No matter what political stripes you wear, this has to make you ill...
The Road Goes On Forever, and the Lobbying Never Ends
Tuesday, August 25, 2009
Thursday, January 10, 2008
Where Are The Customer's Yachts?
Is it just me or does Mother Merrill's compensation arrangement not mention anything about client success?? This, straight from their broker recruiting materials:
Merrill Lynch is committed to long-term investment in successful Financial Advisors and offers exceptional compensation structures and reward programs to reflect years of dedication and success. (theirs or their clients' ?)
Financial Advisor Capital Accumulation Award Plan (FACAAP) - FACAAP is a stock-based, long-term incentive plan that aligns the Financial Advisor's needs with those of our company and shareholders (how about the alignment with the client?). Designed to reward Financial Advisors for contribution to the firm and years of service, these awards become fully vested eight years after grant date.
WealthBuilder Award - This award presents the Financial Advisor with investment diversification. Financial Advisors producing more than $1 million (a million bucks!?) in production credits are eligible for the WealthBuilder Award, which allows Financial Advisors to make investment choices from a series of mutual funds and alternative investments.
Merrill Lynch also offers referral awards, supplemental compensation programs and similar programs and plans.
Merrill Lynch is committed to long-term investment in successful Financial Advisors and offers exceptional compensation structures and reward programs to reflect years of dedication and success. (theirs or their clients' ?)
Financial Advisor Capital Accumulation Award Plan (FACAAP) - FACAAP is a stock-based, long-term incentive plan that aligns the Financial Advisor's needs with those of our company and shareholders (how about the alignment with the client?). Designed to reward Financial Advisors for contribution to the firm and years of service, these awards become fully vested eight years after grant date.
WealthBuilder Award - This award presents the Financial Advisor with investment diversification. Financial Advisors producing more than $1 million (a million bucks!?) in production credits are eligible for the WealthBuilder Award, which allows Financial Advisors to make investment choices from a series of mutual funds and alternative investments.
Merrill Lynch also offers referral awards, supplemental compensation programs and similar programs and plans.
Monday, March 5, 2007
How wrong is this?
So, I call my auto insurance agent to move my 20-year-old daughter off my auto policy and onto her own - for liability reasons. The agent calls me with the quote for her policy and it's something like $1,600 a year, which is expensive, but I chose relatively high liability limits (and she is a 20-year-old driver - the only thing worse than a 20-year-old female driver is a 20-year-old male driver).
Then he tells me that her premium would have been about $400 less if she had a credit history. What? So, let me get this straight. If my daughter had debt, or if she used credit cards, her premium would be lower? Yup... says the agent.. "When the underwriters get a "no-hit" when running a credit report they charge a higher premium". Why? The agent was unable to articulate. I have my own ideas - the credit card companies are in cahoots with the insurance companies.
Great idea inducing 20-somethings into using credit to get a reduced premium on car insurance. Credit cards and other forms of debt have buried millions of young adults. If anything, they should get a discount for having the good sense to avoid debt and any other form of credit!! Is this bass akwards or is it just me?
Then he tells me that her premium would have been about $400 less if she had a credit history. What? So, let me get this straight. If my daughter had debt, or if she used credit cards, her premium would be lower? Yup... says the agent.. "When the underwriters get a "no-hit" when running a credit report they charge a higher premium". Why? The agent was unable to articulate. I have my own ideas - the credit card companies are in cahoots with the insurance companies.
Great idea inducing 20-somethings into using credit to get a reduced premium on car insurance. Credit cards and other forms of debt have buried millions of young adults. If anything, they should get a discount for having the good sense to avoid debt and any other form of credit!! Is this bass akwards or is it just me?
Tuesday, February 13, 2007
Bring Out The Clowns
Merrill Lunch upgrades General Motors (GM) to a "buy" at $36 per share after downgrading the stock to a "sell" on March 16, 2005.... at an adjusted close of $26 and change.
Where were they when GM was trading at $19? Can you say sell low, buy high? Evidently Merrill can.
Where were they when GM was trading at $19? Can you say sell low, buy high? Evidently Merrill can.
Friday, February 9, 2007
I am not making this up...
OK - so I am digging deeply into the "disclosure" section of a major sales-oriented financial services firm and I find this statement:
"...our interests may not always be the same as yours. and any advice we give is incidental to our brokerage services. We are paid both by you and sometimes by people who compensate us based on what you buy. Therefore, our profits and our salespeople's compensation may vary by product and over time. and any advice we give is incidental to our brokerage services..."
Click here to the full text.
Wow. Is it just me or does this not make your skin crawl? Caveat Emptor...
"...our interests may not always be the same as yours. and any advice we give is incidental to our brokerage services. We are paid both by you and sometimes by people who compensate us based on what you buy. Therefore, our profits and our salespeople's compensation may vary by product and over time. and any advice we give is incidental to our brokerage services..."
Click here to the full text.
Wow. Is it just me or does this not make your skin crawl? Caveat Emptor...
Thursday, February 8, 2007
Welcome To My Blog
Bruce Sanders (my business partner) and I have much to say about comprehensive financial planning and investment management. So... I thought it would be a decent idea to put some of those thoughts down on paper to share with clients and friends of our firm.
While perusing one of my favorite web sites , www.realclearpolitics.com, (a site replete with links to blogging political junkies of all stripes), the blog notion popped into my head. This is the result.
Bruce and I will post what we consider to be excellent ideas and information on financial planning, investment management, estate planning, taxes and anything else that pops into our minds to the good of the profession and the consumer.
Feel free to comment. Feel free, also, to contact us.
Blessings,
Hays
While perusing one of my favorite web sites , www.realclearpolitics.com, (a site replete with links to blogging political junkies of all stripes), the blog notion popped into my head. This is the result.
Bruce and I will post what we consider to be excellent ideas and information on financial planning, investment management, estate planning, taxes and anything else that pops into our minds to the good of the profession and the consumer.
Feel free to comment. Feel free, also, to contact us.
Blessings,
Hays
Subscribe to:
Posts (Atom)
