It sounds as if there's a lot of hand-holding...
I care about these guys, but I'll be very blunt in telling them they're making moves that are destroying their financial future and if they continue on that track there' s not going to be anything me or anybody else will do to save them. We give them straight-up reality. Earlier on in my career, I was just happy to get them as a client. I'd kind of "yes" them and do another spreadsheet to figure out a way to let them afford that Bentley or that Phantom. Today it's the opposite. We do a lot of services for these clients we won't be compensated for, like setting up bill pay to managing benefits. Without doing all these extras for them, we're really putting them back in harm's way. I don't want to be associated with somebody who ends up in a "Where Are They Now?" story.
Is the job more fun than your average financial adviser's?
I enjoy it a lot. We're on the road every weekend at the pro games to do in-season reviews with our clients in their home cities. To make a difference in their financial planning is a phenomenal thing because I see the other side. I've seen players taken advantage of, players who've lost money—all the negative sides of this business. It's a great feeling to be able to change the way things go.
Shutdown Corner of OH @ Nov 04, 2008 11:45:45 AM
Former Baltimore Colt of MD @ Sep 13, 2008 08:39:55 AM
L.B. Lidsky of FL @ Sep 11, 2008 21:55:50 PM