Whose Money Is It?

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Whose Money Is It?

When meeting with potential clients I warn them that if they decide to move their money from an existing advisor
there will be some push back. Remember the brokers make their money two ways (1) fees on the money under
management or (2) commissions on transactions in the account. A few weeks ago, I was meeting with a couple who
had attended a recent seminar. When I asked what their concerns were, they shared that they couldn’t afford and didn’t
want to risk losing any more of their money in the market, especially the money in their IRA’s. They felt that the stock
market was unsafe and wanted the money taken out of harm’s way. They had been concerned about the risk for many
years but really didn’t know where to place the money or who to trust for advice. The recent rollercoaster swings in
the markets was very concerning and scary. I told them that before I could help them, they would have to call their
advisor and liquidate the accounts to the money market. Once the liquidation occurred, then I would send the transfer
paperwork to the company. Again, I reminded them that the broker would not be happy with their decision and
would do everything in his power to prevent the transaction. Upon calling the broker they were grilled concerning
their decision. Some of the questions were typical and some were outright insulting. He asked: Why were they
liquidating the account? What type of asset were they going to purchase? Were they being coerced? Who was the new
advisor? What company did they work for? Were they sure about the decision? Had they checked out the advisor and
company? The most disturbing questions was “Are you sure you are not senile?

Folks, I have been working in this business for a long time as both a stock broker and insurance agent. I have never in
my life experienced such disrespectful behavior. In 2004, I left the brokerage business because I could no longer in
good conscience place my client’s money at risk in the “Wall Street Casino.” The other reason I relinquished my
securities license was that I began working with clients who were older and couldn’t afford the risk associated with the
markets. However, when someone called to liquidate their account, I did so without question. I felt it was their money
and their decision, period! Both clients were infuriated with the brokers response and demanded their accounts be
liquidated so the transfer could take place. The sale order for the securities was executed later that day and the money
was eventually transferred.

I never tell anyone what to do with their money. My goal is to build a relationship through trust and service. It always
amazes me why anyone would insult the intelligence of a client and burn the bridge on the relationship. Last year
50% of my new business came in the form of referrals, for which I am very grateful. Just last week a client’s son
called me from PA wanting me to help him with transferring his 401K that he had from a past employer. If you know
someone who would benefit from our services, please have them call the office (888) 753-6664 to schedule a
complimentary consultation. I will always be respectful and remember who is the boss, that’s you!