Unfortunate Depiction
In the July 2007 issue‚s "Parting Shot," financial
advisors at brokerage firms were portrayed in a very despairing manner
by Richard Wagner. As a Certified Financial Planner at Merrill Lynch I
feel a need to express my deep resentment for this unfortunate
depiction.
I do consider myself a client-centered life advisor
and my clients always come first. When I first meet with a client I
probe in depth as to their needs, goals and dreams. I will then
frequently propose the appropriate investments using either "C" share
mutual funds or separately managed accounts. I am not "selling
products" as Mr. Wagner indicated all of us do at brokerage companies.
I am also convinced that I am not unique in the industry, as most
advisors that I speak to and work with at Merrill Lynch follow the same
standards as I. In addition, the number of CFPs coming from the
brokerage companies has been expanding and will continue to do so.
Perhaps Mr. Wagner is a little afraid that the line
is not as blurry as he depicts between brokerage and independent
advisors. He should have at least done a little more homework before
painting an inaccurate, broad-brush depiction of the dedicated
financial advisors working at brokerage firms.
Paul A. Platek, CFP, CRPC
Merrill Lynch
Montvale, N.J.
Interesting Murray
I read with interest (and I always do) Nick Murray‚s
column in the June 2007 issue of Financial Advisor and his use of
famous quotes to make the case that history repeats itself and times
change.
Another quote in the same vein that I often use with clients comes from Mark Twain:
"History doesn‚t repeat itself … but it rhymes."
As Twain often does, it gets a chuckle and then contemplation.
Joseph W. Langella Jr.,
Director, Managed Accounts
Philadelphia International Advisors
Philadelphia, Pa.
Off Base?
I am shocked that you would use Pete Rose‚s name so
callously in the title of an article, "A Pete Rose Of A Client," in the
May 2007 issue of Financial Advisor magazine. To focus on the seamier
side of Pete‚s personality does a great injustice to his efforts and
the accomplishments he attained on the field in his storied career.
Here‚s a player who made everybody on his team better by playing hard
every day and accepting nothing less from them. He was a credit to the
game. We could use a lot more people like that in our business, wanting
to work hard and hustle every day.
Be careful when you belittle people, it only makes you look small.
Charles C. Jones, Investment Officer
Commerce Asset Management
Philadelphia, Pa.
What Credentials?
Liked the article "SEC Won‚t Appeal Court Decision"
(Financial Advisor, June 2007) except for the ending. The last sentence
that states financial planning can take place in either brokerage or
advisory accounts, regulated by the NASD and SEC respectively, is very
misleading. Anyone is able to hang a shingle to provide financial
planning, with no credentials whatsoever, provided they are not
registered as a representative or an RIA. Also, financial planning is a
common activity of trust departments and life insurance salespeople.
Now that many life insurance sales people are also registered, they
fall under the NASD, but many are not registered and remain outside
regulations.
With all these conflicting participants, only
principles-based regulation applied across the board to activities will
work. Rules-based regulations will not work well.
I can sum it up in two principles: 1) Disclose your
experience/qualifications, if any, and 2) Provide advice suited to
clients‚ needs, goals and desires, not the product(s) you wish to sell.
Just my two cents.
Jeanine Broderick, FLMI, AIRC, ACS
Director of Compliance and Risk
Capitol Wealth Inc.
Charlotte, N.C.
LETTERS TO THE EDITOR
August 1, 2007
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