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Aug 05

Advice about Advisers from the Reformed Broker

I love following other’s blogs and the Reformed Broker is one of them. At the time of writing his latest post provides some “free advice to the Hollywood set when working with an adviser” and I lay these points out for you below (I hope he doesn’t mind but please check out his blog…its excellent reading)…

1.  Anyone who refers to himself as a “Financier” is full of sh*t.

2.  Your financial advisor is not supposed to play polo or wear designer sunglasses, nor should he ever have a popped up collar under any circumstances.  He must never wear shoes without socks or wear a watch with a diamond bezel.

3.  In truth, if an advisor or money manager’s opening shpiel is about all of the other famous people he works with, this should not make you feel comfortable.  Its actually a giant red flag indicating that you are dealing with a starf*&%er and a social climber who is more concerned with himself than you.

4.  Even your brother-in-law will rob you if you give up power of attorney.  Go ask Billy Joel.  Uma Thurman signed over Power of Attorney so that Ken Starr would do her taxes.  That’s funny, my CPA never seemed to need signatory authority over my bank account to prepare my tax forms…hmmm.

5.  Custody of assets is all you need to know.  If your money guy needs to set up extraneous accounts in both your name and his, its a scam.  If he asks you to transfer money into a financial institution that you haven’t seen advertise during The Masters, its a scam.  If he tells you not to worry about receiving statements because he’s “taking care of everything”, its a scam.  You get the idea.

6.  Most important:  Your financial guy is NOT supposed to party with you.  He shouldn’t be at the same nightclub as you buying bottles, nor should he have a copy of Variety in his waiting area.  The financial advisor is the guy you apologize to when you sleep through an appointment with him, hung over from an all-night rager.  He’s not supposed to be there with you at the club, holding your hair while you vomit up Veuve Cliquot and Red Bull.

7.  Almost forgot, young stars and starlets… if the advisor has a nicer home than you or your initial consultation takes place on his yacht – run, Forrest, run

All very true!

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