In our business, the fabrication of expertise is shocking. Believe me, I know. I am 35 years old and have been engaged in financial services for 13 years. When I was 22 years old and just got a degree in history from the University of Texas, my first job was as a mutual fund consultant at Fidelity Investments. I passed the 6 series exam in a few days. After a few weeks of training, most of the time I listened to more lifelong sales representatives ["lifetime", I mean people with six months of experience], I am answering calls from all over the country, suggesting how people care Their financial future. If you type an 800 number in a prospectus or advertisement, you will talk to someone like me. Dozens of representatives like me answered the call, and none of them had more than three years of experience. I, myself, only rented for a year and a half in the job. There is a way to work in a call center to help you solve problems.
In the 1990s, Fidelity developed rapidly and they were unable to maintain staffing in this place. They plan to deploy staff to a level of no more than five customers at any given time. Soon after I arrived, we were in a "red alert" state, which means that 30 or more people have been in control. Therefore, they relaxed the recruitment requirements. They have previously insured a university degree for newly hired representatives. Soon, I sat on the face of an 80-year-old man in a high school classroom a few months ago. Looking back at it, who am I feeling so superior? I don't know how to learn how to plan someone's financial future at UT's "Western Culture, 1865-present" seminar.
But think about it. The client entrusts the retirement plan to the children. If you go to Fidelity, Schwab, E*Trade, TD Waterhouse, Ameritrade, T Rowe Price, Ameriprise or any other mutual fund provider, and click on their link "Talk to a consultant", usually agree with a smile, health, slightly Gray-haired middle-aged man with his teeth and his own corner office. In fact, you are more likely to talk to a young, under-qualified, underpaid call center worker who has few cubicles and never laughs.
Of course, you don't really need the expertise to do what they do. In my days, we got a script to ask the customer about their marital status, age, risk tolerance, and spending goals. With this information, there is [waiting for] a Fidelity fund that meets their needs. This is how most companies work. You need what they sell. Financial planning needs more.
All investment products should be discussed in the larger context of one's life - not just financial life. If you do not accept any of my other suggestions, please join this brochure. If a "financial advisor" sells to you the product from which he is getting commissions, he will not take your best interests to heart. period.
Orignal From: Reasons to fire your mutual fund company - graduate from high school
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