| The fudging of expertise is appalling in
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| | plan someone's financial future in my
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| our business. Believe me, I know. I am 35
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| | "Western Culture, 1865-present" seminar
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| years old now, and have been in the
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| | at UT.Think about that, though. Customers
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| financial services business 13 years now.
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| | were entrusting their retirement plans to
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| When I was 22, fresh out of the
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| | kids. If you go to Fidelity, Schwab,
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| University of Texas with a History
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| | E*Trade, TD Waterhouse, Ameritrade, T
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| degree, my first job was with Fidelity
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| | Rowe Price, Ameriprise, or any of the
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| Investments as a mutual fund adviser. I
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| | other purveyor of mutual funds, and click
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| passed the Series 6 exam in a matter of
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| | on their links to "talk to an adviser",
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| days. After a few weeks of training, most
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| | it is usually accompanied by a smiling,
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| of which was listening to one of the more
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| | healthy, slightly graying middle-aged man
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| tenured reps (by "tenured", I mean
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| | with great teeth and his own corner
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| someone with six months experience), I
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| | office. In fact, you are more likely
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| was on the phone taking calls from all
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| | talking to a very young, underqualified,
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| over the country, advising people on how
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| | underpaid call center worker who barely
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| to take care of their financial future.
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| | has a cubicle and is definitely NOT
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| If you had called an 800 number on a
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| | smiling.Of course, it is true that it
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| prospectus or an advertisement, you would
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| | does not take grand expertise to do what
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| have been speaking with someone like me.
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| | they do. Back in my day, we were given a
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| Dozens of reps like me fielded calls, and
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| | script to inquire of a customer's marital
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| not one of them had more than three years
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| | situation, age, risk tolerance, spending
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| experience. I, myself, only lasted a year
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| | goals, and that is it. With that
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| and a half in that job. Call center work
| |
| | information, there was (wait for it) a
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| has a way of burning you out.In the
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| | Fidelity fund that met their needs. This
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| 1990's, Fidelity was undergoing rapid
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| | is how it works at most firms. You need
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| growth, and they could not keep the place
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| | what they are selling. Financial planning
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| staffed. They had planned on staffing to
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| | requires more than that.All investment
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| a level where no more than five customers
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| | products should be discussed in the
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| were holding at any given time. Shortly
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| | larger context of a person's life -- not
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| after I arrived, we were constantly on
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| | just financial life, either. If you take
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| "red alert", which meant that 30 people
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| | no other advice from me, take this one
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| or more were holding all the time. So,
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| | tidbit. If a "financial adviser" is
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| they relaxed their hiring requirements.
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| | selling you a product from which he is
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| They had previously insisted on a college
| |
| | getting paid a commission, he will not
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| degree for their newly hired reps. Soon,
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| | have your best interests at heart.
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| I was sitting next to pimply-faced
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| | Period.Mark Brandon is the managing
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| 18-year-olds who had been in a high
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| | partner of First Sustainable ( a
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| school classroom only a few months prior.
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| | registered investment advisory catering
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| Looking back on it, who was I to feel so
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| | to socially responsible investors.
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| superior? It's not like I learned how to
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| |
|
