she is 11 years old and just like to change pics.

 

[Spanky]

There are plenty of people who aren't, and are willing to pay for it.

That's true that a lot of people are willing for services because they want to do something else with their time.

I only pay for services under the following conditions:
* the task is utterly unpleasant.
* I have a very busy schedule.
* the task is way beyond my ability or it will take me a long time to learn.
* I do have the license to perform the task.

 

[BunsGettingFirm]

Saluki, if I ever decide to move over to the PM side of things, I will have to pick your brain/get the war stories before I jump.

I did move over to the PM side with Saluki. His brain is worth picking.

 

[Rikkitikkitavi]

Join the club

I left a self employed lifestyle (to try and get off the 60k per year car travel routine) and went to work for a client, our agreement 32 hrs a week until 1-1-06 then 40 hours. Bonus 1-10-06. FLEXIBLE schedule.

WHat actually happened

Threatened to fire me for taking my father for a lung scan (cancer) told em to go for it, they backed down.

12-20-05 was notified that "we really cant do 40 hours, its not in the budget"

1-10-06 Got my BONE-US $77.00 before taxes (mind you I saved the Company 33k last year)

Now they bitch every time I try to alter my schedule....

My PLAN

I've restarted my business and am 60 days from being back on my own (Hired a guy to run the roads so I can concentrate on the business)

Oh and they came to me a week ago and say "Uh we are going to need you for full time because of the third project phase and the software company says we have to have someone 50 hours a week."

I told them that I was sorry but since they told me I couldnt go full time I had taken on other obligations.......no response..


Anyway its the same all over when you work for someone else.

R

 

[brewer12345]

R, if they make you a counter offer, ignore it. But you probably already knew that.