Gary, you ask why BB Jr. didn't become a producer. What does a producer produce? Commissions, fees, loads and transactions (taxable events)? Lot of activity to keep the big casino in business, a huge food chain to be supported. I think you know BB doesn't have any respect for producers, so his son wouldn't likely become one. A fee only financial planner, maybe. A newletter writer or analyst, maybe. But a salesman? No way. Did you ever hear BB say the word salesman? You can almost hear the ridicule in his tone.
I get calls from producers at least once a week and I tell them I have no money or I am only investing in index funds, etc. to try to get rid of them, but it's tough. The last guy wanted me to buy KO because "it goes up and splits every year and this year will be no exception". That was last week. I probably would have paid him $500 to buy 1000 KO which I can do for $3.95 through my discounter. I don't think the advice was worth $496.05 extra.
I also love the tactic of saying they want to send some information and a business card just so that in the future, should a hot recommendation occur, I could get a call. It is GUARANTEED that within about 1 week of receipt of the card, a hot recommendation will occur. Why? There are hot recommendations every single day. Who ever made money saying 'I think you should just keep what you have and let it grow for years and not trade it'?
I think index funds and the internet and better awareness/education/healthy cynicism will replace a lot of bodies in the full service game over time. They will go the way of self service gas stations. When was the last time you paid $5.00 extra per fill up to have someone wash your windshield, pretend to check your oil and add a quart whether or not you needed it, and put a cute little orange ball on your antenna before you drove away? |
