Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
1mo
Totally true. Before we started this company during the last big crash, I was the original RM for the new Private Client unit on Florida's West Coast for a Major Bank. I handled the lending and financial planners handled the investing/financial planning. The brokers jammed people into the same few funds, management money pools, and annuities over and over. I always felt I could pick the winner of Sunday NFL games with more information and accuracy then they were picking investments for their clients. They would specifically tell people that you couldn't buy anything but what they sold in their IRAs. Of course, they had a selection of REITs run by glorified stock brokers and not real estate and lending people. I talk about this a lot when I'm speaking or a podcast guest. You're so right!
Totally true. Before we started this company during the last big crash, I was the original RM for the new Private Client unit on Florida's West Coast for a Major Bank. I handled the lending and financial planners handled the investing/financial planning. The brokers jammed people into the same few funds, management money pools, and annuities over and over. I always felt I could pick the winner of Sunday NFL games with more information and accuracy then they were picking investments for their clients. They would specifically tell people that you couldn't buy anything but what they sold in their IRAs. Of course, they had a selection of REITs run by glorified stock brokers and not real estate and lending people. I talk about this a lot when I'm speaking or a podcast guest. You're so right!
It reminds me of the story about Henry Ford, how when he first started out you could have any color car you wanted, as long as it was black. It's the illusion that their one product is best for everyone.