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So the fiduciary rule got tossed yesterday
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So many years ago, I was a reg rep assistant to one broker. He had a pool of accounts with another broker. I was super young and this is late 90’s. How should I keep up? I devised my plan. I’d write down everything I had to do in blue for my broker. Pool would be green. I’d back up the other broker red. If you looked at my daily todo list was mainly red and a few green and the ocasional blue. I was spending all my time helping the other broker. The others brokers reg rep called a meeting. She basically said I was not pulling my weight 😳. I went back to cubby and pulled my notebook. Everyone’s-jaws dropped. Not only pulling my own weight but working more for the other broker. Silence till the lady that called meeting started screaming that I had done the list to get her in trouble. 🙄😂I didn’t call the meeting she did. I got up and declared meeting over till she could compose herself. That was the LAST time she ever messed with me. I was out of college and so happy to be at Merrill Lynch, I just wanted to keep track of things not get anyone in trouble. I learned quickly I should always CYA in this industry. I’m now a broker and continue to write things down.
👆She’s still an assistant and I moved into the financial advisor role 👩🏼⚖️
Guy in the office I have a crush on pretended to flirt with me and later tried to get me to reveal my prospecting tactics so he could pass them on to my arch rival! I did not take the bait!
We had a rep who put C- shares in wrap accounts. 🤔😯🙁
Ex-firm. Producing branch manager soliciting my clients... Guess who the firm sided with... 🤔
Right out of college, I was with a 3-letter firm with a mother-ship in France. I was not on salary, a pure eat what you kill position. I guess I did not wash out fast enough for the old life insurance salespeople, so one old bitch would take the Fedex envelopes for the office before pickup and cross my name off the apps and write her info on instead. She made over 500K and I was going to be lucky enough to make 30K that year.
I brought a complaint to the branch manager and she admitted to doing it and all he said was to stop. No punishment. She should have been fired. The branch manager always backed the big producers. I did not get the back pay from the stolen accounts and when I tried to change rep of record on the accounts, including my mom's account, he stopped me because it was poor taste to take accounts from someone in your office. WTF?!?!?! REALLY?!?!?!?!?
Wow. I’d literally fight someone if they pulled that on me
Early in my career 20 yrs ago, I was on the outs as a new advisor trying to figure this biz out, I could see the handwriting in the walk that time was short with the current firm, but I had a nice Biz Loan Deal Pending, right before I was forced to resign, I went to a fellow FA that I thought I trusted and negotiated with him that I would call the client and transfer the relationship (otherwise branch manager would have decided where it went) to him if he would give me half the net of taxes payout that was set to happen in a couple weeks. (Like $1000). He agreed, I made the call got him the client. And you can guess how much I received. I called him to ask and he made some story up that it didn’t go thru, however I knew it did because my brother worked (and still does) for the company and the only reason the client didn’t transfer with me to the new firm is because my new firm doesn’t offer biz loans.