Originally Posted by The1
On the topic of financial advisors recommending a modified car over a nice watch, who wore a timex.
I would take my money elsewhere..... sorry dude, you need to step up your game big time.
do you wear a shirt and tie to work or tennis shoes and shorts when you're talking with a client? I hope I'm not offending you, but as someone who has dealt with financial advisors and investors regularly. I wouldn't be caught dead talking about my financial situation with someone with a scratched up watch that hasn't been taken care of. It shows lack of pride in appearance and that can reflect in the persons work.
You don't have to get a 10,000$ watch, but at least get a brand a higher end client will recognise (ie, tag, omega, rolex) and the client will see you as more successful. and potentially will be more likely to trust your judgement. I'm sorry to say that this is reality, but it is. Your car may be nice, and show good taste and judgement, but your client will likely never see what you drive, and as you don't park it in your office, they won't see your success as an advisor without that knowledge. This is where a mid to high end watch comes in. You can buy a 1000$ classy looking quartz Tag so that you aren't throwing away a lot of money, but it looks good, and has a more expensive name. Your clients will notice.
Just food for thought.
Some of the biggest producers in my complex drive a Toyota Camry, Ford F150, or another reasonably priced car. My director came from our private banking group and exclusively dealt with $5million+ clients. He doesn't even wear a watch and he uses free pens that get handed out by wholesalers.
My point is: material things do not make a good advisor. I will say that many people like yourself do appreciate someone driving a brand new M5, wearing a $2000 suit, and sporting a Rolex Daytona. It's hard to afford those things when you're a smaller producer, but they don't make a good advisor. Obviously, a place like New York is going to be much different. That's a material place where those things are largely appreciated.
Here in Texas, the biggest producers don’t even wear suits. They’re wearing khakis and a button down (and sometimes even more casual than that).
Now people like me can’t get away with that just yet. I’m trying to build a Million Dollar Practice. I’m in my mid 20s and I get asked more than 50% of the time how old I am. As a result, I have to “advertise” myself with the material things you’re suggesting. I never wear a watch worth less than $2000, I carry around $1000 worth of pens in my $800 briefcase, and I’m wearing a suit probably 80 hours a week. I also happen to enjoy those things so I’m not doing it for the sole reason of impressing people. I have to “display” my success in order to gain someone’s initial respect to listen to me. However, ultimately, I earn their respect with the work I do for them.
With that said, even I’m not living above my means. The only debt I carry is in my car, and I financed it only because it’s costing me 2.9% a year (as an advisor I’d hope I could yield a better return than that.
Originally Posted by Cool Steal
I wrote a couple paragraphs but I came back and edited because who cares......Some quick points instead:
1.Thanks for the advice....but I dont need it. We do business with multi million dollar clients and we choose our clients. So your statement...."I wouldn't be caught dead talking about my financial situation with someone with a scratched up watch that hasn't been taken care of." Dont worry we wouldn't do business with you either.
2.I was joking around about the mods- obviously. I never said they were a good investment....however watches are not either. If you think they are, I could show you portfolio that would make you reconsider. If you want to waste your money on watches ....go for it ..you only live once.
3. I also think its funny to hear that I need to "step up my game" really? I can retire yesterday and I am 47 - so no ..I dont need to "step up my game". I have been doing this for 25 years and when you know what your doing, and can prove it through results, you dont need car salesman tricks like a show off watch to impress people...
4. I would suggest that if you are looking for an investment advisor you get your head out of the condesending cloud your in, and start grading your investment advisor and people in general
, by what they do, not how they look or what they own.
Thats one of the problems with this world....too many materialistic drones, judging others based on looks, skin color, watches, aligator belts ....lol what a joke....
Read what I wrote above. I completely agree with you. I also managed to see the humor in your first post which was obviously meant as a joke.
As I said, someone who has been in the business for as long as you have doesn’t need to prove themselves. Most people with that much time in the business are growing their business primarily off referrals anyways. No one refers their advisor to their friend because they own expensive things. Referrals are generated by delivering a top tier level of service.
If you appreciate the finer things in life then more power to you. We’re all driving BMWs so to some extent all of us do. Some people may appreciate expensive watches, pens, and suits, but not everyone does. In the end, I would hope you would trust a professional with your life savings because they are good at their job rather than how expensive they look.
EDIT-Here is the best example of this point: If you haven't already Google Warren Buffet's house in Omaha Nebraska. I consider him pretty successful.