I will say I was at Morgan Stanley until the crash in 2000. My book was almost all doctors and lawyers. I went to making about a third of what I was making, so I sold my book and got out. I was warned a lot not to build your book with these clients. I can guarantee he was in a ton of financial trouble.
Are you personally liable if your clients' portfolios tank? I mean, you could get fired I guess, but there are always other jobs.
Obviously not, but starting over isn't easy. If your clients leave you, you have to build it back up again. Include your debt obligations and you're headed to the poor house. It's not like you go to another brokerage and they give you clients. It is commission based. I was lucky enough that I was young and had good parents help me through it.
Wow how sad. I've been hearing people committing suicides due to the economy like that Madoff investor.
Right, but I can't imagine the thought process. I'd rather lose my job and dig ditches or flip burgers for minimum wage as long as I can be with my wife and kids. Money and career should never be a reason to kill yourself (not that there are a whole lot of good reasons.) Heck, chances are that if he's working at those types of places he's highly educated. He could get a decent job working in finance for a regular company, perhaps not at a huge salary, but enough to support a family. Its just sad.
Sad? Maddening, I would say. How can you just leave your wife and kids and take the easy way out? Sad? Cowardly, if you ask me. I'm not even getting into religion, but just an INCORRECT way to deal with something like "the economy." I know it's tough, but... down on your luck? Suck it up. You have A LOT to live for. Kids? No-brainer there. Go ahead, bring the D&D.
My thoughts exactly. I can never understand why people commit suicide. Hey at least he didn't murder his wife and kids to make it a Murder-suicide
