The Customer's Man . . . working for the customer, not the firm. Customer’s man was what a stockbroker used to be called. That was a time when registered representatives took pride in working for the customer and brokerage firms were less involved in client relationships. That was then. These days, those who could still be called customers’ men are few and far between. They are a small minority who have learned their trade, built strong relationships, and tailored their efforts to the needs of their clients. They recognize the benefit of putting their clients’ interests first. And then there is the overwhelming majority of today’s brokers, euphemistically known as financial advisers, whose emphasis is exclusively on the here and now. Those are the folks who took a crash course before taking a Series 7 exam, started off with the title of Assistant Vice President to be sure that folks would be impressed, then cold-called prospects ad nauseam with the hot ideas that had been de
Investment and economic observations by N. Russell Wayne, CFP, MBA. Mr. Wayne is the president of Sound Asset Management, inc. and former Managing Editor of The Value Line Investment Survey.