| The fudging of expertise is appalling in our | | | | learned how to plan someone's financial future in |
| business. Believe me, I know. I am 35 years old | | | | my "Western Culture, 1865-present" seminar at |
| now, and have been in the financial services | | | | UT.Think about that, though. Customers were |
| business 13 years now. When I was 22, fresh out | | | | entrusting their retirement plans to kids. If you go |
| of the University of Texas with a History degree, | | | | to Fidelity, Schwab, E*Trade, TD Waterhouse, |
| my first job was with Fidelity Investments as a | | | | Ameritrade, T Rowe Price, Ameriprise, or any of |
| mutual fund adviser. I passed the Series 6 exam | | | | the other purveyor of mutual funds, and click on |
| in a matter of days. After a few weeks of | | | | their links to "talk to an adviser", it is usually |
| training, most of which was listening to one of the | | | | accompanied by a smiling, healthy, slightly graying |
| more tenured reps (by "tenured", I mean | | | | middle-aged man with great teeth and his own |
| someone with six months experience), I was on | | | | corner office. In fact, you are more likely talking |
| the phone taking calls from all over the country, | | | | to a very young, underqualified, underpaid call |
| advising people on how to take care of their | | | | center worker who barely has a cubicle and is |
| financial future. If you had called an 800 number | | | | definitely NOT smiling.Of course, it is true that it |
| on a prospectus or an advertisement, you would | | | | does not take grand expertise to do what they |
| have been speaking with someone like me. | | | | do. Back in my day, we were given a script to |
| Dozens of reps like me fielded calls, and not one | | | | inquire of a customer's marital situation, age, risk |
| of them had more than three years experience. I, | | | | tolerance, spending goals, and that is it. With that |
| myself, only lasted a year and a half in that job. | | | | information, there was (wait for it) a Fidelity fund |
| Call center work has a way of burning you out.In | | | | that met their needs. This is how it works at |
| the 1990's, Fidelity was undergoing rapid growth, | | | | most firms. You need what they are selling. |
| and they could not keep the place staffed. They | | | | Financial planning requires more than that.All |
| had planned on staffing to a level where no more | | | | investment products should be discussed in the |
| than five customers were holding at any given | | | | larger context of a person's life -- not just |
| time. Shortly after I arrived, we were constantly | | | | financial life, either. If you take no other advice |
| on "red alert", which meant that 30 people or | | | | from me, take this one tidbit. If a "financial |
| more were holding all the time. So, they relaxed | | | | adviser" is selling you a product from which he is |
| their hiring requirements. They had previously | | | | getting paid a commission, he will not have your |
| insisted on a college degree for their newly hired | | | | best interests at heart. Period.Mark Brandon is the |
| reps. Soon, I was sitting next to pimply-faced | | | | managing partner of First Sustainable ( a |
| 18-year-olds who had been in a high school | | | | registered investment advisory catering to socially |
| classroom only a few months prior. Looking back | | | | responsible investors. |
| on it, who was I to feel so superior? It's not like I | | | | |