Financial pro loses house

[shalab]

Interesting article, shows that you can have a successful business even though you may not have been a good steward of your own money:

 

http://www.nytimes.com/2011/11/09/business/how-a-financial-pro-lost-his-house.html?pagewanted=1&ref=business&src=me

 

[watsa_is_a_randian_hero]

meh...based on his background/decisions he didn't see like much of a financial pro to me...seemed more like he had a string of good luck and was a good client relationship manager/salesperson.

[enoch01]

meh...based on his background/decisions he didn't see like much of a financial pro to me...seemed more like he had a string of good luck and was a good client relationship manager/salesperson.

 

Sadly, that's all it seems to take these days to make it in the financial advisory business.

[bookie71]

"Sadly, that's all it seems to take these days to make it in the financial advisory business."

.

Several years ago, Forbes had a picture of a monkey on the cover, and the theme of the magazine was anyone could be a financial advisor.

[Kraven]

I know some brokers and financial advisors quite well and most of them know almost nothing about how the market works, how to make good investments, etc.  Many of them can roll a senior citizen's munis over or roll GNMA's or something like that.  Disturbingly, I have heard many stories of how brokers blow themselves up trading options and the like.  They are sitting all day in front of their computer screens, yet don't have the skills necessary to even attempt those kinds of maneuvers.